Arthur Hayes, a co-founder of BitMEX exchange, predicts Chinese capital might flow into the Bitcoin (BTC) market soon. Hayes believes the potential devaluation of the Chinese Yuan (CNY) could lead to capital exiting the Chinese market and entering the Bitcoin market, a trend seen in 2013 and 2015. Currently, the USDCNH rate has reached its highest level in five years, with increased chances of further economic policy changes in China. Meanwhile, Donald Trump announced a new 50% tariff on Chinese imports, raising total tariffs to 104%. In response, China stated it will fight back. Bitcoin’s price, after a recent drop to $74,400, is now approaching $80,000. According to technical patterns, Bitcoin has returned to its vital support and is trading near $79,379 with a 4.28% increase from the previous day. Daily trading volume has surged by 60.74% to over $82 billion, anticipating Bitcoin to move towards the $85,000 resistance level, where significant selling pressure may arise. Analysts consider $70,000 as a potential correction floor for Bitcoin. Some forecasts suggest Bitcoin’s price may fluctuate around $77,000 in the coming month. Visit the real-time digital currency prices page to monitor prices of all tokens and cryptocurrencies instantly.
