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Bitcoin above the 12 thousand level, the highest in a month

2019-08-06 08:48 am | Resource: News | No Views : 17

Bitcoin above the 12 thousand level, the highest in a month  Bitcoin's modest rally on Tuesday morning helped the cryptocurrency to break the $ 12,000 level and trade at its highest value since July 10. Yesterday, the most popular cryptocurrency rose near 9% as US stocks fell due to escalating trade and currency disputes with China. As a final step, the US Treasury has designated China as a currency manipulator, claiming it has devalued the yuan to an 11-year low in order to boost exports.

The US Treasury Department defines China as a currency trader

The US Treasury designated China as a currency manipulator in a statement released on Monday. In the statement, the Treasury Department said that Secretary of State Steve Mnuchin "under the auspices of President Trump" decided that China was manipulating the currency. He said Mnuchin would interact with the IMF "to eliminate the unfair competitive advantage brought about by China's recent measures." The official appointment was the first since the Clinton administration in 1994.

The news comes after the Chinese yuan retreated from the 7 mark against the dollar on Monday and fell to an 11-year low in the process. Both the land and sea yuan continued their retreat on Tuesday, selling the latter against 7.1138 at 12:15 CET to hit a new low against the dollar.

"It looks like a fairly safe haven," said Brad Becktell, head of cryptocurrency Jeffries, Bloomberg in an e-mail.

At 9:15 am CET, Bitcoin rose 3.33% to $ 121,818. Last week, it improved by 27% although its monthly rise was more modest, by about 8%. As seen in ...

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  • Bitcoin is trading at over 1.77% at its current price of $ 12013.
  •  Ethereum rose 1.8% to $ 234.52.
  • The XRP rose 0.96% to $ 0.32733.
  • While Litecoin rose 1.1% to $ 98.651.

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