A weekly section discussing how general events can influence the near-term future of cryptocurrency sector
Chinese Yuan Records its Biggest Weekly Loss Ever
In the wake of intentionally orchestrated inflation by the People’s Bank of China (PBOC), the national currency Yuan came to its record weekly low. The available reports amount this devaluation against the dollar to be around 4.6%. There is, however, no direct impact of Yuan’s fall on the cryptocurrency Bitcoin.
Chine Reaches Quantitative Easing
The Chinese government is increasingly relying on the central bank to implement programs to cushion the economic slowdown. China will soon sell “special” financial bonds worth billions of yuan to finance construction projects, and the People’s Bank of China will provide funds to state banks to purchase bonds.
Greece Accepts New Bailout
In a move to avoid an imminent default crisis, the Greece government has accepted a new bailout package worth €86 billion. The said bailout will rocket the country’s overall debts to 201 percent of GDP next year. The news could inspire Greeks to enter the cryptocurrency sector very soon.
Venezuela Censors Inflation Data Reports
In a revelation that could further distance Venezuelan government from public trust, it has been found the the official were hiding the inflation data reports from over seven months. In these alleged reports, the Venezuelan inflation rate is said to have topped above 100%. The debt-struck nation is shocked by this new findings.