Bitcoin resumes its jump as Chinese yuan falls anew

Bitcoin rose in spot trading today, to continue it gains after it were temporarily halted yesterday on profit-taking from 4-week high, This comes after the Chinese yuan fell again, which makes the US-China trade war to continue to escalate, while boosts demand on Bitcoin as a safe haven.

At the Bitstamp Exchange, Bitcoin rose by 2.05% or $235, to $11,706, from the opening price of $11,471 and a low of $11,388.

Bitcoin on Tuesday shed 2.8%, the first loss in 8 days, due to corrections and profit taking, on profit-taking from 4-week high at $12,325.

Furthermore, Bitcoin fell after the Chinese yuan rose after Beijing acted to support the currency and denied currency manipulation allegations.

The total market cap of cryptocurrencies rose today by about $6 billion to a total of $305 billion, to hold above the $300 billion barrier, with most cryptos in the market rising.

The offshore Chinese yuan prices fell on today to 7.0701 vs US dollar, to come near the 7.1397 level again after monday, which is the lowest level since the start of the global trading on the offshore Chinese currency in 2010.

In the largest retaliatory response from China to the US and its tariffs increase decision, China allowed the yuan on Monday to fall below the $7 mark, which is the first time since the 2008 global crisis.

Bitcoin dominance over the crypto market trading jumped to 68.6%, hitting its highest since April 2017, as investors' demand increased on it as a safe haven, to shelter from the United States and China escalating trade war.

Mike Novogratz, founder and CEO of Galaxy Digital, said that the volatility in the global economy and the geopolitical tensions have led Bitcoin to holding the current high levels.

Meanwhile, Binance chief executive, Changpeng Zhao, hopes to open an office in London very soon as the crypto market shifts its focus to Europe, while adding that the Brexit will not the market and might also be beneficial to the industry.

Zhao said that Facebook's upcoming cryptocurrency "Libra" will lead to practical advantages to the blockchain technology, adding that he didn't join the project, while pending the official lunch for more cooperation.