China Forex Reserve to Fall by US$80 Billion; Another Bitcoin Price Surge Imminent

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Leading analysts state that the Chinese foreign exchange reserves have likely fallen between the range of $80 to 100 bln in October. Considering the value, experts state that the devaluation of the yuan is presumed and thus, the demand for Bitcoin will most likely surge again. Jens Nordvig, founder and CEO at Exante Data, a prominent proprietary data and innovative analytical solutions provider, recently stated in an open letter to its clients that the foreign exchange market of China may be in trouble. Nordvig wrote: “Last week, our proprietary real-time indicators detected intervention (CNY buying / USD selling) of US$19.5 billion. We have not seen such a large imbalance in the FX market since the first week of January.” It is important to note that in the first week of January, the entire financial market of China was in chaos, as the Shanghai Stock Exchange suffered from a plunge in value, dropping from over 3.5 mln to around 2.6 mln. If the Chinese market experiences a similar imbalance at the beginning of 2017, Nordvig emphasizes that investors should expect a massive drop of $80 bln. “We expect a dramatic drop of around $80 bln. This could be a wake-up call. …