Bitcoin bounces back to $600 amid renewed fears of yuan devaluation

Bitcoin has jumped back to the $600 price range.

Bitcoin bounces back to $600 amid renewed fears of yuan devaluationThis is the highest price range that the popular digital currency has reached since the August hack of Hong Kong-based bitcoin exchange Bitfinex, in which an estimated $65 million worth of bitcoin was stolen. Since then, bitcoin’s price has been hovering at around $570.

There are several factors that might have influenced bitcoin’s sharp spike in price. For one, the renewed interest in cryptocurrency could have been caused by Bitfinex’s announcement that it has found a way for its customers to convert their BFX tokens. It could also be because Russian authorities have finally admitted that a blanket ban on digital currency is “not worth implementing,” given that the technology is still evolving.

Another factor is the renewed fears of yuan devaluation among Chinese investors.

The Chinese economy had a brief period of hope in the days leading to the G-20 summit. But that flicker of optimism was dashed to the ground after China and the United States announced that they are refraining “from competitive devaluations and not target exchange rates for competitive purposes.” this means that yuan will continue to drop in value against the U.S. dollar, prompting many investors to turn to digital currency—a safe haven asset, especially in times like this—to safeguard the value of their investments.

Bitcoin casino mixes role-play with gambling

A bitcoin-based online casino is promising to give players the best of both worlds—gambling and role-play gaming, that is.

Dragon’s Tale, which has been around for about five years, recently introduced a massive multiplayer casino role play game where players can enroll a character and earn Bitcoins by choosing between hundreds of exclusive casino-based mini games or even by completing quests which will help them increase their character level and abilities, thus enabling players to access bigger and bigger rewards.

The game also allows players to roam around an immense virtual world filled with islands where they will find luck and skill-based casino mini games with players who can provide hints.

Dragon’s Tale is just one of the many products that prove why bitcoin is perfect for the gambling industry. And with innovations coming left and right, it gets clear why bitcoin and other cryptocurrency is beneficial for gambling operators.

Current bitcoin price and trade volume

The price of bitcoin continued to rally at $604 on Tuesday, with a market cap of close to $9.71 billion and trade volume of $22.52 million.