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Analysts discovered an interesting correlation between bitcoin price and the performance of the Chinese yuan. An increase in the Chinese yuan often lead to the decline in Bitcoin price.
The CNY/USD trading pair appears to have a pronounced effect on Bitcoin’s fortunes, a dip in both occurring almost simultaneously.
ViaBTC, the first mining pool to support Bitcoin Unlimited, will open an exchange by Q4 2017 after a 20 mln yuan funding round with Bitmain.
Bitcoin trading volumes continue to go the US way even as the price of the digital currency picks up to $961.
The price of Bitcoin in China went past $990 this afternoon, as Chinese investors continued to push high volumes in local exchanges.
China’s Yuan weakness causes investors to find ways of getting their capital out of the country - and Bitcoin is becoming the method of choice. Some analysts think that capital controls will be tightened even further.
The Chinese yuan is presumed to weaken even more in the upcoming months, which will ultimately push the price of bitcoin further.
The trading volume coming out of China is suggested to correlate with the price of Bitcoin. The influence of Chinese Yuan has shown itself especially in the second half of the year 2016.
Chinese foreign exchange reserves have likely fallen by the range of US$80 to 100 billion in October. The devaluation of yuan is presumed so the demand for bitcoin will most likely surge again.
Several factors contribute to stability of Bitcoin’s price.
A depreciating Chinese RMB fuels a rise in Bitcoin price particularly as it now has improved its grip globally.
On 1st October 2016, the Chinese Yuan became the world's 5th reserve currency. What does it take to become one and can Bitcoin get there?
In a first since mid-2014, the price of Bitcoin shot past $500 early Saturday morning, reaching the newest high in a year-and-a-half steady victory march.
The year 2015 has ended and investors can now calculate the result of their investment activities. What has Bitcoin brought to us last year?
CoinTelegraph spoke with Leon Li, CEO of Huobi to discuss its new tool connecting bitcoin and the traditional stock market, why the Chinese yuan doesn’t actually comprise 80% of BTC trading.
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