Is Bitcoin Price Really Connected with Chines Yuan? Evidence Found within Blockchain.com Data


There were have been some suspicions that Bitcoin and the Chinese Yuan are connected to each other in some way, but now, there is some evidence that this might actually be the case.

A recent report revealed that just after the President of the USA declared tax changes on imports from China, Bitcoin started an upwards rally. The Chinese Yuan allegedly fell down to its lowest value just when China was planning to oppose Trump’s announcement.

This synchronized behaviour of the two has made many believe that there is some ground to these suspicions.

Garrick Hileman, the head of Blockchain.com, commented on the situation. He stated that his team is noticing a “strong inverse correlation” between Bitcoin and the Chinese Yuan although he does mention that his team does not yet know for a fact whether Bitcoin’s recent rally is by trade tensions or not.

Dovey Wan is a crypto enthusiast on Twitter, and she tweeted the charts below. The charts do seem to be correlated no matter how you look at it.

If you are not satisfied enough, there is some more evidence to validate this theory. Over the past couple of weeks, crypto was being sniffed out by the regulators in Beijing on a large scale. WeChat recently stopped any sort of crypto-related transactions on its platform.

OTC trades were especially targetted. Dovey Wan explains that this crackdown might affect local liquidity somehow. This behaviour was last seen by Alipay when it removed all of Bitcoin OTC trade accounts.

The theory that Bitcoin and Chinese Yuan are correlated was considered controversial. Alex Krüger, a macro analyst, tweeted

“bitcoin being used as a hedge for US-China trade wars is nonsensical”.

He declares that bitcoin’s crashes and upward rallies have nothing to do with this. He further jokes about the correlation saying that it is as silly as saying that Bitcoin and avocados are related.

Some crypto enthusiasts like Hileman believe that bitcoin is gaining a reputation as the ‘digital gold’. So it is not far-fetched to say that it might be used as a hedge against macroeconomic risks.

bitcoin price paragraph =

Bitcoin’s price is $50,952.21 BTC/USD exchange rate today. The real-time BTC market cap of $949.94 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $17.46 Billion and live coin value change of BTC 3.82 in the last 24 hours.

live bitcoin price widget =

Live Bitcoin (BTC) Price:

1 BTC/USD =$50,952.2080 change ~ 3.82%

Coin Market Cap

$949.94 Billion

24 Hour Volume

$17.46 Billion

24 Hour VWAP

$49.62 K

24 Hour Change

$1,947.90

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide