• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
bitcoin and cny yuan

Bitcoin and USD/CNY Seen Spiking in Unison

Richard Cox
by Richard Cox
6 years ago
·
Posted in Markets and Prices, Bitcoin, Trading
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Over the last week, price moves in the bitcoin market have closely tracked performances in the U.S. dollar and Chinese yuan. All of this shows bitcoin is solidifying its position as a true macro force in the financial markets.


Bitcoin Correlations Are Strengthening

A recent tweet from Ceteris Paribus pointed out two important market moves, as BTC/USD bounced from the August 2nd lows at $10,365 while USD/CNY rallied to ¥6.9479. Three days later, even larger moves occurred in the renminbi as USD/CNY was pegged at an opening rate of ¥7.0120 before moving to highs of ¥7.0513 during the U.S. session.

USD/CNY
USD/CNY

This move came as BTC/USD bounced from August 5th lows at $10,973 en route to highs of $11,939 late in the U.S. session.

Interestingly, this is actually the third event like this which has happened over the last week, as an earlier precursor occurred on August 1st. On this day, the USD/CNY currency pair bounced from lows at ¥6.8821 while valuations in BTC/USD found strong buyers at the $9,875 level.

When BTC/USD and USD/CNY show gains at the same time, markets are actually indicating a surge in bitcoin relative to the Chinese yuan.

BTC/USD
BTC/USD

Bitcoinist writer Martin Young recently raised key questions about whether Chinese investors and consumers are viewing bitcoin as a viable currency alternative during periods of internal market volatility. A clear confluence in the relative value of each of these currencies (both fiat and digital) confirms that the answer to this important question is likely “yes.”

Macro Fundamentals

On the fundamental side of the equation, it’s clear that moves in the Chinese currency have been prompted as a retaliatory response to U.S. President Donald Trump’s plans to initiate a 10% tariff on $300 billion worth of Chinese goods.

Given the prolonged trade discussions we have been seeing between the two countries, this type of policy maneuvering is not altogether surprising. But what is surprising is the market’s response through cryptocurrency, which is now essentially functioning as a safe-haven asset.

PBoC Changes Stance

Shortly after a Chinese court recognized the legality of bitcoin as digital property, the People’s Bank of China (PBoC) gave its stamp of approval for its usage when it placed an infographic on its website which outlines the history and usage of bitcoin. Overall, this is a highly bullish event for the cryptocurrency space, as it suggests increased utility for digital assets in one of the world’s largest markets.

Since offshore Chinese yuan is currently trading near its record lows, traders might begin to expect continued volatility in BTC/USD given the strong correlation these currencies have displayed over the last week’s time. However, recent trend developments from Chinese investors and consumers indicate that the latest upside rallies in BTC/USD have room to continue.

Will bitcoin continue to track the valuation of USD/CNY and other fiat currencies? Add your thoughts below.


Images via Shutterstock, USD/CNY charts by TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Richard Cox

Richard Cox

Follow

Richard Cox is a personal investor with more than two decades of experience in the financial markets. He is a syndicated writer, with works appearing on CNBC, NASDAQ, Economy Watch, Motley Fool, and Wired Magazine. Market commentaries implement advanced technical analysis strategies to trade macroeconomic trends in global index benchmarks, foreign exchange, options, commodities, dividend stocks, tech startups, and digital currencies.

Full Profile

Related Posts

Tether wzmacnia rezerwy, kupując BTC warte miliard dolarów

Tether wzmacnia rezerwy, kupując BTC warte miliard dolarów

13 hours ago
Binance bitcoin

Binance Founder Triggers Bitcoin Bull Run Expectations With Cryptic Tweet

15 hours ago
Bitcoin

Historic Kimono Brand Changes Name To ‘Bitcoin Japan’ In Rebranding Move

1 day ago
Bitcoin bull

Bitcoin Price Reaches ‘Critical Junction’: How A Rally To $139,000 Would Play Out

2 days ago
Bitcoin

Bitcoin Long-Term Holders Easing Off On Sales—What’s Happening?

3 days ago
Bitcoin

Is A Bitcoin Avalanche Coming? Samson Mow Sees ‘Suddenly’ Adoption Phase Ahead

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • най-добрите криптовалути

    Най-добрите криптовалути за...

    14 hours ago
  • As the Tapzi Fundraiser Continues to Generate Buzz, Could It Be One of This Year’s Best Crypto Presales?

    As the Tapzi Fundraiser Continues to Generate Buzz, Could...

    17 hours ago
  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    2 days ago
  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    6 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.