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09 July 2020

Slipping Yuan May be Good for Bitcoin Price, Past Data Suggests - CoinDesk

Slipping Yuan May be Good for Bitcoin Price, Past Data Suggests - CoinDesk


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On that day, bitcoin rallied by 7% and the uptick began an hour before the yuan dropped below the key level.

Essentially, the positive correlation between USD/CNY and bitcoin did not hold ground in the second half of the last year.

It could be argued that the Yuan slide seen in 2015 and 2016 merely coincided with the uptick in bitcoin, which was fueled by the bullish frenzy surrounding the cryptocurrency’s second mining reward halving, which took place in July 2016. 

In addition, bitcoin may be more sensitive to developments in the yuan market this time round, with the cryptocurrency now a macro asset class this year following an increase in institutional participation. 

“I expect serious anti-Chinese rhetoric in the coming days/weeks/months as Trump tries to use nationalism/protectionism and anger towards China as a major catalyst for support,” said Gillespie, while adding that we would soon find out whether there’s a positive correlation between USD/CNY and bitcoin returns.  

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Litecoin (LTC) Price Analysis: Facing Key Hurdles Near $45
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sentiment (-0.3) Negative

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