Close Menu
    X (Twitter)
    Blockchain Journal
    • News
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • NFT
      • DeFi News
      • Polkadot News
      • Chainlink News
      • Ripple News
      • Cardano News
      • EOS News
      • Litecoin News
      • Monero News
      • Stellar News
      • Tron News
      • Press Releases
      • Opinion
      • Sponsored
    • Price Analisys
    • Learn Crypto
    • Contact
    • bandera
    Facebook X (Twitter) Instagram
    Blockchain Journal
    Home ยป Bitcoin reaches record level of inverse correlation with RMB

    Bitcoin reaches record level of inverse correlation with RMB

    0
    By BlockchainJournal on September 7, 2019 News
    Share
    Facebook Twitter LinkedIn Pinterest Email

    According to analysts, this week the Bitcoin exchange rate showed a record level of correlation with the national currency of the Celestial Empire. This is believed to be because investors tend to use the digital asset as a hedging instrument amid falling renminbi values.

    Another confirmation that BTC is used to hedge risks – against the background of the fall of the yuan, an increase in the price of BTC was observed on Asian exchanges. Researcher Garrick Haileman noted that the confirmation of this assumption is the increase in the value of the digital asset on the Huobi platform, the users of which are mainly Chinese. The trade war that unleashes between China and the United States continues to weaken the renminbi / dollar.

    However, the July court ruling that BTC is a virtual property that is subject to state protection influenced the perception of local residents of the flagship cryptocurrency, namely, strengthened the belief that BTC can act as a hedging instrument.

    CNY and BTC

    The correlation began to be traced, according to analysts, back in April and May, just at a time when tension was increasing between the two states. The dynamics are similar to what happened once with gold and Brent oil futures – when futures showed weakness, the value of gold increased.

    Bitcoin BTC Fall Featured Huobi
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    BlockchainJournal

    Related Posts

    Tether Adds $1 Billion in Bitcoin, Consolidating the Strength of Its Reserves

    September 30, 20252 Mins Read

    TON and SERA Launch an Innovative On-Chain Astronaut Voting System

    September 30, 20252 Mins Read

    Visa Revolutionizes Global Finance with Its New Pilot for Cross-Border Payments with Stablecoins

    September 30, 20252 Mins Read

    Perp DEXs Lighter, Paradex, and Pacifica Lead the New Wave of Airdrops

    September 30, 20252 Mins Read

    KGeN Raises $13.5 Million to Expand its Verified Distribution Network for AI and DeFi

    September 30, 20252 Mins Read

    xMoney Receives Key Strategic Funding From the Sui Foundation to Revolutionize Global Payments

    September 30, 20252 Mins Read

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 Blockchain Journal

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.