The yuan CNY local bitcoin yuan rate to 7.
Electrum is a Bitcoin-only wallet that has been around since
Marco Rubio R-Fla. The Chinese currency ended with an over 5.
So there appears to have been a correlation between the two assets in and However, correlation does not necessarily imply causation, meaning there may or may not be a cause and effect relationship between the two. Some analysts have long argued that CNY depreciation leads to increased flow of money into bitcoin from China.
As a result, some observers, including prominent analyst Alex Kruger, wondered whether bitcoin had front-run the slide. Skeptics, however, would counter that claim by saying the uptick seen on Aug. Furthermore, both bitcoin and the yuan suffered losses in Nevertheless, it may be worth keeping a close eye on the ongoing CNY slide as the narrative that yuan depreciation leads to increased outflows from China is still quite strong.
Bitcoin a macro asset 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.
Gold, a precious metal with limited supply, tends to gain value during bouts of fiat currency devaluation.
Bullish macros? Some analysts expect CNY to slide further on escalating U.
Bitcoin holds steady While the expectations may be bullish, so far, the cryptocurrency has not been able to gather upside momentum. Related Stories.
Под ними, из центра внушительного мраморного амфитеатра, вздымалась колонна из снежно-белого камня. Элвин немного выждал; поскольку машина оставалась неподвижной, он приказал ей приземлиться у основания столба.