BTC Spiked As The RMB Fell
Evidence is purportedly mounting that Bitcoin and the Chinese Renminbi (RMB), known as the Yuan, are tied to each other. A report from the South China Morning Post recently noted that after Donald Trump, the president of the U.S., announced tariff changes on Chinese imports, BTC began to rally. Simultaneously, the yuan purportedly fell to its lowest level in six months, as China looked to move against Trump.
Garrick Hileman, the head of research at industry startup Blockchain.com, told the SCMP that his team, in fact, sees a “strong inverse correlation” between the two assets. He does add that Blockchain.com can’t be “100% certain that Bitcoin’s recent price increase is being driven by trade tensions”, but subsequently noted that the Yuan has traded inversely to the RMB in the past.
As seen in the Twitter post below, there are some eerie similarities in the charts.
Maybe just a coincidence but you tell me Bitcoin is winning the trade war while China and US is a lose-lose pic.twitter.com/8FmVcaHjjh — Dovey Wan