16 Oct '13, 2pm

Bitcoin Climbs to Highest Price Since April, Led By CNY Movement

Bitcoin Climbs to Highest Price Since April, Led By CNY Movement

Perhaps not incidentally, CNY price movement has been a notable leader in the latest rally. Overlaying CNY/BTC and USD/BTC trading history, it becomes clear that USD/BTC trading has been largely responsive to the Chinese markets. The graph below shows bitcoin trading in CNY markets, as well as USD/BTC levels converted to CNY for comparison. Overlaid on top of them is the differential between their prices at any given time. The differential tends to normalize around 2-3% and spikes/sinks periodically with price movement. In reviewing this chart, a consistent pattern becomes clear: CNY price movement occurs first, increasing the differential, with USD catching up much later and eventually sending the differential back down towards 3%.

Full article: http://thegenesisblock.com/bitcoin-climbs-highest-price-s...

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