30 Nov '16, 4pm

How Chinese Yuan, Capital Flight Influence Bitcoin Price

The trading volume coming out of China suggests a correlation with the price of Bitcoin. The influence of the Chinese yuan has shown itself especially in the second half of 2016. The year 2016 has seen the price of Bitcoin exhibit some significant activity. In its overall trend, the price of the world’s number one cryptocurrency has risen significantly within the year. Recently, a closer look at their behavior reveals a developing correlation between the price of Bitcoin and the value of the Chinese yuan. Financial data coming out of China in recent times has also been seen to cause a significant impact within the Bitcoin market. Indeed, such a development has not gone unnoticed. The population effect Founder and CEO at Cashaa, Kumar Gaurav , identifies the Chinese population as a huge determinant of the eventual quasi-synchronization in price between Bitcoin and the Chine...

Full article: https://cointelegraph.com/news/how-chinese-yuan-capital-f...

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