BITCOIN PRICE AND THE YUAN

cryptocoinsnews.com / VENZEN KHAOSAN  via xbt.social / 11/08/2015

Bitcoin price diverged between exchanges today as a surprise yuan devaluation shifted buying pressure to the BTC/CNY exchange charts. The yuan is responsible for the greater bulk of bitcoin trade and showed its influence in the chart today.

Bitcoin Price Analysis

From the analysis pages of xbt.social, earlier today:

The surprise devaluation of the yuan, today, had price diverge between USD and CNY exchanges as yuan-holders fled to bitcoin as a store of value.

The Asian trading session seemed disjointed at first as the USD exchange prices held steady while the CNY prices kept pushing higher with strong buying in evidence.

Luckily for us, OTC trader (and xbt.social member) Dong Zhao informed of the reason for the dynamic: the PBoC had lowered interest rates and prompted a one-time yuan devaluation that caused this sizable shift in the bitcoin chart, as well as larger shifts in global markets.

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