Saturday, May 28, 2016

BitCoin Just Devalued The Yuan By 10% On Heavy Volume

ZH: May 27, 2016
Bitcoin Surges To 2016 High On China Demand

I use data from . This is Bitfinex, the current most active $USD exchange:

Bitcoin (red) with Chinese Yuan (Black). Circled is last Fall when the CNY began its next leg lower. Note that Bitcoin and Yuan directionally decoupled last August. They've been trading inversely ever since...

Volume is for Bitcoin:

Herein lies the devaluation: BitCNY just gained an additional 13% over BitUSD:

The new ratio of Bitcoins implies a CNYUSD exchange rate of 7.21 (currently at 6.57). 

BitCny (OkCoin) / BitCoin (Bitfinex):

Here is BitCny (OkCoin) with volume