Do Bitcoin and Chinese Yuan Values Correlate?
The price of the Chinese yuan against the U.S. dollar has gained more attention from bitcoin enthusiasts and speculators lately. They’ve held on to their belief that the bitcoin price is in close correlation with the value of CNY. How does bitcoin and CNY correlate in a quantitative term? Could it be a sheer coincidence?
The financial markets have been a rollercoaster ride in the past months. Historical events like the ‘Brexit’ and the IMF’s addition of Chinese yuan into its SDR basket of reserve currencies have shaken up the world of economics.
The U.S. presidential election also brought very pleasant surprises for bitcoin enthusiasts — bitcoin value has gone from strength to strength. CNY has also broken new floors now and then, as President-elect Donald Trump plans to renegotiate trade deals with China.
http://www.nigeriatoday.ng/2016/11/do-bitcoin-and-chinese-yuan-values-correlate/