Do Bitcoin and Chinese Yuan Values Correlate?

JariKriting

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Quote from: SvenBomvolen on November 30, 2016, 12:18:25 PM

I thought that bitcoin corelate with dollar, same as dollar corelate with gold. What have changed, why yuan is more specific then euro or yen.
I know that Chinese people invest a lot, but center is in US and I didn't saw nothing in this topic to make me change mybmind.

trendsetter bitcoin price not USD but yuan, difference this gold
you can see exhanger pair use USD bitfinex btce coinbase bitstamp etc
all follow trend price in huobi and okcoin in pair yuan

alyssa85

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Quote from: jondeen707 on November 30, 2016, 06:55:15 AM

Quote from: bitbunnny on November 28, 2016, 07:35:42 AM

Chinese influence the Bitcoin price a big time. Like someone has already said here they are probably the bigest miners at the moment so this is a natural cause. If Bitcoin and Yuan correlate this is not random and accidental. It seems like Chinese are trying to get control over the Bitcoin.

That's true, they are heavily invested in it. Not sure if they want to control it, but they do have influence over it.

They want to control it because it is one way of escaping Chinese capital controls. As people become more and more desperate to move money out of China, and as all the avenues get closed off, the chinese miners have the ability to get their money out (because they are generating bitcoins as they mine) and they have the choice of selling some of those coins over the counter to someone who wants to move money quietly out.

CyberKuro

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Quote from: XCoinCall on November 22, 2016, 04:43:53 AM

Do Bitcoin and Chinese Yuan Values Correlate?

https://news.bitcoin.com/bitcoin-chinese-yuan-correlate/

What do you think about this?

Cny somehow correlated to bitcoin price as bitcoin market based on its demand and supply which China miners have around 70% of the world’s bitcoin processing power. Chinese factories produce the cheapest microprocessors that run the mines. Chinese bitcoin exchanges represent a similar portion of global bitcoin trading, as they have highest rate bitcoin exchange and dominate bitcoin possession, so they have biggest impact to bitcoin.

SvenBomvolen

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I thought that bitcoin corelate with dollar, same as dollar corelate with gold. What have changed, why yuan is more specific then euro or yen.
I know that Chinese people invest a lot, but center is in US and I didn't saw nothing in this topic to make me change mybmind.

talkbitcoin

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Quote from: jondeen707 on November 30, 2016, 06:55:15 AM

Quote from: bitbunnny on November 28, 2016, 07:35:42 AM

Chinese influence the Bitcoin price a big time. Like someone has already said here they are probably the bigest miners at the moment so this is a natural cause. If Bitcoin and Yuan correlate this is not random and accidental. It seems like Chinese are trying to get control over the Bitcoin.

That's true, they are heavily invested in it. Not sure if they want to control it, but they do have influence over it.

they can never control it because it is already out of one group of people's control because of the spread that bitcoin has. people all around the world has bought bitcoin and there are small to big investors everywhere. there are the same number of whales on bitfinex,... as there are on okcoin,... don't let the comparison of volumes fool you otherwise there are more reasons for volume differences.

jondeen707

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Quote from: bitbunnny on November 28, 2016, 07:35:42 AM

Chinese influence the Bitcoin price a big time. Like someone has already said here they are probably the bigest miners at the moment so this is a natural cause. If Bitcoin and Yuan correlate this is not random and accidental. It seems like Chinese are trying to get control over the Bitcoin.

That's true, they are heavily invested in it. Not sure if they want to control it, but they do have influence over it.

traderethereum

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i am sure that bitcoin and chinese yuan have correlate because in the chinese market, we can see that the trader in that market is like crazy to sell and buy their bitcoin like the bitcoin don't have the price. they sell their bitcoin 100 bitcoin with easy going, and then buy 1000 for another down the price and then sell it again when its going up. geez, if you take a look in chinese market, i am sure that you will confusing to see this.

BitcoinBarrel

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It may appear so for now, but Bitcoin has more variables and influences outside of Chinese traders. If Satoshi dumped all his coins tomorrow that would affect Bitcoin more than Yuan I think.

BTCLovingDude

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Quote from: piloder on November 28, 2016, 08:09:35 AM

Low cost electricty, low cost for mining equipment and almost no any government regulation on chinese bitcoin trading platform helping bitcoin to boom in china. And Chinese can easily hedge against their yuan devaluation by investing into bitcoin so bitcoin and chinese yuan value shows correlation.

was there really a Yuan devaluation or was it a hypothetical situation that the article is talking about?
besides the no regulation is on all the exchanges, how do you think we are all trading on these platforms without having to report anything to the big tax man!

piloder

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Low cost electricty, low cost for mining equipment and almost no any government regulation on chinese bitcoin trading platform helping bitcoin to boom in china. And Chinese can easily hedge against their yuan devaluation by investing into bitcoin so bitcoin and chinese yuan value shows correlation.

bitbunnny

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Chinese influence the Bitcoin price a big time. Like someone has already said here they are probably the bigest miners at the moment so this is a natural cause. If Bitcoin and Yuan correlate this is not random and accidental. It seems like Chinese are trying to get control over the Bitcoin.

Bitcoin0916

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Quote from: Vinz24 on November 26, 2016, 07:04:12 AM

I think the bitcoin and Yuan correlates, my basis is because of demand and supply. We all know that many bitcoin user is from China, that is why I think it can affetþ the value of bitcoin and like what happened in the past.

Besides from demand and supply, I think as the largest miners and owner of the bitcoin, of course between bitcoin and Yuan are correlated. The evidence is so market bitcoin china down, then prices globally are also down. I sure, whatever happens, let's hope it brings positive impact for bitcoin.

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Quote from: amacar2 on November 26, 2016, 10:09:23 AM

Looking at this http://fiatleak.com/
It seems all trading volume is coming from chinese trading platform most of the time, so obviously we can say there is really a direct relation between yuan and bitcoin values.

although that volume you see there (which is from the chinese exchanges) are mostly fake volume and also the volume because of the zero fees on those exchanges but China is still one of the biggest countries that can affect bitcoin price just because they have been the most interested in investing in bitcoin whereas other countries have less people investing in it and be afraid all the time!

jondeen707

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I really hate generalizations, but the Chinese are a gambling nation. So to me it's no surprise that they are so much into bitcoin and altcoins.

amacar2

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Looking at this http://fiatleak.com/
It seems all trading volume is coming from chinese trading platform most of the time, so obviously we can say there is really a direct relation between yuan and bitcoin values.

BitcoinHodler

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Chinese have always been investing in bitcoin and altcoins on top of many different things so it is not like your typical small country where their currency value drops they do nothing or at the very best they invest in gold.

in China they are going to invest in bitcoin as much as they can and if their currency value goes down i am sure bitcoin price will have a nice time.

Vinz24

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I think the bitcoin and Yuan correlates, my basis is because of demand and supply. We all know that many bitcoin user is from China, that is why I think it can affetþ the value of bitcoin and like what happened in the past.

jondeen707

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They obviously do. But the article once again references another article that, in turn, references unconfirmed reports that China mulls imposing capital controls on bitcoin as well. This once again reminds me of how important it is to check the facts. Chinese authorities clearly have got other channels in mind, bitcoin seems like the least of their worries for the time being.

Herbert2020

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these things are all effective, Yuan value, USD value, XYZ value,.... but you can't say how much they can affect bitcoin price from time to time, it is different based on the situation and much their changes will get hyped up. and whenever you talk about these factors you should remember that bitcoin is being used all over the world not just in one country.

alyssa85

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Well the Federal reserve is meeting on Dec 13th, and will likely put up interest rates. That should boost the dollar against the yuan. Whether it prompts Chinese to move into bitcoin to protect the value of their money, is anyone's guess.

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