Interestingly, the reporter noticed that the renminbi’s exchange rate movements from the onshore market are in stark contrast to the plunge in bitcoin prices. Also on May 25th, when Bitcoin turned down and fell, the exchange rate of RMB began to turn upwards.
The spot price of offshore RMB exchange rate CNH has risen from 6.8752 to 6.8498 from May 25th and has been rising all the way. Today, the intraday trading session of CNH rose to 6.8031. Onshore RMB spot exchange rate CNY, although closed today at the Dragon Boat Festival, rose to 6.8678 at 6.8860 on May 25 and rose further to 6.8525 on the 26th.
The recent development is the hack of coinrail but I think there is a cumulative affect from various negative news. It also hard for investors to gain confidence in the cryptocurrency markets after a huge crash like we just saw 6 months ago. I think we will need several months of good or neutral news to get new investors to be interested in investing.