Do Bitcoin and Chinese Yuan Values Correlate?

[XCoinCall]

Do Bitcoin and Chinese Yuan Values Correlate?

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

What do you think about this?

[Karpeles]

As written in the article: Correlation is Not Causation

After reading still don't know about why they are correlated.

Maybe because both are valuating recently, for different reasons?

[talks_cheep]

Of course it is. Currently. Simply because Chinese control the btc price. They have the means of production in mining. They have cornered the market in terms of how many actual coins they own. They got our balls in their grubby hands and they know how to squeeze.

[buwaytress]

Some shades in the same question asked of usd/btc values. Correlation is fairly easy to achieve with simple manipulation of data.

Perhaps more information will surface if comparing btc/usd vs usd/yuan price charts.

[~Bitcoin~]

Relation between Yuan and bitcoin values is set mainly because of chinese miner dominating the mining power as well as chinese try to actively trade bitcoin to hedge against their currency devaluation. However this relation may not be calculated directly using some mathematical calculation only as bitcoin price may get affected by other factors simultaneously along with Yuan price changes.

[cakravothy]

Some shades in the same question asked of usd/btc values. Correlation is fairly easy to achieve with simple manipulation of data.

Perhaps more information will surface if comparing btc/usd vs usd/yuan price charts.

big volume transaction bitcoin trade is dominate yuan is comapre USD
you can see static in coinmarketcap, so effect yuan to price bitcoin is above to USD
trendsetter and leading bitcoin price still dominate in china exchanger and pair yuan, huobi, okcoin and btcc

[romero121]

As the huge transactions were taking place in China, its sure that the usage of bitcoin is also high in China. For this reason when people starts using more and more devaluation of Yuan happens. So from the base correlation takes place.

[alyssa85]

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.

[Herbert2020]

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.

[jondeen707]

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.

[Vinz24]

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.

[BitcoinHodler]

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.

[amacar2]

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.

[jondeen707]

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.

[pooya87]

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!

[Bitcoin0916]

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.

[bitbunnny]

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.

[piloder]

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.

[BTCLovingDude]

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!

[BitcoinBarrel]

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.