Do Bitcoin and Chinese Yuan Values Correlate?

[traderethereum]

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.

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[jondeen707]

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.

[talkbitcoin]

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.

[SvenBomvolen]

   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.

[CyberKuro]

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.

[alyssa85]

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.

[JariKriting]

   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