Is Bitcoin Price Really Connected with Chines Yuan? Evidence Found within Blockchain.com Data

There were have been some suspicions that Bitcoin and the Chinese Yuan are connected to each other in some way, but now, there is some evidence that this might actually be the case.

A recent report revealed that just after the President of the USA declared tax changes on imports from China, Bitcoin started an upwards rally. The Chinese Yuan allegedly fell down to its lowest value just when China was planning to oppose Trump’s announcement.

This synchronized behaviour of the two has made many believe that there is some ground to these suspicions.

Garrick Hileman, the head of Blockchain.com, commented on the situation. He stated that his team is noticing a “strong inverse correlation” between Bitcoin and the Chinese Yuan although he does mention that his team does not yet know for a fact whether Bitcoin’s recent rally is by trade tensions or not.

Dovey Wan is a crypto enthusiast on Twitter, and she tweeted the charts below. The charts do seem to be correlated no matter how you look at it.