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Is fear in Yuan driving Bitcoin Bull runs??
As a result of the trade war and trumps latest tweet China is currently devaluing the yuan. It's now above 7yuan/usd.
I imagine this might promt some chinese millionaires to want to buy BTC due to fear. I'm seeing some correlation in when there is fear in the Chinese Yuan through devaluation.
Is this causing a Bitcoin bullrun?
The circled section conflicts with this however some periods show strong correlation.
The hypothesis is that wealthy Chinese nationals are seeing the devaluation of there currency and buying up large amounts of Gold and Bitcoin.
This might be obvious to some people but I thought I'd share a chart
I imagine this might promt some chinese millionaires to want to buy BTC due to fear. I'm seeing some correlation in when there is fear in the Chinese Yuan through devaluation.
Is this causing a Bitcoin bullrun?
The circled section conflicts with this however some periods show strong correlation.
The hypothesis is that wealthy Chinese nationals are seeing the devaluation of there currency and buying up large amounts of Gold and Bitcoin.
This might be obvious to some people but I thought I'd share a chart
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