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Analyst: Bitcoin (BTC) Is Tracking USD/Yuan Exchange Rate

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A contributing author and Asian markets analyst on Forbes has pointed out that the non-correlation of cryptocurrency–that digital assets fluctuate to their own market devices–does not tell the full story. Instead, William Pesek argues that prices for Bitcoin are moving with the price of the Chinese Yuan versus the U.S. dollar, as opposed to the dominant assumption being placed on USD movements alone. According to Pesek,

“There’s an easily trackable correlation between bitcoin and the dollar/yuan exchange rate…No, bitcoin doesn’t track the dollar’s zigs and zags–except when we’re talking about its moves versus China’s currency. A sliding yuan tends ...

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