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George Ma
in
Crypto
May 26 14:45

Analysts expect Bitcoin to rise amid falling Chinese yuan

Analyst pointed to the correlation between yuan weakening and growth of BTC.
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A fall of the Chinese yuan against the US dollar may have a positive impact on the cost of bitcoin. This opinion was expressed by a partner at Placeholder Capital Chris Berniske.

Analyst pointed to the correlation between yuan weakening and growth of BTC. This pattern was interrupted only several times during the last five years.
Berniske highlights 2015 and 2016, when yuan weakening reached its peak values. In his opinion, the third peak may be reached in the near future, which will lead to the strengthening of Bitcoin.
The head of Blockware Solutions Matt D'Souza shared his tweet with Berninske and also pointed out the first signs of the yuan weakening. He added that Bitcoin is already responding.
In September last year, Bloomberg pointed to the inverse correlation between Bitcoin and the yuan. A similar pattern was noticed by Jeremy Allaire, CEO of the Circle cryptocompany.