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Bitcoin [BTC] prices share striking resemblance with China’s RMB futures

Biraajmaan Tamuly

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Bitcoin Prices strikes resemblance with China's RMB futures
Source: Pixabay

Commodities such as Gold and Oil are some mainstream assets which have been outperformed by Bitcoin in 2019. The world’s largest cryptocurrency has had a good 2019, surging by 150% this year after surviving a troubling crypto-winter towards the end of 2018.

Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/

However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.

In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.

Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,

“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “

The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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on

Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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