The Depreciation of Renminbi against the Greenback is GOOD News for Crypto InvestorssteemCreated with Sketch.

in #bitcoin • 7 years ago (edited)

The exchange rate of the Renminbi to the greenback practically collapsed following the interest hike in the US - It appears that the market is finally responding to the interest rate hike in America.


Source: XE.com

The depreciation of the Renminbi against the dollar is actually good for Bitcoin. Let's take a look at the two graphs below - You can see that Chinese investors hedged against the drop of the Renminbi by investing Bitcoin in 2016!


Source: XE.com


Source: CoinbaseCap

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This article is for general informational and educational purposes only. This article is not financial advice or any other kind of professional advice. This article does not constitute a solicitation of investment in any jurisdiction.

#renminbi #usd #greenback #depreciation
7 years ago in #bitcoin by
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