Did CNY Cause Bitcoin’s Fall and Sideways?

Did CNY Cause Bitcoin’s Fall and Sideways?

China’s yuan, CNY, has been gaining against the dollar since mid June, rising from one dollar buying you close to 7.2 CNY, now to 6.98.

That’s while the dollar’s strength index has been falling considerably from above 100 to now 96 where there’s a significant support line as it nears a two year low.

As bitcoin is primarily traded against the dollar, a fall in the value of usd should lead to a rise in bitcoin’s price.

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