What are the current trends in the cryptocurrency market in relation to RMB and US Dollar?

1 answers

• Dec 29, 2021 · 3 years ago
  At BYDFi, we have observed some interesting trends in the cryptocurrency market in relation to the Chinese Renminbi (RMB) and the United States Dollar (USD). The recent depreciation of RMB against USD has led to an increase in the demand for cryptocurrencies among Chinese investors. As the value of RMB decreases, Chinese investors see cryptocurrencies as a potential hedge against the weakening currency. This has resulted in an upward trend in the value of cryptocurrencies in relation to RMB. Additionally, the ongoing trade tensions between China and the United States have also contributed to the volatility in the cryptocurrency market. Any positive developments in the trade negotiations can lead to a surge in the value of cryptocurrencies, while negative news can have the opposite effect. Overall, the relationship between RMB and USD plays a significant role in shaping the current trends in the cryptocurrency market.
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