Bitcoin reaches all-time high in Chinese Yuan

Bitcoin (BTC) reached record highs in Chinese Yuan (CNY) amid an impressive bull rally in late February. However, things are more complex than what they look like at first glance in the financial market.

The BTC/CNY exchange rate reached ¥426,878.00 on February 28, as reported by Lex on X (formerly Twitter). Interestingly, Lex used this price action as evidence of Bitcoin exposing “bad financial habits of central banks across the world.”

This recent movement surpassed previous highs from 2021, as observed in the chart. Surprisingly, however, other indexes consider a different all-time high for Bitcoin against the Chinese Yuan.

Picked for you

IRS turns to private-sector crypto experts to boost enforcement 45 mins ago
Here's what crypto the jailed FTX founder is advising prison guards to buy 2 hours ago
Ripple v. SEC case update for end of February 2024 4 hours ago
How rich is the world's most successful podcaster – Joe Rogan's net worth revealed 4 hours ago
BTC/CNY all-time chart. Source: Google (Lex, on X)

What is the Bitcoin price against the Chinese Yuan?

Essentially, there are no active direct pairs to trade Bitcoin against the Chinese Yuan (BTC/CNY), according to CoinMarketCap’s markets. Therefore, all Bitcoin prices in Chinese Yuan are indirect rates, using two other direct pairs as a peg.

In particular, most indexes do the calculation considering the U.S. Dollar, with BTC/USD and CNY/USD. First, the above chart measures the price of Bitcoin against the dollar. Second, it adjusts to the price of the Chinese Yuan against the dollar at that time.

Meanwhile, CoinMarketCap only sees the current value of CNY/USD and adjusts its historical records using the updated quotation. Notably, this index registered an all-time high of  ¥495,230.28 per BTC in November because the Chinese Yuan lost its value against the U.S. Dollar in the past three years.

BTC/CNY all-time high and all-time low data. Source: CoinMarketCap

This makes the previous highs in 2021 different from what BTC was quoted against CNY back then because the USD/CNY rate was different. Effectively, Bitcoin is currently more expensive than ever for investors holding Chinese Yuan to acquire.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Image
Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL’s price, with several indications of further upside potential for the altcoin. What’s Behind Solana’s Recent Price Climb? In a new report, blockchain intelligence firm Santiment offered insight into the recent price of Solana. According to the analytics platform, the price of SOL has swung upward by more than 33% since the 4th of July, rewarding investors who continued to bet big on it despite the sluggish market conditions. Related Reading Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? 19 hours ago Santiment mentioned that this positive run of form displayed by the altcoin over the past two weeks can be linked to investo...
Read more

Bitcoin Ordinals marketplace Bioniq launches on ICP

Bioniq, a new market place for Bitcoin Ordinals, introduces a distinctive approach by operating on the Internet Computer (ICP) blockchain. The introduction of Bioniq, a Bitcoin Ordinals market place, marks a notable development in the evolving landscape of cryptocurrency. Distinctively, Bioniq operates on the Internet Computer (ICP) blockchain, a platform developed by Dfinity, rather than directly on Bitcoin. This approach positions ICP as a type of layer-2 network for Bitcoin, a significant deviation from traditional practices in this space. Hello world! We're an experienced team of Web3 developers bringing you the worlds greatest trading experience for ordinal NFTs Send, receive, inscribe, buy, sell, swap, trade, auction, offer, and collateralize all in the works Can't wait to show you what we are building — bioniq (@bioniqMarket) February 28, 2023 Bioniq claims to offer several benefits including being the “world’s fastest” market place for Bitco...
Read more

Solana Trades Above $18 As Sellers Signal A Return To The Downtrend

Image
Mar 13, 2023 at 08:13 // Price Author Coin Idol Solana (SOL) is trading at a high of $18.84. The cryptocurrency value is rising again as it leaves the negative trend area. Solana price long term forecast: bearish The cryptocurrency price will cross the moving average lines and the $20 resistance level if the bullish momentum continues. The recent price rally becomes conceivable if the down trend reaches the historically significant price level of November 10, 2022. The historical price level is the current support level when the altcoin rises again....
Read more