Trade tensions and a weaker yuan drive Chinese crypto demand, market players say

LONDON/NEW YORK - Trade tensions between the United States and China and a weakening yuan are boosting demand for cryptocurrencies among Chinese investors, market players from Asia to New York said.

Still, the impact of the U.S-Sino trade war on China’s economy and its falling currency are driving some larger investors to shift money from the yuan to cryptocurrencies, said Andy Chung, head of operations at OKEx, a Malta-based platform popular among Chinese. The yuan’s sharp fall on Aug. 5 coincided with a 7% gain for bitcoin and a 9% surge in cryptocurrencies’ market capitalization, leading analysts to speculate that some Chinese investors were selling the yuan and buying digital currencies.

Indeed, there has been a correlation between a weaker yuan and stronger bitcoin during times of lower volatility in crypto markets this year. “We just know that there is a lot of activity, and for regulatory reasons it’s under the radar a bit,” said Garrick Hileman, head of research at digital wallet firm Blockchain.

China has almost won the battle for crypto, and is trying in every way to consolidate this victory

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Stocks move broadly lower as trade war anxiety lingersBanks and technology companies are driving a broad slide in stocks on Wall Street that has knocked the Dow Jones Industrial Average more than 300 points lower We're sure showing the Chinese who's boss. Thankfully this doesn't affect the lower and middle class! Huh. That would be a disaster eh? Wait... My RMD will be lower this year.
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