Is China Loading Up on Bitcoin as Yuan Gets Crushed?

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Bitcoin has had a monumental morning on the Asian trading session. With a 10 percent surge on the day BTC has reached a three week high while in China, the Yuan collapses to a 10-year low against the greenback. Are the Chinese loading up on bitcoin? Yuan Down Bitcoin Up As we have seen on countless occasions recently, trading in Asia is dictating market movements for bitcoin and cryptocurrencies. Just a few hours ago BTC touched a three week high of $11,850 according to the Tradingview charts. The move has added over 10 percent to bitcoin’s price in less than 24 hours. There are a number of factors that could be driving the momentum fundamentally. One is the mass liquidation of short positions on BitMEX which has seen over $100 million dissolved over the last day as the bears get battered. Another is the fall in the Chinese Yuan which…

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