China Turns Bullish on Bitcoin

shanghai

China seems to have turned bullish on bitcoin, scooping up everything for the past two days on relatively high volumes. Previously it was the case America pumped during the day and China dumped during the night, but recently bitcoin has been rising Shanghai morning time. That may well be just because bitcoin has generally been rising since it dropped to the highs of $42,000, but another reason may be this chart: The dollar has been falling against the yuan since last summer, but recently it has stopped falling, sidewaying since January. The economic recovery in America may well bring some strength in the dollar, which could well mean a fall in yuan’s value. To escape that, the Chinese could buy the dollar, but that is not as accessible as bitcoin which in addition can be a hedge against all global currencies as long as they increase in supply. China has…

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