Bitcoin Market: RMB denominated bitcoin rise in importance

Bitcoin Market: RMB denominated bitcoin rise in importance

Bitcoin prices on Tuesday (December 1st) the disc two Chonggao, recover overnight losses continued strong yesterday.

BITSTAMP announced the price display, bitcoin / $(XBT/USD) yesterday from below 370 higher to 382 line, overnight is down to around 370, but the trading days the Asian plate modestly higher to 378 level again.

(bitcoin / $chart source: Peng Bo, FX168 financial network)

KRAKEN announced the price display, bitcoin / euro (XBT/EUR) yesterday from 348 up to 360 above, overnight was down to the level of 350, but the transaction Nichia plate again look to the 358 line.

(bitcoin / Euro time chart source: Peng Bo, FX168 financial network)

Bitcoin trading network announced pricing showed bitcoin / yuan yesterday from near 2350 soared to 2490 level, although the overnight retreated to the 2410 level, but the transaction once two times the disc upside 2490 level.

(30 yuan / minute bitcoin source: bitcoin trading network)

The industry, the International Monetary Fund (IMF) on Monday (November 30th) announced that the RMB will be included in the SDR currency basket (SDR).

In the new RMB currency basket weights will be 10.92%. The weight of four existing reserve currencies have also been adjusted accordingly. Among them, the euro weight decrease from 37.4% to 30.93%. The dollar fell slightly to 41.73% from only 41.9% weight.

The dollar and euro denominated price of bitcoin has important reference value in the international market, especially the dollar denominated price of bitcoin. But with the RMB basket, RMB denominated importance of bitcoin prices will increase.

Especially considering the weight of the euro in SDR is expected to decline significantly, RMB denominated bitcoin price impact will gradually catch up with the euro denominated.

In addition, investors can not forget is that the vast majority of the market report bitcoin trading volume from China bitcoin exchange, accounting for 93% of the total market.

Beijing time 11:33 on December 1st, bitcoin / USD / Euro 377.49, bitcoin bitcoin / report 356.55, reported 2463 yuan.

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