Bitcoin

Yuan

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 <p class="paragraph">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.</p>
 <p class="paragraph">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.”</p>
 <p class="paragraph">This recent movement surpassed previous highs from 2021, as observed in the chart. Surprisingly, however, other indexes consider a different all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high for Bitcoin against the Chinese Yuan.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="616" src="https://cdn.thebittimes.com/images/2024/02/28/d214546dd76be05674ddc9a0f7513d8d.webp" alt class="wp-image-157623" srcset="https://cdn.thebittimes.com/images/2024/02/28/d214546dd76be05674ddc9a0f7513d8d.webp 1024w, https://cdn.thebittimes.com/images/2024/02/28/d214546dd76be05674ddc9a0f7513d8d.webp 300w, https://cdn.thebittimes.com/images/2024/02/28/d214546dd76be05674ddc9a0f7513d8d.webp 768w, https://cdn.thebittimes.com/images/2024/02/28/d214546dd76be05674ddc9a0f7513d8d.webp 1374w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC/CNY all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> chart. Source: <em>Google</em> (Lex, on X)
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 </figure>
 <h2 class="wp-block-heading" id="h-what-is-the-bitcoin-price-against-the-chinese-yuan">What is the Bitcoin price against the Chinese Yuan?</h2>
 <p class="paragraph">Essentially, there are no active direct pairs to trade Bitcoin against the Chinese Yuan (BTC/CNY), according to <em>CoinMarketCap’s </em>markets. Therefore, all Bitcoin prices in Chinese Yuan are indirect rates, using two other direct pairs as a peg.</p>
 <p class="paragraph">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.</p>
 <p class="paragraph">Meanwhile, <em>CoinMarketCap</em> only sees the current value of CNY/USD and adjusts its historical records using the updated quotation. Notably, this index registered an all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high of&nbsp; ¥495,230.28 per BTC in November because the Chinese Yuan lost its value against the U.S. Dollar in the past three years.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="562" height="278" src="https://cdn.thebittimes.com/images/2024/02/28/a213417124c4892675d2852bbe7918b9.webp" alt class="wp-image-157624" srcset="https://cdn.thebittimes.com/images/2024/02/28/a213417124c4892675d2852bbe7918b9.webp 562w, https://cdn.thebittimes.com/images/2024/02/28/a213417124c4892675d2852bbe7918b9.webp 300w" sizes="(max-width: 562px) 100vw, 562px">
  <figcaption class="wp-element-caption">
   BTC/CNY all-time high and all-time low data. Source: <em>CoinMarketCap</em>
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 </figure>
 <p class="paragraph">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.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-reaches-all-time-high-in-chinese-yuan-tbt81053.html">https://thebittimes.com/bitcoin-reaches-all-time-high-in-chinese-yuan-tbt81053.html</a></p>

Bitcoin reaches all-time high in Chinese Yuan

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