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.
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.”
This recent movement surpassed previous highs from 2021, as observed in the chart. Surprisingly, however, other indexes consider a different all-time high for Bitcoin against the Chinese Yuan.
BTC/CNY all-time chart. Source: Google (Lex, on X)
What is the Bitcoin price against the Chinese Yuan?
Essentially, there are no active direct pairs to trade Bitcoin against the Chinese Yuan (BTC/CNY), according to CoinMarketCap’s markets. Therefore, all Bitcoin prices in Chinese Yuan are indirect rates, using two other direct pairs as a peg.
We współpracy z: https://finbold.com/bitcoin-reaches-all-time-high-in-chinese-yuan/
