Bitcoin's recent highs and falls are in the same direction as gold

The price of Bitcoin fell from its high in the Asian session on Monday (October 26), and combined with yesterday's performance, it showed a clear trend of rising and falling.

The quotes released by BITSTAMP show that Bitcoin/ US dollar (XBT/USD) soared from the 280 level to around 295 yesterday, and fell back to around 282 from the high of the Asian session this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes published by KRAKEN show that Bitcoin/ Euro (XBT/EUR) rose from around 253 to around 266 yesterday. The high point of the Asian session fell back to around 256 this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes released by Huobi.com show that Bitcoin/ CNY soared from around 1820 to around 1948 yesterday, and fell back to around 1850 from the high of the Asian session on this trading day.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

     In terms of industry , since the depreciation of the RMB and the surge in foreign exchange market volatility have crushed global carry trades, the market demand for "paper" gold has turned into demand for physical precious metals.

     The international gold price has risen by more than $100 since August 10. However, another alternative currency has also soared. Since the devaluation of the RMB, the price of Bitcoin has soared from below $200 to around $300; ​​since September 2, it has risen by 25%.

     At 12:51 Beijing time on October 26, Bitcoin/USD was 282.06, Bitcoin/Euro was 255.78, and Bitcoin/RMB was 1849.30.