The exchange rate of the Renminbi to the greenback practically collapsed following the interest hike in the US - It appears that the market is finally responding to the interest rate hike in America.
Source: XE.com
The depreciation of the Renminbi against the dollar is actually good for Bitcoin. Let's take a look at the two graphs below - You can see that Chinese investors hedged against the drop of the Renminbi by investing Bitcoin in 2016!
Source: XE.com
Source: CoinbaseCap
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