A weaker yuan could mean a lot of Chinese capital flow into Bitcoin, according to Bybit’s Ben Zhou.
With US President Donald Trump imposing 104% tariffs on Chinese imports, Beijing is responding by letting the yuan weaken against the dollar — a move that analysts say could spark the next leg of the Bitcoin bull market.
On April 8, the yuan-to-US dollar exchange rate fell to its lowest level since 2023, signaling the Chinese central bank’s readiness to let its currency fluctuate more freely.
The US dollar-to-yuan exchange rate on April 8. Source: Bloomberg
