The Chinese Yuan is Falling Once Again — and That’s Key for the Bitcoin Bull Case

Last year, one of the biggest narratives in the Bitcoin market was that tensions between China and the U.S. — which culminated in a massive trade war — was pushing cryptocurrencies higher.Whenever President Donald Trump tweeted about U.S. relations with China, BTC responded, both rising and falling with the geopolitical trends. Once, when Trump announced that tariffs would be applied to billions worth of Chinese goods, both Bitcoin and the U.S. dollar against the Chinese yuan jumped in tandem.With the Chinese yuan starting to underperform, the narrative that geopolitical tensions are influencing the Bitcoin price has begun to be mentioned once again.Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His BTC, China ‘Bans’ Cryptocurrency MiningThe Chinese Yuan is FalteringAlthough U.S.-China relations were back on the mend heading into the last quarter of 2019, it is once again getting heated between the two world superpowers.Responding to the record Hong Kong protests last year, the mainland Chinese government is looking to impose