Boasting a community of over eight million people, eToro is one of the leading global trading and investment platform and it specialises in cryptocurrencies. Although there are more than 1,200 assets to trade on eToro, which was founded in 2007, it is in the crypto space that it is particularly popular. The innovative platform began offering Bitcoin in 2014, and at the time of writing mid 2018 eToro has 10 cryptos available to buy outright. These are as follows: Bitcoin; Bitcoin Cash; Ethereum; Ethereum Classic; Dash; Ripple; Litecoin; Stellar; NEO; and EOS. The motto at eToro is Cryptos Neednt Be Cryptic and the team are always trying to educate users about cryptocurrencies, through blogs, videos and other helpful resources. And to make trading even more straightforward eToro has two pioneering tools CopyTrader and CopyFund that are game-changers for crypto investors of all levels. The first, CopyTrader, allows users to match top traders automatically, and is perfect for those users who are unsure about what cryptos to invest in. Over time, and by monitoring the top traders strategies, eToro clients can build up their trading experience and confidence. The second allows users to diversify their portfolio

Boasting a community of over eight million people, eToro is one of the leading global trading and investment platform and it specialises in cryptocurrencies. Although there are more than 1,200 assets to trade on eToro, which was founded in 2007, it is in the crypto space that it is particularly popular. The innovative platform began offering Bitcoin in 2014, and at the time of writing mid 2018 eToro has 10 cryptos available to buy outright. These are as follows: Bitcoin; Bitcoin Cash; Ethereum; Ethereum Classic; Dash; Ripple; Litecoin; Stellar; NEO; and EOS. The motto at eToro is Cryptos Neednt Be Cryptic and the team are always trying to educate users about cryptocurrencies, through blogs, videos and other helpful resources. And to make trading even more straightforward eToro has two pioneering tools CopyTrader and CopyFund that are game-changers for crypto investors of all levels. The first, CopyTrader, allows users to match top traders automatically, and is perfect for those users who are unsure about what cryptos to invest in. Over time, and by monitoring the top traders strategies, eToro clients can build up their trading experience and confidence. The second allows users to diversify their portfolio

Reading:Binance US Considers Tron, Tezos and 16 Others for Listing

Over the last week, price moves in the bitcoin market have closely tracked performances in the U.S. dollar and Chinese yuan. All of this shows bitcoin is solidifying its position as a true macro force in the financial markets.

A recenttweetfrom Ceteris Paribus pointed out two important market moves, asBTC/USDbounced from the August 2nd lows at $10,365 whileUSD/CNYrallied to 6.9479. Three days later, even larger moves occurred in the renminbi as USD/CNY was pegged at an opening rate of 7.0120 before moving to highs of 7.0513 during the U.S. session.

This move came as BTC/USD bounced from August 5th lows at $10,973 en route to highs of $11,939 late in the U.S. session.

Interestingly, this is actuallythe third eventlike this which has happened over the last week, as an earlier precursor occurred on August 1st. On this day, the USD/CNY currency pair bounced from lows at 6.8821 while valuations in BTC/USD found strong buyers at the $9,875 level.

When BTC/USD and USD/CNY show gains at the same time, markets are actually indicating a surge in bitcoin relative to the Chinese yuan.

Bitcoinist writer Martin Young recentlyraised key questionsabout whether Chinese investors and consumers are viewing bitcoin as a viable currency alternative during periods of internal market volatility. A clear confluence in the relative value of each of these currencies (both fiat and digital) confirms that the answer to this important question is likely yes.

On the fundamental side of the equation, its clear that moves in the Chinese currency have been prompted as a retaliatory response to U.S. President Donald Trumps plans to initiate a10% tariff on $300 billion worth of Chinese goods.

Given the prolonged trade discussions we have been seeing between the two countries, this type of policy maneuvering is not altogether surprising. But whatissurprising is the markets response through cryptocurrency, which is now essentially functioning as a safe-haven asset.

Shortly after a Chinese courtrecognized the legality of bitcoinas digital property, the Peoples Bank of China (PBoC) gave its stamp of approval for its usage when it placed aninfographic on its websitewhich outlines the history and usage of bitcoin. Overall, this is a highly bullish event for the cryptocurrency space, as it suggests increased utility for digital assets in one of the worlds largest markets.

Since offshore Chinese yuan is currently tradingnear its record lows, traders might begin to expect continued volatility in BTC/USD given the strong correlation these currencies have displayed over the last weeks time. However, recent trend developments from Chinese investors and consumers indicate that the latest upside rallies in BTC/USD have room to continue.

Will bitcoin continue to track the valuation of USD/CNY and other fiat currencies? Add your thoughts below.

Images via Shutterstock, USD/CNYcharts by TradingView

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