At the end of May, Bitcoin hit a new high this year after a sustained surge, which began to reverse on May 25th and 26th. It once fell by 900 US dollars, a drop of more than 30%; China's bitcoin prices once fell to around 14,000 yuan, today About 14,700 yuan fluctuations.
Interestingly, the reporter noticed that the renminbis exchange rate movements from the onshore market are in stark contrast to the plunge in bitcoin prices. Also on May 25th, when Bitcoin turned down and fell, the exchange rate of RMB began to turn upwards.
The spot price of offshore RMB exchange rate CNH has risen from 6.8752 to 6.8498 from May 25th and has been rising all the way. Today, the intraday trading session of CNH rose to 6.8031. Onshore RMB spot exchange rate CNY, although closed today at the Dragon Boat Festival, rose to 6.8678 at 6.8860 on May 25 and rose further to 6.8525 on the 26th.
Plunge in this phase refers to the flactuation and yes I admit this too that there are many and continuous flactuation in the valuation of bitcoin in recent months of this year . Bitcoin is supposed to be very volatile crypto currency whose valuation keeps on flactuating but if look at the sensitivity and votality of bitcoin then we will come to know that these flactuation are very much necessary for the market to be stable so that people can also buy coins at low cost and can sell them at high rates.