This is a chart detailing the Dollar against the Chinese Yuan.
There is a very interesting story from Dow Jones this AM detailing the collapse in Bitcoin. The story notes that after bitcoin came within a whisker of a record high on some exchanges, it collapsed more than 20% within hours.
The Chinese yuan was behind the move as that currency hit its highest level since November after the People’s Bank of China decided to drive the yuan higher.
China is a big source of demand for bitcoins.
For whatever reason, the Chinese authorities apparently decided that the Yuan was weakening too much and stepped in.
This seems to be the catalyst behind the Dollar selloff that we are seeing this morning. Funds have wasted no time in attacking the Dollar as a result.
As previously stated, every single bit of this could reverse tomorrow morning with a strong payrolls number. Things are becoming a crap shoot at this point.
Be careful and do not get carried away.