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Hackers hide crypto address-swapping malware in Microsoft Office add-in bundles

Malicious actors are attempting to steal crypto with malware embedded in fake Microsoft Office extensions uploaded to the software hosting site SourceForge, according to cybersecurity firm Kaspersky.

One of the malicious listings, called “officepackage,” has real Microsoft Office add-ins but hides a malware called ClipBanker that replaces a copied crypto wallet address on a computer’s clipboard with the attacker’s address, Kaspersky’s Anti-Malware Research Team said in an April 8 report.

“Users of crypto wallets typically copy addresses instead of typing them. If the device is infected with ClipBanker, the victim’s money will end up somewhere entirely unexpected,” the team said.

The fake project’s page on SourceForge mimics a legitimate developer tool page, showing the office add-ins and download buttons and can also appear in search results.

Hackers hide crypto address-swapping malware in Microsoft Office add-in bundles

Kaspersky said it found a crypto-stealing malware on the software hosting website SourceForge. Source: Kaspersky

Kaspersky said another feature of the malware’s infection chain involves sending infected device information such as IP addresses, country and usernames to the hackers through Telegram.

The malware can also scan the infected system for signs it’s already been installed previously or for antivirus software and delete itself.

Attackers could sell system access to others

Kaspersky says some of the files in the bogus download are small, which raises “red flags, as office applications are never that small, even when compressed.” 

Other files are padded out with junk to convince users they are looking at a genuine software installer.

The firm said attackers secure access to an infected system “through multiple methods, including unconventional ones.”

“While the attack primarily targets cryptocurrency by deploying a miner and ClipBanker, the attackers could sell system access to more dangerous actors.” 

The interface is in Russian, which Kaspersky speculates could mean it targets Russian-speaking users.

“Our telemetry indicates that 90% of potential victims are in Russia, where 4,604 users encountered the scheme between early January and late March,” the report stated.

To avoid falling victim, Kaspersky recommended only downloading software from trusted sources as pirated programs and alternative download options carry higher risks.

Related: Hackers are selling counterfeit phones with crypto-stealing malware

“Distributing malware disguised as pirated software is anything but new,” the company said. “As users seek ways to download applications outside official sources, attackers offer their own. They keep looking for new ways to make their websites look legit.”

Other firms have also been raising the alarm over new forms of malware targeting crypto users. 

Threat Fabric said in a March 28 report it found a new family of malware that can launch a fake overlay to trick Android users into providing their crypto seed phrases as it takes over the device.

Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5

Read more at cointelegraph.com

Trump tariffs could lower Bitcoin miner prices outside US, says mining exec

The Trump administration’s sweeping tariffs could collapse US demand for Bitcoin mining rigs, which would benefit mining operations outside the country as manufacturers will look outside the US to sell their surplus inventory for cheaper, says Hashlabs Mining CEO Jaran Mellerud.

“As machine prices rise in the U.S., they could paradoxically decrease in the rest of the world,” Mellerud said in an April 8 report. “The demand for shipping machines to the U.S. is set to plummet, likely nearing zero.

“Manufacturers will be left with excess stock originally intended for the US market. To offload this surplus, they’ll likely need to lower prices to attract buyers in other regions,” he added.

Falling mining rig prices could see non-US mining operations scale up and take a larger slice of Bitcoin’s total hashrate, Mellerud said.

Trump tariffs could lower Bitcoin miner prices outside US, says mining exec

Source: Jaran Mellerud

US President Donald Trump unveiled his administration’s “reciprocal tariffs” on nearly every country on April 2. Some of the largest crypto mining machine makers are based in countries hardest hit by the tariffs, including Thailand, Indonesia and Malaysia, which saw tariffs of 36%, 32% and 24%, respectively.

Crypto mining rig makers Bitmain, MicroBT and Canaan moved to some of these countries to circumvent a 25% tariff that Trump imposed on China in 2018 during his last administration.

Trump tariffs could lower Bitcoin miner prices outside US, says mining exec

Annual change in US tariffs on China, Indonesia, Malaysia and Thailand since 2017. Source: Hashlabs Mining

Mellerud noted that Trump’s latest tariffs would mean a mining rig that initially costs $1,000 would be priced at $1,240 in the US.

“Meanwhile, in Finland and most other countries, there are no tariffs, so the cost of a $1,000 machine remains unchanged.”

“In an industry as cost-sensitive as Bitcoin mining, a 22% price increase on machines can make operations financially unsustainable,” he added.

No coming back from Trump’s tariffs — “Damage is done”

Mellerud believes a future reversal of the Trump administration’s tariffs wouldn’t restore US crypto mining operators’ confidence.

“Even if these tariffs are rolled back within a few months, the damage is done — confidence in long-term planning has been shaken,” Mellerud said. “Few will feel comfortable making major investments when critical variables can change overnight.”

He said US miners felt reassured when Trump returned to the White House, expecting a more stable regulatory environment. 

Related: Bitcoin hashrate tops 1 Zetahash in historic first, trackers show

“But they are now experiencing the flip side of his unpredictable policy shifts,” Mellerud said.

The US accounts for nearly 40% of the network’s hashrate. Mellerud said there’s no reason for US miners to unplug their machines and doesn’t expect the total Bitcoin hashrate coming from the US to drop.

However, the path to expansion is now “steep and uncertain,” he said, and as a result, the US could lose a considerable share of hashrate

Trump’s tariffs have shaken up almost every market, including the crypto markets and Bitcoin (BTC), which is down 4% over the last 24 hours to $76,470, CoinGecko data shows.

Bitcoin is now 30% off the $108,786 all-time high it set on Jan. 20 — the same day that Trump re-entered the White House.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

Read more at cointelegraph.com

RedStone targets trading latency with new oracle on MegaETH

RedStone, a blockchain oracle provider, has introduced a push-based oracle on MegaETH to tackle latency issues that challenge the efficiency of onchain trading.

According to a spokesperson for RedStone, the new oracle can push new prices onchain every 2.4 milliseconds. Initially debuting on MegaETH, an Ethereum layer-2 network, the product may be rolled out to additional chains in the future.

RedStone said its oracle sources prices from centralized exchanges and delivers them directly to applications or smart contracts via nodes that operate natively on the MegaETH chain.

This “co-location” strategy minimizes latency by eliminating delays typically caused by the physical distance between servers. In the future, RedStone also plans to include price feeds from decentralized exchanges.

Oracles compatible with the Ethereum Virtual Machine (EVM) are becoming more popular. According to Alchemy, there are currently 12 decentralized oracle networks operating on Ethereum.

Oracles can make money through data usage fees, licenses, staking rewards and node incentives. The current market capitalization for oracle tokens sits at $10.2 billion, according to CoinMarketCap.

Related: Trump’s World Liberty Financial taps Chainlink as oracle provider

DeFi growth spurs further rise of oracles

Decentralized finance’s total value locked onchain nears $88 billion as of April 8, after rising 116% in 2024, according to DefiLlama. Ethereum remains the top blockchain for DeFi applications, with $47.8 billion locked in the network, followed by Solana with $6.1 billion in DeFi TVL.

RedStone targets trading latency with new oracle on MegaETH

DeFi TVL over time. Source: DefiLlama

The rise of DeFi has intensified competition in the oracle market — an essential component for the functioning of decentralized applications. Price oracles feed real-time market data into smart contracts, acting as a bridge between blockchains and the real world.

Popular players in the oracle space include Chainlink and Pyth Network. In October 2024, Pyth flipped Chainlink in 30-day volume, reaching $36 billion in transactions. The protocol offers a pull-based model that provides data upon request, thus making it optimized for high-volume activities.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Read more at cointelegraph.com

Bitcoin price could rally even as global trade war rages on — Here is why

Crypto and equities traders were hopeful for a last-minute solution that would prevent the US from enacting 104% tariffs on Chinese goods entering the United States, but in a press conference, the White House confirmed that the tariffs would start on April 9. Markets deteriorated when Peter Navarro, trade adviser to US President Donald Trump, stated that tariffs were “not a negotiation.”

As a result, the S&P 500 index closed on April 8 with a 1.6% loss, reversing earlier gains of 4%. This downturn has left traders wondering whether Bitcoin (BTC) can regain its bullish momentum amid worsening macroeconomic conditions.

Spiraling US debt issues remain, paving the way for Bitcoin gains

Between April 2 and April 7, the S&P 500 index dropped by 14.7%, causing panic among Bitcoin holders and forcing a retest of the $75,000 level—the lowest in more than five months.

Bitcoin price could rally even as global trade war rages on — Here is why

S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph

During an appearance with Israeli Prime Minister Benjamin Netanyahu on April 7, President Trump reportedly said his goal was to “reset the table” on trade. He added that “there can be permanent tariffs, and there could also be negotiations because there are things that we need beyond tariffs.”

Amid this uncertainty, IPOs and mergers have been delayed, while leveraged loan deals and bond sales were sidelined, according to Yahoo Finance.

It becomes clear that the stock market is likely to rally if trade war risks subside. Economists have cautioned that tariffs could trigger inflation and significantly raise the chances of an economic recession, according to Reuters.

However, assessing the impact on Bitcoin’s price remains a challenging task. This is because some investors see the cryptocurrency’s fixed monetary system as a safeguard against the continuous expansion of global fiat currency supplies.

Short-term correlations hurt BTC, but possible interest rate cuts could turn the tide

In the short term, the positive correlation between Bitcoin and the stock market is expected to persist. Nonetheless, the US government’s fiscal challenges present a potential opportunity for Bitcoin’s price to grow. On April 8, the US 10-year Treasury yield rose to 4.28%, following a brief dip to 3.90% on April 7. This increase suggests that investors are demanding higher returns to hold these assets.

Bitcoin price could rally even as global trade war rages on — Here is why

US Dollar Index (DXY, left) vs. US 10-year Treasury yield (right). Source: TradingView / Cointelegraph

The rising cost of rolling over the $9 trillion in federal government debt set to mature within the next 12 months is expected to increase fiscal imbalance and weaken the US dollar. The US Dollar Index (DXY) has diverged from US Treasury yields, falling to 103.0 on April 8 from 104.2 on March 31. This situation could potentially support Bitcoin’s price — a sentiment shared by BlackRock CEO Larry Fink in his March 31 letter to investors.

Related: Weaker yuan is ‘bullish for BTC’ as Chinese capital flocks to crypto — Bybit CEO

Michael Gapen, Morgan Stanley’s chief US economist, stated in a client note on April 8: “We think the right answer is for the Fed to wait in its current stance for longer,” as reported by CNBC. According to Morgan Stanley’s updated forecast, the US Federal Reserve is expected to maintain interest rates at 4.25%-4.50% until March 2026, adding that “only a recession would change the calculus” and “a recession could mean earlier and larger up-front cuts.”

Bitcoin’s momentum is likely to turn positive as traders realize that the US Federal Reserve has limited tools to avoid a recession without risking inflation. While predicting the exact timing of a breakout remains uncertain, prolonged delays in resolving trade war issues could drive investors toward scarce assets like Bitcoin, especially amid fears of potential US dollar devaluation.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Read more at cointelegraph.com

Cboe BZX files to list Canary‘s SUI ETF

Cboe BZX Exchange has asked United States regulators for clearance to list an exchange-traded fund backed by Sui (SUI), the native token of the Sui Network, public filings show. 

The request submitted on April 8 must be reviewed and approved by the US Securities and Exchange Commission before the exchange can list any shares of the fund.

If approved, the ETF — issued by asset manager Canary Capital — would be the first in the country to hold SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.

Sui is a blockchain network designed to provide users with a more streamlined onboarding experience, similar to traditional Web3 applications. It is built using Move, a smart contract framework based on the Rust programming language. Sui has approximately $1.1 billion in total value locked (TVL), according to DefiLlama.

Cboe BZX files to list Canary‘s SUI ETF

Sui Network has roughly $1.1 billion in TVL. Source: DeFiLlama

Related: Canary files for PENGU ETF

Canary, which specializes in crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March. 

Since 2024, Canary has filed for several proposed US crypto ETFs, including funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU). 

Cboe BZX has also submitted numerous filings seeking to list crypto ETFs this year. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Fidelity. 

Dozens of altcoin ETFs

Since US President Donald Trump took office on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings

Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, as well as memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).

However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), according to Katalin Tischhauser, crypto bank Sygnum’s research head. 

“[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph. 

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Read more at cointelegraph.com

Cboe BZX files to list Canary's SUI ETF

Cboe BZX Exchange has asked United States regulators for clearance to list an exchange-traded fund (ETF) backed by Sui (SUI), the native token of the Sui Network, public filings show. 

The request submitted on April 8 must be reviewed and approved by the US Securities and Exchange Commission (SEC) before the exchange can list any shares of the fund.

If approved, the ETF — issued by asset manager Canary Capital — would be the first in the country to hold SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.

Sui is a blockchain network designed to provide users with a more streamlined onboarding experience — similar to traditional Web3 applications. It is built using Move, a smart contract framework based on the Rust programming language. Sui has approximately $1.1 billion in total value locked (TVL), according to DefiLlama.

Cboe BZX files to list Canary's SUI ETF

Sui Network has roughly $1.1 billion in TVL. Source: DeFiLlama

Related: Canary files for PENGU ETF

Canary, which specializes in crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March. 

Since 2024, Canary has filed for several proposed US crypto ETFs, including funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU). 

Cboe BZX has also submitted numerous filings seeking to list crypto ETFs this year. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Fidelity. 

Dozens of altcoin ETFs

Since US President Donald Trump took office on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings

Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, as well as memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).

However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), according to Katalin Tischhauser, crypto bank Sygnum’s research head. 

“[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph. 

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Read more at cointelegraph.com

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

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. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar-to-yuan exchange rate on April 8. Source: Bloomberg

With the trade war ratcheting up, “expectation for China to eventually devalue the currency has jumped and the pressure won’t go away easily,” Ju Wang, head of Greater China FX at BNP Paribas, told Reuters.

The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes

“It worked in 2013, 2015, and can work in 2025,” said Hayes.

Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war. This means “a lot of Chinese capital flow into BTC, [which is] bullish for BTC,” said Zhou.

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

Source: Ben Zhou

Bybit is the world’s second-largest crypto exchange by volume and is a popular platform for derivatives traders. In December, the exchange said users in mainland China can now trade freely on the platform without the use of a VPN but that yuan trades are not permitted.

Related: $2T fake tariff news pump shows ‘market is ready to ape’

Currency volatility is here to stay as US-China trade war heats up

Currency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. 

Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. 

The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. 

The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.

The DXY tracks the US dollar’s performance against a basket of six currencies, with the euro and Japanese yen having the largest weightings. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar, as measured by the DXY, has weakened considerably in recent months. Source: MarketWatch

Historically, Bitcoin’s price has exhibited a strong inverse relationship with the US dollar, with a weaker greenback associated with a higher BTC price and vice versa.

Related: As Trump tanks Bitcoin, PMI offers a roadmap of what comes next

Read more at cointelegraph.com

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

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. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar-to-yuan exchange rate on April 8. Source: Bloomberg

With the trade war ratcheting up, “expectation for China to eventually devalue the currency has jumped and the pressure won’t go away easily,” Ju Wang, head of Greater China FX at BNP Paribas, told Reuters.

The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes

“It worked in 2013, 2015, and can work in 2025,” said Hayes.

Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war. This means “a lot of Chinese capital flow into BTC, [which is] bullish for BTC,” said Zhou.

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

Source: Ben Zhou

Bybit is the world’s second-largest crypto exchange by volume and is a popular platform for derivatives traders. In December, the exchange said users in mainland China can now trade freely on the platform without the use of a VPN but that yuan trades are not permitted.

Related: $2T fake tariff news pump shows ‘market is ready to ape’

Currency volatility is here to stay as US-China trade war heats up

Currency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. 

Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. 

The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. 

The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.

The DXY tracks the US dollar’s performance against a basket of six currencies, with the euro and Japanese yen having the largest weightings. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar, as measured by the DXY, has weakened considerably in recent months. Source: MarketWatch

Historically, Bitcoin’s price has exhibited a strong inverse relationship with the US dollar, with a weaker greenback associated with a higher BTC price and vice versa.

Related: As Trump tanks Bitcoin, PMI offers a roadmap of what comes next

Read more at cointelegraph.com

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

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. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar-to-yuan exchange rate on April 8. Source: Bloomberg

With the trade war ratcheting up, “expectation for China to eventually devalue the currency has jumped and the pressure won’t go away easily,” Ju Wang, head of Greater China FX at BNP Paribas, told Reuters.

The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes

“It worked in 2013, 2015, and can work in 2025,” said Hayes.

Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war. This means “a lot of Chinese capital flow into BTC, [which is] bullish for BTC,” said Zhou.

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

Source: Ben Zhou

Bybit is the world’s second-largest crypto exchange by volume and is a popular platform for derivatives traders. In December, the exchange said users in mainland China can now trade freely on the platform without the use of a VPN but that yuan trades are not permitted.

Related: $2T fake tariff news pump shows ‘market is ready to ape’

Currency volatility is here to stay as US-China trade war heats up

Currency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. 

Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. 

The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. 

The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.

The DXY tracks the US dollar’s performance against a basket of six currencies, with the euro and Japanese yen having the largest weightings. 

China counters tariffs with yuan devaluation, which is 'bullish for BTC'

The US dollar, as measured by the DXY, has weakened considerably in recent months. Source: MarketWatch

Historically, Bitcoin’s price has exhibited a strong inverse relationship with the US dollar, with a weaker greenback associated with a higher BTC price and vice versa.

Related: As Trump tanks Bitcoin, PMI offers a roadmap of what comes next

Read more at cointelegraph.com

Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEO

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. 

Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEO

The US dollar-to-yuan exchange rate on April 8. Source: Bloomberg

With the trade war ratcheting up, “expectation for China to eventually devalue the currency has jumped and the pressure won’t go away easily,” Ju Wang, head of Greater China FX at BNP Paribas, told Reuters.

The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes

Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war. This means “a lot of Chinese capital flow into BTC, [which is] bullish for BTC,” said Zhou.

Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEO

Source: Ben Zhou

Bybit is the world’s second-largest crypto exchange by volume and is a popular platform for derivatives traders. In December, the exchange said users in mainland China can now trade freely on the platform without the use of a VPN, but that yuan trades are not permitted.

Related: $2T fake tariff news pump shows ‘market is ready to ape’

Currency volatility is here to stay as US-China trade war heats up

Currency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. 

Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. 

The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. 

The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.

The DXY tracks the US dollar’s performance against a basket of six currencies, with the euro and Japanese yen having the largest weightings. 

Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEO

The US dollar, as measured by the DXY, has weakened considerably in recent months. Source: MarketWatch

Historically, Bitcoin’s price has exhibited a strong inverse relationship with the US dollar, with a weaker greenback associated with a higher BTC price and vice versa.

Related: As Trump tanks Bitcoin, PMI offers a roadmap of what comes next

Read more at cointelegraph.com