Demand from China could be pushing the price of Bitcoin

The recent surge-and drop-in bitcoin prices could have been helped by trends coming from the Asian market.

"If you look at over the past five years-when Brexit happened, Bitcoin went up. When Grexit happened, Bitcoin went up [Now] it's certainly interesting that the [Bitcoin] price started its acceleration, moving up and to the right, when the trade discussions broke down."

The behavior of the market was also noticed by Dovey Wan, founding partner at venture capital firm Primitive Ventures, who pointed out that while the yuan depreciated 2 percent against the U.S. dollar while bitcoin was surging.

Bitcoin is winning the trade war while China and US is a lose-lose pic.

In a recent twitter thread, Alex Krüger, a fundamental and technical analyst, explained that China could certainly be the main source behind the price action that bitcoin has had since the beginning of May. The economist went into Baidu, a Chinese search engine equivalent to Google, and looked at BTC's popularity as indicated by search trends.

There's been a lot of talk about how China has been the driver behind Bitcoin's move up since the first week of May. So I decided to look into bitcoin Baidu trends.

China's bitcoin popularity has definitively been on the rise.

Since April, as the interest in bitcoin spiked the also price began increasing.

Although there seems to be a slight correlation between the price of bitcoin and the news coming out of China, there is nothing solid that could back up this idea.

Whatever the reason for bitcoin's price movement, what most analysts seem to agree is that BTC is a non-correlated asset that could be an excellent diversification to a traditional portfolio.