Historical Bitcoin to Chinese Yuan Price Movement
The BTC/CNY currency pair tracks Bitcoin’s valuation against the Chinese Yuan (CNY). China’s significant influence on global crypto markets, stemming from its mining dominance and policy interventions, has made BTC/CNY a crucial indicator of Bitcoin’s regional performance. Over the years, China’s regulatory clampdowns and strategic pivot towards central bank digital currencies (CBDCs) have shaped BTC/CNY trading dynamics.
Historical Overview of BTC/CNY Price Trends
2010–2013: Mining Hub and Early Adoption
- BTC/CNY traded below CNY 50, with Bitcoin mining concentrated in China’s Sichuan and Inner Mongolia regions.
- By 2013, BTC/CNY reached CNY 7,000 as Chinese investors flocked to Bitcoin amidst concerns over capital controls.
- Exchanges like BTC China (BTCC) became global leaders in BTC/CNY trading volumes.
2014–2016: Regulatory Scrutiny and OTC Growth
- BTC/CNY ranged between CNY 2,000–5,000 as the People’s Bank of China (PBoC) began scrutinizing crypto exchanges.
- Centralized exchange operations were curtailed, prompting the rise of peer-to-peer and OTC trading channels.
- Despite restrictions, China’s dominance in Bitcoin mining bolstered BTC/CNY’s liquidity base.
2017: ICO Ban and Market Volatility
- BTC/CNY spiked to CNY 50,000 during the global ICO boom.
- China’s ban on ICOs and local exchanges in September 2017 caused abrupt BTC/CNY price corrections.
- OTC platforms and offshore exchanges became primary venues for BTC/CNY trading.
2018–2019: Crackdowns and Digital Yuan Focus
- BTC/CNY consolidated around CNY 25,000–30,000 amid stringent regulatory crackdowns on crypto activities.
- China accelerated development of its Digital Yuan (e-CNY) as a state-backed alternative to cryptocurrencies.
- Despite restrictions, China’s miners maintained a significant share of Bitcoin’s hash rate until late 2019.
2020–2021: Mining Ban and Global Repercussions
- BTC/CNY surged to CNY 450,000 by early 2021 amidst global bull runs.
- In mid-2021, China’s blanket ban on Bitcoin mining forced major mining firms to relocate overseas.
- BTC/CNY liquidity shifted further to offshore exchanges and P2P platforms.
2022: Regulatory Reinforcement and Offshore Liquidity
- BTC/CNY dropped to CNY 220,000 as market corrections coincided with intensified enforcement of crypto bans.
- The Chinese government emphasized its support for blockchain technologies but maintained a strict stance on decentralized cryptocurrencies.
- Despite onshore restrictions, Chinese nationals continued accessing BTC/CNY markets via Hong Kong and offshore OTC channels.
2023: Stabilization and Digital Yuan Integration
- BTC/CNY stabilized around CNY 350,000 as regulatory enforcement plateaued.
- Hong Kong’s crypto-friendly policies indirectly influenced BTC/CNY liquidity by offering compliant trading channels.
- China’s cross-border CBDC pilots influenced capital flows, impacting BTC/CNY demand patterns.
2024–2025 (YTD): Halving Cycle and Offshore Dynamics
- Post-2024 halving, BTC/CNY reached a high of CNY 650,000.
- As of April 2025, BTC/CNY trades between CNY 630,000–CNY 640,000, driven by offshore demand and limited domestic access.
- China’s blockchain initiatives in supply chain and digital finance continue, while decentralized crypto remains restricted.
BTC/CNY Yearly Comparison Table
| Year | Avg. Price (CNY) | Year High | Year Low | Annual Performance | Market Factors |
|---|---|---|---|---|---|
| 2013 | CNY 4,000 | CNY 7,000 | CNY 100 | ✅ Early mining hub | BTCC dominance |
| 2017 | CNY 30,000 | CNY 50,000 | CNY 5,000 | ✅ ICO mania | Exchange ban impact |
| 2020 | CNY 150,000 | CNY 300,000 | CNY 50,000 | ✅ Global rally | Mining concentration |
| 2021 | CNY 400,000 | CNY 450,000 | CNY 200,000 | ✅ ATH surge | Mining ban aftermath |
| 2022 | CNY 250,000 | CNY 300,000 | CNY 220,000 | ❌ Correction phase | Crypto activity bans |
| 2023 | CNY 340,000 | CNY 350,000 | CNY 300,000 | ✅ Stabilization | HK policy impact |
| 2025* | CNY 635,000 | CNY 650,000 | CNY 630,000 | ✅ Halving-driven ATH | Offshore liquidity flows |
Key Factors Driving BTC/CNY Valuation
- Regulatory Clampdowns – PBoC’s stringent bans limiting onshore BTC/CNY access.
- Mining Relocation Impact – Global hash rate redistribution influencing BTC/CNY market depth.
- Offshore Liquidity Channels – Hong Kong and OTC desks maintaining BTC/CNY accessibility for Chinese investors.
- Digital Yuan Competition – e-CNY’s development impacting decentralized cryptocurrency narratives.
- Blockchain Adoption in Enterprises – China’s selective support for blockchain innovation shaping long-term ecosystem relevance.
BTC/CNY Market Structure Insights (2025)
- Majority of BTC/CNY trades occur via offshore OTC desks and Hong Kong-regulated platforms.
- Institutional exposure remains limited due to domestic restrictions but thrives in cross-border initiatives.
- China’s policy focus on blockchain, rather than cryptocurrencies, drives selective sectoral growth.
- P2P networks and decentralized exchanges continue to facilitate BTC/CNY liquidity among retail participants.