DoubleLine's Jeffrey Gundlach dropped a subtle hint at yet another driver of the recent surge in virtual currencies...

Bitcoin up 100% in under 2 months. Shanghai down almost 10% same timeframe, compared to most global stocks up. Probably not a coincidence! — Jeffrey Gundlach (@TruthGundlach) May 23, 2017

So this happened... Chinese stocks slumped as the rest of the world soared.

And this happened... Virtual currencies were bid as global uncertainty soared

So is this is a coincidence? As China's monetary conditions are tightened to crackdown on speculative leverage, stocks have seen outflows and Bitcoin inflows...

And is this the same coincidence? As the broad trade-weighted value of the Renminbi collapses...

The question is - what happens next? Does China fold and re-enable leverage to avoid catastrophic failure in its bond/stock markets? Or does The Fed fold in June sparking chaotic weakness in the USD?