Bitcoin Continues to Fall as Chinese Fears Intensify It’s not looking good for Bitcoin and those that may have jumped on the bandwagon in recent weeks,
It’s not looking good for Bitcoin and those that may have jumped on the bandwagon in recent weeks, many an investor coming in late to avoid missing out on the party. With the Chinese government having banned initial coin offerings, in one of the largest markets, the latest news is of the PBoC’s intent on suspending Bitcoin trading on all of China’s exchanges. Small gains made earlier in the day have reversed with China’s Bitcoin prices all sitting at sub-$3,000 levels, pulling back BTC to $3,094.98 at the time of writing. That’s quite a drop from the start of the month’s $4950.72 all-time high and it could get a lot worse as panic begins to set in and talks of the tulip reverberate.
North Korea has managed to upset the applecart once more and the U.S and Japan have called for an emergency UN Security Council meeting to discuss this morning’s missile test, which comes just days after the Security Council had approved quite aggressive sanctions. The North Koreans had said that they would respond to sanctions and they did just that, with the markets now having to wait for a response. The UN will likely want to avert any military response, though it is quite clear that sanctions alone are not enough to bring an end to the continued threat that now goes beyond the Korean Peninsula.
A sure fired way for the BoE to ease inflationary pressures is to talk up the prospects of a near-term rate hike and Thursday’s hawkish commentary has the markets looking towards a rate hike in the coming months, with the UK economy having continued to stand its ground despite some quite dire forecasts. There are no material stats to throw the Pound off its intraday gains, with stats out of the U.S this afternoon unlikely to have a material impact on the pair through the day.
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With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.