Market Snapshot – Bitcoin Prices Plunge on Renewed Chinese Fears

Colin First
Forex Trading Signals - September 08, 2017

Bitcoin Prices Fall on Comments and Chinese Fears

Bitcoin prices continued their fall on renewed worries about their fate in China. They fell last week as the Chinese regulators banned ICOs and also asked the people to refrain from investing in ICOs and since then, the prices have been in a freefall. The investors and traders do not know what to expect next from them and with the Chinese being the largest investors in bitcoin and ICOs, it is indeed a time for a lot of risk and uncertainty in this market. Today, the JPMorgan CEO said that bitcoin was a fraud and the prices were just waiting to fall. Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday. These events spooked the markets and we saw the bitcoin prices fall below $4000 and they continued to look weak.

Dollar Recovers Across the Board

In the other part of the market, the dollar seems to be recovering on some decent PPI data and we are now seeing the correction in the dollar based pairs assuming large proportions. The pound got hit by weak earnings data and this,along with the strength in the dollar, is weighing on the GBPUSD pair which has crashed below 1.33 and looking 1.32 for today. The stock markets in Europe continued to trade in a steady manner and this has led to pressure on the prices of gold which, after a brief rally, now trade in the 1320 region as of this writing.

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