China is Shaking While Bitcoin Continues to Gain Institutional Ground
#Write2Earn $BTC
China's economic challenges intensified at the beginning of this week, with the CSI 1000 index experiencing a decline of over 15% in the past five days.
As highlighted in one of my recent letters, China's economy has been grappling with headwinds, which appear to have been exacerbated further last week when a Hong Kong court judge ordered the liquidation of the indebted real estate giant, Evergrande.
Despite the Chinese authorities implementing various fiscal measures to stimulate it seems at current terms that there’s still broader indicators of pain in the Chinese economy.
What I’m paying attention to in regards to this is how the authorities will respond.
In the most recent intervention following Monday’s downturn, authorities have taken steps to implement more extensive trading restrictions:
* Nearly 30% of all stocks in China have been halted
* Limiting investors' ability to short Hong Kong stocks
* Some investors limited from selling their positions
* Some quant funds are completely banned from placing sell orders
* Other quants funds banned from cutting leveraged positions
It remains uncertain whether these new measures will avert the ‘looming’ crisis, or if China’s PBoC will be forced to adopt looser economic policies.
Bitcoin Enters Accumulation Phase Post ETF
BTC’s price has been range bound over the past week, trading between $42K and $43.5K as the excitement around the spot ETF approvals continued to cool down.
However, it's noteworthy that net daily inflows have remained positive for the last seven consecutive trading days, with BlackRock and Fidelity taking the lead.
