The cryptocurrency market continues to experience a fever. As a result, the HSBC head could not resist and said that his bank did not plan to launch cryptocurrency trading or offer cryptocurrencies as investments to clients. Motivation: they are too unstable and lack transparency.
In general, these are very difficult times for the cryptocurrency market. Cryptocurrency mining operators including Huobi Mall and BTC .TOP suspended their operations in China on Friday after Beijing stepped up its efforts to tackle Bitcoin mining and trading. Chinese miners account for about 70% of global mining. Rumors spread throughout the market that Chinese mining pools would start dumping their bitcoins in order to avoid a conflict with the Chinese authorities. This will naturally put pressure on the price of the already bloodless bitcoin.
In general, the Chinese authorities have become more active lately. And one cryptocurrency market is clearly not enough for them. In particular, China has stepped up its fight against soaring commodity prices with the help of a government commission that said there would be "zero tolerance" for "excessive speculation," which it said contributed to the recent rally. As a result, iron ore futures fell like a number of other commodity items. This news fell on an already rather favorable backdrop - this refers to the fears of participants in commodity markets that demand for Chinese commodities has reached a peak, as the country's central bank is gradually limiting the flow of money into the economy, and financing of infrastructure projects is slowing down.
So selling commodities may be a good trading idea, especially from the current clearly overpriced prices. Those who do not want to take unnecessary risks can trade in the foreign exchange market with commodity currencies such as the Australian and Canadian dollars. Naturally, we are talking about selling them.
Our economy is set to take a shit pretty soon so that should boost commodities. At least silver and gold. Hell maybe that’s what it will take for institutions to climb on board.
excitedRice78604
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China “bans bitcoin” every few months. This has been happening since 2017 and nothing has changed. Also the Chinese government is the biggest miner not the oppressed citizens. HSBC is making too much money laundering cartel dollars/euros/rubles/yen to give a fuck about crypto. Well push on. Getting institutional investors is going to be harder after this correction due to the ability of whales being able to so easily sway the market. But yeah. Come out of conspiracy land or at least make one that makes sense.
excitedRice78604
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@excitedRice78604 also yeah the Chinese government hates freedom. Is that a surprise? This should let the world know that it’s on to something. Many other governments are going to try to stop this including the US because it takes the power away from the people who have so oppressively had it for so long.