Bitcoin is hovering around $43,000, while the Chinese authorities stepped into their stock market to pause trading on more than 30% of Chinese stocks. Nearly $7 trillion in value has been erased from China’s stock market.
Chinese stock market crash
Even the banning of short selling was not able to stop the crash in China’s CSI 1000 Index. In the space of just a few hours on Monday, the Index of 1000 small cap companies fell more than 8%, making this a 35% loss over the past year.
The Chinese government is responding to the situation, with President Xi working with regulators in order to stabilise the markets. However, with the demise of property leviathan Evergrande, and many other Chinese property companies on the edge of wipeout, The Chinese economy needs major stimulus to shore up the economy and stop it sliding even further into the red.
Stimulus is what bitcoin thrives on
Monetary stimulus is exactly what bitcoin thrives on. More liquidity is going to come into world markets,
We współpracy z: https://cryptodaily.co.uk/2024/02/bitcoin-strong-while-extreme-economic-crisis-plagues-china
