When one looks at markets right now, whether crypto or traditional, one can see resilience.
There’s only so much impact the same news can have on investors’ minds. I’m thinking of Evergrande but also, for the crypto community, the Chinese ban that was announced over the weekend.
BTC rose another 3% yesterday, currently at $44,600 and tantalizingly close to the 45K resistance/support.
Bitcoin has enjoyed a positive trading session today, with prices up 7% post this morning's news that China had taken some small steps to avoid an immediate default from Evergrande. The addition of liquidity to the banking system may just be a shock absorber for next week's action, or it could be the first shot in a sustained program to assist with Evegrande's woes.
The Evergrande debacle that’s been weighing on markets has been controlled, for now.
A brief move lower in the Asian trading session was quickly countered, and Bitcoin now sits less than 1% down on the day. It's starting to feel like we've seen this movie before. Evergrande is likely to have defaulted come the end of the week, and although it's only Tuesday, I can already see one of those weekend trading sessions that keep us glued to our screens.
Markets confused most investors yesterday, with a mid-session bounce that reversed course later on to finish once more in the red. One can imagine the emotional rollercoaster for some traders turning bullish and seeing those hopeful bets - once again - fail.
If you haven’t heard of it yet, the Evergrande debacle in China, and the idea that it could drag down China's whole financial system, are dragging down the world economy as well.
We’re looking at US equity indexes and seeing a clear risk-off tilt.
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