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.
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.