30 Dec '14, 9pm

Has China Abandoned Bitcoin? #ShanghaiComposite #China

Has China Abandoned Bitcoin? #ShanghaiComposite #China

There has been much conjecture on the role China has played in the rise and fall of Bitcoin’s price. Most in this space recognize that China has been leading the Bitcoin marketplace in terms of trading and volume. If this is the case, perhaps looking through some charts would shed some light on where Chinese money is flowing. Below is a chart comparing the Shanghai Composite with the price of Bitcoin. First, let’s look at the month of July, where the Shanghai composite started its rally, while Bitcoin topped out after making a rally of its own in the wake of the Mt. Gox debacle. In mid July, The People’s Bank of China (PBOC) announced CNY 1 trillion of "Pledged Supplementary Lending" PSL to the China Development Bank. This was later dubbed quantitative easing QE lite. The second major event happened in November right around the time Bitcoin had a false breakout. (See my pr...

Full article: http://cointelegraph.com/news/113221/has-china-abandoned-...

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