tl;dr
China is considering a 2 trillion RMB plan to reboot its ailing stock market, which has had a positive impact on local stock market indices, but has not translated to a rise in the price of bitcoin. The reported method of injecting offshore funds into the mainland stock market aims to boost liquidit...
China is considering a 2 trillion RMB plan to reboot its ailing stock market, which has had a positive impact on local stock market indices, but has not translated to a rise in the price of bitcoin. The reported method of injecting offshore funds into the mainland stock market aims to boost liquidity and confidence, while some analysts believe that measures by the People’s Bank of China to support the yuan could negatively impact bitcoin’s price. However, some market observers have a more optimistic take on the rebound of the Chinese economy, and India has surpassed Hong Kong as the world’s fourth-largest stock market.
Authorities in China are considering a 2 trillion RMB ($278 billion) plan to reboot the ailing stock market, but the impact of the plan – which pushed markets in Hong Kong and the mainland into the black – doesn’t seem to have trickled down into the price of bitcoin (BTC). At the time of writing, bitcoin was down 2.3%, sputtering below $40,000, according to CoinDesk indices data, and the CoinDesk 20 Index (CD20) is down 2.5% by mid-day Hong Kong time.
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