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    Home»Bitcoin»Chinese statistics will determine the future course of Bitcoin
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    Bitcoin

    Chinese statistics will determine the future course of Bitcoin

    AdministratorBy Administrator26.12.2021No Comments2 Mins Read
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    The cryptocurrency market is entering the home stretch of annual trading. The last week of the outgoing year will pass practically without the release of fundamental news that can determine the trend of Bitcoin and altcoins, except for the planned and important statistics from China.

    China will show business activity indexes in the service sector and manufacturing (PMI), which may come out worse than analysts’ forecasts, indicating the stagnation of the national economy.

    Such a “gift” on New Year’s Eve on Friday can lead to significant sales in the financial and cryptocurrency markets. The large value of the fall in assets will be due to the fact that none of the traders wants to carry over short-term and medium-term positions into the new year.

    In addition, at the end of the week and the year, the exchanges will have traditionally low liquidity. However, this fact could contribute to a sharp and inadequate growth of Bitcoin and altcoins, if China manages to somehow grow in terms of PMI.

    The supposedly low statistics of business activity is not the only problem for the PRC. At the end of the year, Evergrande, Kaisa and Xinyaun Real Estate are due to pay the coupons on the bond loans. The names of these Chinese real estate companies have become known to a wide range of crypto traders this year.

    The September problems of Evergrande not being able to service a debt of $ 305 billion, reduced the BTC rate to $ 40 thousand. The total value of digital assets fell by $ 530 billion.

    World investors draw parallels between a possible crisis in the PRC real estate market, which may happen due to the fault of Evergrande, and the large-scale mortgage crisis of 2008. If the listed companies default, financial markets and cryptocurrencies will usher in 2022 with a drop in prices.




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