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Bitcoin and crypto are receiving support for an unexpected source: Chinese investors

From kitco.com

Amid the focus on spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. and how they are causing weakness in BTC price, the crypto market is getting support from an unlikely source: Chinese investors. Despite the ban on trading crypto in China that has been in effect since 2021, a report from Reuters shows that the three-year run of losses in China’s stock market has pushed investors back into the crypto market. "Bitcoin is a safe haven, like gold," said Dylan Run, a Shanghai-based finance sector executive, in a conversation with Reuters. Run said he started moving some of his funds into ... (full story)

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  • Category: Fundamental Analysis