Bitcoin has been an excellent gauge of trouble in China since the trade war kicked off in 2019. China has capital controls and massive wealth, so that in times of stress huge volumes of money will seek havens, of which bitcoin is an asset with a tiny market cap when compared to the wall of money in the system. If you put yourself in the position of a wealthy mainland Chinese person, what would you be thinking right now? It is scary enough for us in the West to see this outbreak when there are barely 600 infections, imagine when you are “kettled” in China with tens of thousands of infections and travel bans all ... (full story)