Reports that the People’s Bank of China (PBOC) planned to shut down the bank accounts of Chinese Bitcoin exchanges became all too real today (Thursday), as the exchanges began receiving official notices from their respective banks.
Markets plunged on Thursday despite positive economic data on unemployment benefits.
Sitting in a new land of plenty, Americans rarely notice disturbing energy trends elsewhere in the world.
But in the course of my global work, it’s impossible not to recognize there are serious energy shortages developing in other parts of the world.
Stock market news today, April 9, 2014: The Dow Jones Industrial Average rose 10 points yesterday to finish at 16,256. The Nasdaq increased 33 points to finish at 4,112, while the S&P 500 added 6 points to end the day at 1,851.
Today, the FOMC will release minutes from its March meeting. Investors are seeking clues on when Fed Chair Janet Yellen and the central bank will exercise an increase in interest rates.
Everyone’s talking about Michael Lewis’ latest book Flash Boys and HFT (high-frequency trading) and whether the markets are rigged.
What they’re not talking about is how the markets have been set up for institutionalized rigging.
I’m not kidding.
The markets are rigged. You’re going to have to get over it and deal with it.
The Bitcoin market ended the week as it began – trying to sort out how far the Chinese central bank will go in its crackdown on the Chinese exchanges, and how that might affect Bitcoin prices everywhere else in the world.
Mainstream Chinese news outlet Caixin Online was the first to report last week that the People’s Bank of China (PBOC) was planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15.
The post The Bitcoin Market Continues to Be Rocked by China Uncertainty appeared first on Money Morning – Only the News You Can Profit From.