China’s U-Turn
A move in parallel with similar ongoing efforts in Russia, China believes that creating legal digital tender will bring down transaction costs and increase efficiency of monetary policies implemented by the Central Bank.
China is well aware of the risks of losing control of the numerous decentralized currencies. This motivation has lead to creating a solution that would enable control and oversight of transactions and capital flows in and out of the country. They have been trying to understand a central bank digital currency since 2014, however it wasn’t until early 2016 that such efforts became public knowledge. A successful trial was completed by the Peoples Bank of China earlier this year.
This news comes during it’s infamous sweeping ban on ICOS’s, which has led to the closure of crypto currency exchanges in the country. China is famous for its aversion of Western technologies and its protection of domestic providers. The recent crypto crackdown might not significantly differ from its previous prohibition of foreign technologies, strategy-wise.
Ryan Wilday is a Financial Analyst at Elliott Wave Trader (elliottwavetrader.net) and has over 17 years’ experience working in the financial markets. The analysis is led by Avi Gilburt & appears frequently on sites such as MarketWatch, TheStreet, Nasdaq, Forbes, and SeekingAlpha.
Elliott Wave shows that investor psychology is the real engine behind movements in the financial markets.
Elliott Wave Analysis (EWA) believes that public opinion and psychology moves in waves of 5 within a primary trend, and waves of 3 in a counter-trend. It is this, which is the real engine behind the movements in the financial markets. Once a 5 wave move in public opinion is completed, then it is time for the subconscious opinion of the public to shift in the opposite direction, which is simply a natural cause of events in the human psyche, and not the operative effect from some form of “news.”
It goes without saying that this indicator can be highly useful. Yet, it is important to understand that it is still just a theory that is not proven. EWA acts as a supportive indicator that can give you a good overview on the market and its potential moves. However, it does not provide exact entry and exit signals. At Crypto Nights we always aim to provide balanced opinions, therefore you should use the information as basis for confirmation rather than indication and always undertake your own thorough research.
Here's an article shared by Ryan & Avi that titled: Do Fundamentals Drive Bitcoin? Are You Kidding Me?
https://seekingalpha.com/article/4119397-fundamentals-drive-bitcoin-kidding
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Shout outs
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