Bitcoin Falls On Possible China Ban

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Bitcoin Plummets

EU Markets Open Lower

Gold Tumbles


This week in a nutshell: Apple Releases iPhone X

Apple shares slipped on Tuesday after the company’s big new products launch, amid disappointment that orders for the much-anticipated iPhone X will not be taken until October. Apple shares (AAPL) ended the day on Tuesday at $160.84, down 0.4 percent. On Wednesday, the British pound continued to surge against the dollar following booming inflation figures which have raised hopes that the Bank of England could raise interest rates this Thursday.*


Thu, September 14: In Today’s Markets…

1. Bitcoin Falls After Chinese Agency Says That Risks of BTC Exchanges ‘Can’t Be Ignored’

The Bitcoin selloff continued unabated this morning as sentiment turned bearish after rumours spread that China could be on the verge of banning the cryptocurrency. The National Internet Finance Association of China (NIFA), stated on Wednesday that financial and social risks of bitcoin exchanges could not be ignored. NIFA added that Bitcoin “is becoming a tool for money laundering” and warned that virtual currency trading platforms in China are not legally established. These statements caused a major sell off of BTC pairs sending the cryptocurrency plummeting against the dollar. BTC lose more than $1200 against the USD since its $5,000 peak.**


2. EU Markets Open Lower Ahead Of BoE Policy Decision

European markets started the day lower Thursday ahead of the Bank of England’s latest monetary policy decision. GBP pairs are expected to experience major volatility today as investors look to the Bank of England and how it plans to respond to higher inflation and the ongoing impact of Brexit on the U.K. economy.
Meanwhile, geopolitical tensions between the US and North Korea have also taken center stage after the latter stated on Wednesday that it would redouble its efforts to fight off what it called the threat of a U.S. invasion. Meanwhile, Russia and Belarus are set to begin a week of strategic military exercises today.***


3. Gold Slips To Two Week Lows

Gold (XAUUSD) edged lower on Thursday, plummeting to its lowest value in nearly two weeks on waning risk aversion, and as the dollar steadied ahead of U.S. consumer inflation data which could offer clues on the timing of further interest rate hikes. It should be noted that gold futures were somewhat supported by a weaker dollar. The USD steadied today ahead of the U.S. inflation report. If inflation data is higher than expected, USD pairs are seen edging higher. A stronger greenback in its turn makes dollar-denominated gold more expensive for holders of other currencies and tends to have a negative effect on gold prices.***


*Source: Seeking Alpha
**Source: CNBC

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