Bitcoin sinks to lowest level since May, falling $3,000 in a month as China accelerates crackdown

The world’s most popular cryptocurrency sank to $6,558.14 on Monday, its lowest level since May, according to industry site CoinDesk. It lost $3,000 in value in just a month as China accelerated a crackdown on businesses involved in cryptocurrency operations, a reversal from President Xi Jinping’s previous signal to be more open to the blockchain technology. The coin last traded at $7,150.79.

Bitcoin jumped to above $10,000 briefly last month after Xi sang the praises of blockchain in a speech and called on his country to advance development in the field. However, on Friday, China’s central bank, the People’s Bank of China, pledged to continue to target exchanges and asked investors to be wary of digital currencies.

Beijing has taken a tough stance on cryptocurrencies, banning a fundraising exercise known as an initial coin offering and forcing local trading platforms to shut down in 2017.

“This was one of the worst weeks in the history of digital assets,” Jeff Dorman, chief investment officer of Arca, told CNBC. “The market is clearly in contraction, with no new money coming in to soak up the supply.”

Still, bitcoin has doubled in price since the beginning of the year, marking a significant turnaround from last year, when the digital coin tanked to as low as $3,122. It got a boost this summer after Facebook announced its own planned libra cryptocurrency, which analysts say has contributed to positive sentiment around bitcoin and boosted its price.

Bitcoin has a history of strong comebacks from big sell-offs, Dorman noted. The cryptocurrency gained 70% in the four months following a 16% loss in 2016 and similarly an 89% gain in the four months after a 22% sell-off in 2015, Dorman said.

Mutual Funds

How To Double Your Returns In China Mutual Funds By Using A Simple And Secret Strategy

Investing in China mutual funds are not an easy thing to do. There are so many funds to choose from and you can easily get confused on investing funds that suits you. Having a simple system can make your decisions much easier and clearer. Use the following points to get you on the right path.

Have a specific investment goal.

Determine how much you are willing to risk on a fund. The more aggressive the funds strategy, the more likely you will get jaw dropping returns or severe losses. So choose carefully. If you can’t handle the volatility of the fund, choose one where they have a more conservative strategy.

Long Term Strategy

Most investors invest in mutual funds because they tend to have good market returns after a few years. Mutual funds are geared toward the long-term investors. If you are relatively young, try to be more aggressive with your investments because you have more time to recover from any market crashes. However, if you’re planning to retire in a few months, a more conservative strategy is better for you because the funds will able to absorb any losses easily.

Research! Research!

When you pick one fund, do as much research as possible. Nearly all funds have toll-free telephone numbers so you can call them and get information. Try to question and ask them to explain their strategy in layman terms. You may find some funds will try to bombard you with technical language unintentionally so make sure you clarify anything that they say. Log on for the ratings and advice about the fund you are investing in.

In addition, speak to experts or any friends that have gone through the same processes and ask questions about how to choose the best funds.

Investing in China mutual fund are easy if you follow a simple system. Don’t be afraid asking experts any questions and learn about all the technical jargon. All the best and hopefully you make a lot of money!


China to mark 70 years of communism with massive show of force in Beijing

China will celebrate seven decades of communist rule on Tuesday with a display of power through central Beijing, showing off goose-stepping troops, new missiles and floats celebrating the country’s technological prowess.

The event is the country’s most important of the year as China looks to project an image of confidence in the face of mounting challenges, including three months of anti-government protests in the territory of Hong Kong and a bitter trade war with the United States.

President Xi Jinping will oversee a massed military parade, with 15,000 troops marching through part of Tiananmen Square, as jet fighters scream overhead.

Xi, whose military modernisation programme has rattled nerves around the region, will likely descend from a podium on the Gate of Heavenly Peace to inspect the ranks, though exact details have been kept under wraps ahead of time.

Xi remains broadly popular in China for his aggressive campaign against corruption and for propelling what is now the world’s second-biggest economy to the forefront of global politics.

But the Communist Party remains nervous about its grip on power and international standing.

The capital has been locked down for the parade. Police have told residents whose houses look onto the parade route warned not to look out their windows.

There will be a civilian parade too, of students, model workers, ethnic minorities and even a few foreigners, walking alongside or travelling in floats celebrating China’s achievements, officials said last week.

Once the show is over, 70,000 doves will be released to symbolise peace, according to state media.

In the evening, fireworks will light up Beijing.

Xi faces mounting challenges, notably in Hong Kong, where more large-scale protests are expected on Tuesday. Police there have warned of “very serious violent attack.”

Hong Kong leader Carrie Lam is in Beijing for the anniversary celebrations.

Another challenge is Chinese-claimed Taiwan, a free-wheeling democracy with little interest in being run by Beijing and which holds presidential elections in January.

There are also restive minorities in Tibet and heavily Muslim Xinjiang, where China has faced international opprobrium for detaining up to one million ethnic Uighurs in what China calls a de-radicalisation scheme.