The Asian stock markets remain in a state of flux right now. With shares dropping even further, things are not looking good for the Nikkei and Shanghai Composite Index. Later this week, Federal Reserve’s Janet Yellen will speak at a symposium to unveil the institution’s plans. All of this can push the Bitcoin price to new heights in the coming days and weeks.
Asian Stock Markets Continue To Fall
Financial turmoil can be found all over the world these days. As soon as things head south, however, the primary focus is on Asia. Interestingly enough, Asian traders are focusing on the upcoming Federal Reserve economy. A potential Fed interest rate hike is expected, albeit that may not be the case.
At the same time, this begs the question whether or not there is any sense of direction in the stock markets right now. Investors are grasping at straws, causing them to read into things that aren’t there. Creating a potential scenario to achieve some guidance is not the best approach by any means.
While this proverbial staring contest is going on, stocks continue to decline in the Asian markets. This is affect commodities producing countries. Oil prices took another beating as well. Keeping in mind how oil matters to the Chinese economy quite a bit, further losses in this department will add more fuel to the raging fire of economic turmoil.
None of this is particularly good news for companies and consumers in Asia. With capital controls, a stock market in chaos, and no potential investments with somewhat decent expectations available, something will have to change. Some Bitcoin experts predict more people will flee to cryptocurrency, albeit that remains to be seen.
While that is certainly is an option, it remains to be seen if this will be the case. Despite many Bitcoin exchanges operating in China, the general consensus on cryptocurrency in the country is not overly positive. Then again, that situation may come to change sooner or later.
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