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Chinese crackdown on cryptocurrency leads to a massive Bitcoin sell off sending BTC down 10%

Chinese crackdown on Crypto, U.S Indices Rebound & Supermarket Chain Morrisons Sends FTSE 100 Higher

U.S. indices rebound on Monday

Indices in the United States rebounded to start the week, after last Wednesday’s Fed meeting led to several days of sell offs.

The decision by the Federal Reserve to keep rates unchanged. Whilst continuing with its QE program saw markets fall for 3 out of 4 sessions.

However, this run ended today as markets gained. as a result of more comments from Fed official James Bullard who suggested that an end of tapering could give the Bank more optionality.

Bullard stated that, “Creating optionality for the committee will be really useful and that will be part of the taper debate as we think about how much signalling we are doing about future rate policy”.

The debate on when the Fed rages on. Some members of the Central Bank believe this could be done by late next year.

All major U.S. indices were up as of writing. 

Chinese crackdown leads to Bitcoin selloff

Bitcoin prices were down by as much as 10% in today’s trading session. It was reported that the Chinese government continued its cryptocurrency crackdown.

Video emerged showing some local governments in provinces with a major crypto mining operations, raiding and shutting down the operations.

This comes after an energy commission bureau in the Sichuan province ordered 26 of the largest local mines to cease operating. Whilst some investigations were conducted.

BTCUSD hit an intraday low of $31,866, which took prices back towards a 1-week low.

Many were hoping that last week’s rally could end a recent spell of consolidation. However, some now believe further lows could be ahead.

Morrisons gains send FTSE 100 higher

London’s FTSE 100 rallied back above the 7,000 level on Monday, led by huge gains from supermarket chain Morrisons.

Shares in Morrisons rose on the news that the chain had rejected a proposed £5.52 billion takeover bid from a private equity firm.

The bid came from firm Clayton, Dubilier & Rice, who many believe could come back with an increased offer for Morrisons.

Upon rejecting the offer, shares in Morrisons climbed by as much as 34% in today’s session, before settling shortly after.

The FTSE 100 closed 0.62% higher, with Morrison’s closing up by 26%.

Quote of the day – “What’s the difference between a pro and an amateur? Professionals look for what’s wrong with a setup. Amateurs only look for what’s right.”

– Mark Harila

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