Bitcoin Price v. Shanghai Index
Nice to meet you, Though I observed here for a while, it is my first post.
In 2014 autumn, one member posted comparison between Shanghai Index and Bitcoin price. (See Link)
At that time, the author suggested that, Chinese investors will be less attracted to bitcoin because they have more profitable market, or Chinese Stock Market. According to recent data, it seems to be right forecast at least until mid of April, when Chinese Stock Market has been totally bullish while bitcoin bearish.
However, from late April, trend slightly has changed; growth of the stock slowed and even reversed for a week, and bitcoin price escaped local low of 1320 CNY and now heading 1550 CNY. If Chinese investors find that the stock is distinctly less profitable, I believe that modest bounce of bitcoin price to ~1700 CNY until late May is not only possible, but also plausible. Yet, impact of slowed stock market growth will be limited, for usual investor prefer gold and other 'safe' asset.
In 2014 autumn, one member posted comparison between Shanghai Index and Bitcoin price. (See Link)
At that time, the author suggested that, Chinese investors will be less attracted to bitcoin because they have more profitable market, or Chinese Stock Market. According to recent data, it seems to be right forecast at least until mid of April, when Chinese Stock Market has been totally bullish while bitcoin bearish.
However, from late April, trend slightly has changed; growth of the stock slowed and even reversed for a week, and bitcoin price escaped local low of 1320 CNY and now heading 1550 CNY. If Chinese investors find that the stock is distinctly less profitable, I believe that modest bounce of bitcoin price to ~1700 CNY until late May is not only possible, but also plausible. Yet, impact of slowed stock market growth will be limited, for usual investor prefer gold and other 'safe' asset.
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