Chinese state media warns against cryptocurrency as bitcoin rallies

China’s Economic Daily is state-sponsored media, another mouthpiece for the Chinese Communist Party.

Taking aim at crypto, saying that “wild fluctuations in bitcoin’s value remain the norm, and cryptocurrencies have yet to enter the mainstream”.

Trading crypto is banned in China. But, its increasingly mainstream just about everywhere else.

• Grayscale says not enough bitcoin to accommodate all the new demand, and so prices higher

If that’s too bullish for you, JPM agrees (at least for near term):

• JP Morgan analysts project Bitcoin/USD price will drop to $42,000 after halving

Oh, and if you are bullish, never mind that big, thick red line – that’s just me thinking aloud 😉

This article was written by Eamonn Sheridan at www.forexlive.com.