{"id":18161,"date":"2021-09-29T07:28:26","date_gmt":"2021-09-29T05:28:26","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=18161\/"},"modified":"2021-09-29T07:28:26","modified_gmt":"2021-09-29T05:28:26","slug":"bitcoin-may-not-be-able-to-withstand-the-pressure","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/bitcoin-may-not-be-able-to-withstand-the-pressure\/","title":{"rendered":"Bitcoin may not be able to withstand the pressure"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 1739,335<br \/>\n(<span style=\"color: #008000;\">+0,33%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,1686<br \/>\n(<span style=\"color: #008000;\">+0,02%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 34335<br \/>\n(<span style=\"color: #008000;\">+0,36%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 74,105<br \/>\n(<span style=\"color: #ff0000;\">-0,29%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 15247<br \/>\n(<span style=\"color: #008000;\">+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">It&#8217;s time for another round of pressure from China on Bitcoin. Last week China imposed additional restrictions. The list is quite large, and this time it will not only apply to legal entities but also to individuals.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nBTCUSD<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18162 aligncenter\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/09\/BTCUSD-1.png\" alt=\"BTCUSD\" width=\"600\" height=\"272\" \/><\/p>\n<p align=\"justify\">This news immediately knocked bitcoin down almost 10%, but are these bans really scary? Chinese cryptocurrency exchanges are already starting to shut down user accounts. It will likely be more difficult for Chinese residents to transact in cryptocurrencies now, but they will be anyway. Already we can see that such bans are benefiting so-called decentralised exchanges, such as Uniswap. This is essentially just a specific protocol that allows exchanges to take place between two users. It is not geographically located in any way, nor is it subject to any jurisdiction. Users will go there and continue to use cryptocurrencies. Therefore, these bans should not affect the bitcoin price very much.<br \/>\nIt has long been clear that China does not have the power to completely ban cryptocurrencies, and most crypto investors have been watching the China-Bitcoin standoff for a long time. If such bans were implemented in the US, this market could be killed off very quickly, but for some reason the US does not do that. On the contrary, bitcoin futures are trading very well on the CME. There are rumors that the American top brass has created this product for implementing their future goals for the digital dollar.<br \/>\nAnother thing is that bitcoin may be heavily influenced by the winding down of the QE programme in the USA. Which may start very soon.<br \/>\nThe first hints of a rollback are already appearing in the bond market. The yields of the two-year Treasuries have reached a new high since the start of the coronavirus pandemic. In the medium term, if the sell-off in the bond market continues and yields rise, we could well see a revaluation of risky assets and hence a possible sell-off. In such a situation, bitcoin will have a hard time holding current levels.<\/p>\n<p align=\"justify\">11.00 EU industrial business optimism indicator for September<br \/>\n17.45 Address by Fed governor J. Powell<br \/>\n17.45 Address by ECB head C. Lagarde<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 1739,335 (+0,33%) EURUSD\u00a0 \u00a01,1686 (+0,02%) DJIA\u00a0 34335 (+0,36%) OIL.WTI\u00a0 74,105 (-0,29%) DAX\u00a0 15247 (+0,01%) It&#8217;s time for another round of pressure from China on Bitcoin. Last week China imposed&#8230;<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-18161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin may not be able to withstand the pressure | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"It&#039;s time for another round of pressure from China on Bitcoin. 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