Mon, Sep 27, 2021 @ 01:24 GMT

How to benefit when BTC price goes down?


    It is no secret that Bitcoin is volatile, as all cryptocurrencies are! The trick is, knowing when prices will move and what to do when the inevitable movement comes. Sounds simple, right?

    There are many investors out there that have heavily backed Bitcoin and expect the price to keep rising. But what if the value of a coin was not reaching the heights you expected to? Is this something to be overly concerned about?

    Since Bitcoin’s arrival on the global stage, it has experienced many highs and lows. Massive swings which happen regularly which can last days, span a few hours or move big, without warning, in the space of a few minutes.

    This article will explore why Bitcoin moves in the way it does and we will also look at how we can benefit from a downward price movement on the original, world-famous, digital asset.

    At CryptoRocket ( you can trade over 30 digital assets including the following Bitcoin pairs:



    Volatility can be described as something liable to change drastically, quickly and without warning. This description is accurate when we are putting the definition next to Bitcoin.

    Traditional stock volatility is measured by the volatility index which was created by the Chicago Board Options Exchange in 1993. Also known as the VIX, what it does is represents a real-time market index showing the expected next 30 day movements with a focus on how volatile a stock might be. A useful tool for stock traders….

    Bitcoin does not have such a tool for Crypto investors to make use of. What we do know however is that Bitcoin is volatile and can move up to ten times as much as USD in a single trading day.

    So why is Bitcoin so volatile and what are the reasons behind it?

    One of the key reasons is that, although, in its 10th year, it is still relatively new technology. With new technology, new consumers need to get to grips with it and understand what the product is and how it functions. There are people out there, dare I say the older generation who can be more resistant to change when it comes to technology. This is evident when you look at statistics in supermarkets and which age groups are more willing to use self-checkout technology when purchasing their goods.

    People need time to adjust and adapt to change. Some people take longer than others, but in terms of how long currency and cold hard cash has been around, Bitcoin is still a new product and some people will need a little more encouragement to use technology as opposed to cash and banks.

    Bitcoin price is heavily affected by the news and media, especially when it comes to geopolitical events. In times of crisis within a country, new Bitcoin investors can surge within that country. This is especially true when examining the Cypriot banking crisis in 2013. The EU bailed out Cypriot banks but this came with terms and conditions. The cost of bailout was around the $20Billion mark yet the EU would only give Cyprus $13Billion. This meant that Cyprus would have to raise the further $7Billion themselves and they realized this by levying a tax on deposits.

    The tax was 6.75 percent from insured deposits of €100,000 or less, and 9.9 percent from uninsured amounts above €100,000. What this tax achieved was massive distrust in the banks from Cypriots and many Russians who live in Cyprus. The distrust in banks made trust in decentralized currency flourish. Bitcoin prices spiked thanks to this bailout.

    Many celebrities who have spoken out against Bitcoin and as influential people, this can truly have a knock-on effect on the value of a coin. Also, major incidents such as the closure of Silk Road harmed the price of Bitcoin. The FBI and Interpol shut down Silk Road in 2013 resulting in a life sentence for creator Ross Ulbricht. Many Bitcoin users lost trust in Bitcoin at this time and looked to sell as governments use rhetoric to suggest making Bitcoin follow some sort of compliance and regulation.

    Strategies to capitalize in downward movements and how to benefit

    As prices can rise, they can also crash and as investors, it is important to understand why and how we can manage this effectively. In 2018, the price of Bitcoin collapsed 61% – from an $8,300 high to $3,200 low in just six months showing just how much price can swing in a short period.

    There are a few things that can be done to capitalize on Bitcoin value taking a downward turn.

    For a start, a holder could straight up sell their Bitcoin and then buy again when the price reaches a severe low. Or low enough in the consumers’ opinion to make it worth buying before making an upturn.

    Traders can take advantage of a Bitcoin downturn by ‘going short’ or selling Bitcoin, staking money that Bitcoin will have a downward price movement – often referred to as profitable shorting.

    Users can also use margin trading or trading with leverage to further inflate profits. Leverage allows the ‘average trader’ to get involved in potentially high-profit trades without having to invest vast swathes of capital.

    In today’s modern trading world, thanks to high leveraged trading, more people than ever can speculate on markets with relatively low capital with the potential for high returns.

    It is advised that before trading with high leverage to investigate further and develop a trading strategy. Where can you do this you might ask? Many brokers in the marketplace offer a free to use ‘demo account’ for traders to perfect a strategy, get used to the available instruments and become accustomed to the MT4 trading platform.

    Start trading with CryptoRocket ( and benefit from a downward movement by using a max leverage of 1:100 for your favorite Cryptocurrency pairs with over 30 on offer including BTC/USD.

    Review the performance of other Cryptocurrencies to give yourself an idea of how the market is behaving and where Crypto investors are putting their money.

    Use a range of analysis to help form an overview of what is happening in the market. Draw on various types of media including social media, follow influencers in the Bitcoin world such as the Winklevoss twins. However, be wary when sourcing your information. John McAfee recently claimed that Bitcoin HAS to reach the million-dollar mark by the end of 2020. Recently he claimed this was a PR stunt – proving it is vital to collect your information from a range of sources. Bitcoin price today is at $8,745.56 a long way to go to a million in 11 months!


    We have learned that Bitcoin is undoubtedly volatile and prices can and do take downturns. But it is not all doom and gloom. If you are holding onto Bitcoin, don’t stress too much about a negative price movement, instead, harness that energy and trade short to protect your investment!

    Bill Gates once said that if he could find an easy way to short Bitcoin, he would do. This was highlighted by one of the Winklevoss twins on Twitter. Guess what, Bill? You can short Bitcoin at CryptoRocket ( What’s more, they will be there for you 24/7 to assist you with all your account set up to get you started on your shorting adventure!

    Good luck!

    Trump pledges dramatic actions after DOW dropped -2013pts

      Wall street experienced massive selloff overnight, on double whammy of global coronavirus pandemic and oil price war. DOW declined -2013.76 pts or -7.79%, S&P lost -7.60%, NASDAQ dropped -7.29%. 10-year yield hit another record low at 0.398 before closing at 0.499, down -0.207. Fed fund futures are now pricing in 100% chance of -75bps rate cut to 0.25-0.50% at March 18 meeting.

      President Donald Trump said at the White House that he plans to announce “very dramatic” actions to support the economy on Tuesday. The measures will include payroll tax cut and “very substantial relief” for industries hit by the coronavirus outbreak.

      DOW’s steep fall from 29568.57 resumed earlier than we expected, by breaking 24681.01 temporary low. Further decline should be seen to 100% projection of 29568.57 to 24681.01 from 21702.34 at 22214.78 in the near term. The projection sits inside an important long term support range, with 55 month EMA at 22632.99, and 38.2% retracement of 6469.95 to 29568.57 at 20744.89. We’d expect strong support from there to end the current leg of selloff, and bring sustainable rebound.

      China CFETS lowers Dollar weighting in RMB index, increase Euro weighting

        Starting on January 1, US Dollar’s weighting in the China Foreign Exchange Trade System (CFETS) RMB Index would be lowered. CFETS is overseen by the PBoC and the RMB index measures the value of Yuan against a basket of 24 major currencies, with weights based on international trade.

        After the adjustment, Dollar’s weighting will be lowed from 22.4% to 21.59%. Euro’s weighting will be increased from 16.34% to 17.40%. CFETS said the adjustment was to make the index more representative, taking into account trade data from 2018.

        Bitcoin completed three wave correction, eye EMA resistance for confirmation

          Bitcoin’s correction from 41964 extended to as low as 28989 but quickly rebounded back above 30k handle. It’s now even trading above 33k. The development argues that such correction might have completed with a three wave structure, with bullish convergence condition in hourly MACD.

          Focus is now on 4 hour 55 EMA (now at 34334). Sustained break there will affirm this bullish view and bring stronger rise back to 40000/41964 resistance zone. However, break of 31741 minor support will extend the correction with another fall through 28989.0 before completion.

          OECD outlined two equally probable scenarios, single- and double- coronavirus hit

            OECD outlined two “equally probable scenarios” for the world economy in a report released today. In the “single-hit scenario”, second wave of coronavirus pandemic is avoided. Global economic activity would fall -6% in 2020, with unemployment rates jumping to 9.2%, up from 5.4% in 2019. “living standards fall less sharply than with a second wave but five years of income growth is lost across the economy by 2021”.

            In the “double-hit scenario”, a second wave of infections hits before year-end. A renewed outbreak of infections would trigger a return to lock-downs. World economic output would plummet -7.6% this year, before climbing back 2.8% in 2021. OECD unemployment rate would nearly double to 10% with little recovery in jobs by 2021.

            Full release here.

            Eurozone PMI manufacturing finalized at 47.5, lowest since 2013

              Eurozone PMI manufacturing was finalized at 47.5 in March, revised down from 47.6, down from February’s 49.3. It’s also the lowest level since April 2013, and the second straight months of sub-50 reading. Markit noted there was the biggest monthly decline in new orders since late 2012. Also, confidence hits lowest level in over six years.

              Among the countries, Germany PMI manufacturing was revised further lower to 44.1, an 80-month low. Italy PMI manufacturing was at 47.4, 70-month-low. France PMI manufacturing was revised down to 49.7, below 50, but it’s just a 3-month low. Australian PMI manufacturing was at 48-month low at 50.0. Netherlands PMI manufacturing was at 33-month low at 52.5. However, Greece PMI manufacturing was at 54.7, 12-month high.

              Commenting on the final Manufacturing PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

              “The March PMI data indicate that the eurozone’s manufacturing sector is in its steepest downturn since the height of the region’s debt crisis in 2012. The survey is indicative of output falling at a quarterly rate of approximately 1% in March, suggesting that the January rebound from one-off factors late last year seen in the latest official data is likely to prove short lived.

              “Looking at the forward-looking indicators, downside risks have intensified, and the trend could clearly deteriorate further in the second quarter. New orders are falling at a rate not seen since 2012, and disappointing sales mean warehouses are filling with unsold stock. The orders-to-inventory ratio – a key indicator of the future production trend – is at its lowest for almost seven years. Expectations of output for the coming year are also the gloomiest since 2012.

              “Concerns over trade wars, tariffs, rising political uncertainty, Brexit and – perhaps most importantly – deteriorating forecasts for the economic environment both at home and in export markets, were widely reported to have dampened business activity and confidence.

              “Cost cutting has become more evident as firms grow more risk averse, notably with respect to hiring. Job losses were reported in both Germany and Italy, where the downturn in demand is doing the most damage. However, France’s manufacturing sector is also now back in decline, Austria’s goods-producing sector has stalled, Spain is close to stagnation and growth has lost considerable momentum in the Netherlands, highlighting the increasingly broad-based nature of the current deterioration.”

              Full release here.

              Gold breaks out of triangle, heading to 1862 support and below

                Gold breaks out of triangle pattern today and hits as low as 1890.17 so far. The development suggests that corrective pattern from 2075.18 is starting another falling leg for 1862.55 support first. Break there will target 61.8% retracement of 1670.66 to 2075.18 at 1825.16. At this point, we’d expect strong support around there to contain downside to complete the correction.

                However, it should be noted that the strong break of 55 day EMA could be a sign of larger correction. This is not our preferred scenario yet. But firm break of 1862.55 would argue that Gold is indeed correcting the whole rise from 1160.17. In that case, deeper fall would be seen back to 38.2% retracement of 1160.17 to 2075.18 at 1725.64 in the medium term, which would then be close to 55 week EMA (now at 1696.48).

                CBRT announced measures on Turkish Lira and FX liquidity management

                  Full statement below.

                  Press Release on Financial Markets

                  To support financial stability and sustain the effective functioning of markets, the following measures have been introduced:

                  I. Turkish lira liquidity management:

                  1) In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need.

                  2) Discount rates for collaterals against Turkish lira transactions will be revised based on type and maturity, thus providing banks with flexibility in their collateral management. Through this regulation, the discounted value of banks’ current unencumbered collaterals is projected to increase by approximately 3,8 billion Turkish liras.

                  3) Collateral FX deposit limits for Turkish lira transactions of banks have been raised to 20 billion euros from 7,2 billion euros.

                  4) As cited in the Monetary and Exchange Rate Policy Text for 2018, when deemed necessary, in addition to one-week repo auctions, which are the main funding instrument of the Central Bank, traditional repo auctions or deposit selling auctions may be held with maturities no longer than 91 days.

                  5) For the days with relatively higher funding need, more than one repo auction may be conducted with maturities between 6 and 10 days.

                  6) To provide flexibility in banks’ collateral management, upon the request of banks, a portion of or the entire amount of the winning bids in one-week repo auctions will be allowed to be used in deposit transactions instead of repo transactions at the Central Bank Interbank Money Market with the same interest rate and maturity.

                  II. FX liquidity management:

                  1) Banks will be able to borrow FX deposits in one-month maturity in addition to one-week maturity.

                  2) The Central Bank will resume its intermediary function at the FX deposit market. Accordingly, through the intermediation of the Central Bank, banks will be able to borrow from and lend to each other at the FX deposit market as per the rules set by the Implementation Instructions on the Foreign Exchange and Banknotes Markets.

                  3) Banks’ current foreign exchange deposit limits of around 50 billion US dollars may be increased and utilization conditions may be improved if deemed necessary.

                  4) Banks will continue to purchase foreign banknotes from the Central Bank via foreign exchange transactions within their pre-determined limits at the Foreign Exchange and Banknotes Markets.

                  The Central Bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary.

                  Dollar index continues with down trend after FOMC minutes

                    Dollar remains generally pressured after FOMC minutes revealed that members unanimously supported keeping asset purchase pace unchanged. The greenback is only partially supported, more notably against Yen by surging treasury yield. Overall, Dollar is still one of the weakest for the week together with Yen and Sterling.

                    “All participants judged that it would be appropriate to continue those purchases at least at the current pace, and nearly all favored maintaining the current composition of purchases,” the minutes noted. “A couple of participants indicated that they were open to weighting purchases of Treasury securities toward longer maturities.”

                    Further, “some participants noted that the committee could consider future adjustments to its asset purchases — such as increasing the pace of securities purchases or weighting purchases of Treasury securities toward those that had longer remaining maturities — if such adjustments were deemed appropriate,” the minutes said.

                    Dollar index is extending the medium term down trend from 102.99 for now and further decline is expected as long as 91.01 resistance holds. DXY is on track to a key support zone, between 88.25 and 61.8% projection of 102.99 to 91.74 from 94.74 at 87.88. We’d expect further loss of momentum approaching this zone. Tentatively, some strong support should be seen there, at least on first attempt, to bring rebound.

                    John Williams takes over New York Fed, pledges openness and transparency

                      Ex-San Francisco Fed President John Williams takes over the job of New York Fed President today. In a statement, he pledged openness and transparency, objectivity and independence of thought, and commitment to the diverse needs of familis and business across the District.

                      Below is the full statement.

                      Statement from President Williams

                      I am pleased to be starting my tenure today as president and CEO of the Federal Reserve Bank of New York. As someone who has dedicated his career to public service, I can think of no better place from where to continue to support the nation’s economic well-being.

                      The New York Fed plays a unique role in the Federal Reserve System, with responsibilities for implementing monetary policy, managing a critical payments system, overseeing a large number of complex financial institutions and managing international relationships. I take each of these responsibilities with the utmost seriousness and am committed to executing my role as president of the New York Fed and on the Federal Open Market Committee (FOMC) to the absolute best of my ability.

                      So what can you, the public, expect of me?

                      • Openness and transparency. I am dedicated to learning from a wide range of perspectives and experiences from across the District. Openness flows both ways, and we have a duty to explain the reasoning behind our actions. I am committed to acting in as transparent a manner as possible.
                      • Objectivity and independence of thought. I will continue to make monetary policy recommendations based on what I believe is in the best interest of our economy. Throughout, I will strive to explain my reasoning, particularly when my views may differ from those of others.
                      • Commitment to the diverse needs of families and businesses across our District. Understanding the varied financial and economic needs of families, businesses, and communities, and advocating for them at the policy table is a critical component of my role. I am equally committed to building a diverse and inclusive workforce and workplace at the New York Fed, which will help us better serve our communities.

                      I start my first day with a deep commitment to securing the stability of our financial system and prosperity for our economy. I look forward to engaging with and learning from members of our communities and stakeholders throughout the District and beyond.

                      John C. Williams became the 11th president and chief executive officer of the New York Fed on June 18, 2018.

                      China production, retail sales, investment all missed expectations

                        The batch of October economic data released from China today is way below expectations. Industrial production growth slowed to 4.7% yoy, below expectation of 5.5% yoy. Fixed asset investment slowed to 5.2% ytd yoy, below expectation of 5.4%. That’s also the worst January-October growth since record began in 1996. Retail sales grew 7.2% yoy, missed expectation of 7.8% yoy, matching the more than 16 year low hit in April.

                        The chance of a recovery in growth momentum hinges on the results of the trade negotiations with US. Tariff rollbacks would be the key for the “easier” phase one deal. Without removing some of the imposed tariffs, in particular the September ones, the deal would be rather meaningless to the real Chinese economy. Of course, the biggest challenges come in the second phase of negotiations when core and fundamental issues, like subsidies to state-owned enterprises, would be addressed.

                        The Hong Kong HSI drops sharply today in response to the poor Chinese data. It’s also following the steep selloff this week as unrest in the city escalates abruptly. Current development affirms our view that corrective rebound from 24899.93 has completed with three waves up to 27894.56. Deeper fall should be seen back to retest 24899.93 low next.

                        Bitcoin quickly approaching 41k strong support zone with another Musk prompted selloff

                          Bitcoin is in another steep selloff after Tesla CEO Elon Musk implied that the company might sell its holdings. A self claimed “crypto analyst” @CryptoWhale tweeted, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”. Musk replied “indeed”.

                          Bitcoin has now taken out 47112 support to resume the correction from 64828. It’s now on track to 38.2% retracement of 4000 to 64828 at 41591, which is close to the top of prior range of 28989/41964. We’re expecting strong support from this 41591/41964 zone to contain downside and bring rebound, at least for the first attempt.

                          Break of 51511 resistance is needed to be the first sign that such correction from 64828 has completed. Otherwise, risk will stay on the downside in case of rebound. Firm break of 41951/41964 will set up another crash to 61.8% retracement at 27236, which is in proximity to the lower end of the above mentioned rate at 28989.

                          China raises FX RRR to 20% to stabilize Yuan from free fall, Dollar tumbles broadly. Is that manipulation?

                            Offshore Chinese Yuan staged a strong rebound, while Dollar tumbles across the board, after China’s Central bank announced measure to curb capital outflow and stabilize the falling Yuan exchange rate.

                            The People’s Bank of China said after market close that it raises the “foreign exchange risk reserve ratio of forward sales from 0% to 20%, effective August 6, 2018. According to the statement, it’s an act to “prevent macro financial risks, promote the stable operation of financial institutions, and strengthen macro-prudential management.”

                            In the next step, PBoC will “continue to strengthen the monitoring of the foreign exchange market,” and, “take effective measures to carry out countercyclical adjustments, maintain the smooth operation of the foreign exchange market, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.”

                            Full statement in simplified Chinese.

                            USD/CNH (offshore Yuan) tumbles sharply after hitting 6.912 earlier today, and it looks like it’s set to take on 6.8 handle soon.

                            Dollar tumbles across the board in the current 4H bar, just ahead of NFP. It’s also the weakest major currency for today now.

                            We’ve mentioned many times that the Chinese Government won’t allow free fall of the Yuan happens. If they’re going to do something, they will either halt its decline, or at best, slow the Yuan’s decline.

                            This is clear exchange rate manipulation to us. Where is Mnuchin? Where is Trump? Don’t move goal post, and stop your lies. Come out and tell China to stop the manipulation!

                            Bitcoin extending correction, support expected at 32668

                              Bitcoin’s pull back from 41964.0 accelerates lower today, following general rebound in Dollar. While deeper fall could not be rule out, recovery should be around the corner. We’re expecting some support from 38.2% retracement of 17629.0 to 41964.0 at 32668.03 to contain downside, at least on first attempt, to bring rebound. This fibonacci level is also close to 4 hour 55 EMA (now at 32859.7). A break above 37126.0 minor resistance will confirm stabilization, and turn BTC/USD into a sideway pattern. Though, firm break of the mentioned support zone would bring deeper fall to 61.8% retracement at 26,924.97 instead.

                              US-China joint statement vowing not to launch a trade war

                                US and China issued a joint statement on Saturday to conclude the trade talks with Chinese Vice Premier Liu He on May 17 and 18. There was no mentioning of any number, but the statement said there were “consensus on taking effective measures to substantially reduce” US trade deficit in goods with China. And, China agreed to “significantly increase purchase” of US goods and services.

                                Additionally, there would be “meaningful increases” in US agriculture and energy exports to China, “expanding trade” in manufactured goods and services, encouraging “two-way investment” with “fair, level playing field for competition”. China also pledged to work on laws and regulations on intellectually property protections.

                                The Chinese State-owned Xinhua news agency described the statement as “vowing not to launch a trade war against each other”.

                                Here is a graphical summary by Xinhua.

                                Full statement below:

                                THE WHITE HOUSE – Office of the Press Secretary
                                FOR IMMEDIATE RELEASE – May 19, 2018

                                Joint Statement of the United States and China Regarding Trade Consultations

                                At the direction of President Donald J. Trump and President Xi Jinping, on May 17 and 18, 2018, the United States and China engaged in constructive consultations regarding trade in Washington, D.C. The United States delegation included Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur L. Ross, and United States Trade Representative Robert E. Lighthizer. The Chinese delegation was led by State Council Vice Premier Liu He, Special Envoy of President Xi.

                                There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services. This will help support growth and employment in the United States.

                                Both sides agreed on meaningful increases in United States agriculture and energy exports. The United States will send a team to China to work out the details.

                                The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.

                                Both sides attach paramount importance to intellectual property protections, and agreed to strengthen cooperation. China will advance relevant amendments to its laws and regulations in this area, including the Patent Law.

                                Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition.

                                Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.

                                GBP/AUD accelerates up on risk selloff, pressing 1.7923 near term resistance

                                  GBP/AUD’s rebound from 1.7412 accelerated this week on the back of steep risk pull back, and resilience in Sterling. The cross hits as high as 1.7944 so far and stays firm.

                                  Immediate focus is now on 1.7923 resistance. Decisive break there will argue that fall from 1.8523 has completed. Rise from 1.7412 could indeed be correcting whole down trend from 2.0840 to 1.7412. In this case, stronger rally would be seen through 1.8523 to 38.2% retracement of 2.0840 to 1.7412 at 1.8721 in short to medium term.

                                  However, rejection by 1.7923 will retain near term bearishness. Break of 1.7700 support will bring retest of 1.7412 low.

                                  Fed Evans: More fiscal relief needed to limit further damage to households and businesses

                                    Chicago Fed President Charles Evans warned, “we are taking a very serious and unnecessary risk if we do not extend federal assistance to out-of-work households.” He added, “the potential hole in aggregate demand may be large, and in my view more fiscal relief is needed in order to limit further damage to households and businesses, especially those in vulnerable communities.”

                                    “The longer the dual challenges of the pandemic and recession continue, the greater is the risk of deepening the already stark inequities in our economy,” he added.

                                    New York Fed President John Williams said, “Structural inequality stifles growth, but there is no single silver bullet that can solve the problems laid bare by the pandemic”. “There is so much work that needs to be done to make sure that we are fostering an equitable recovery and ensuring that everyone is able to fulfill their economic potential,” he said.

                                    China released 36k-word white paper showing it’s not backing down on trade war with US

                                      China’s State Council release a “White Paper on China-US Economic and Trade Frictions and China’s Position” today. This 36000 words paper consists of six sections, detailing the benefits of the bilateral trade, the economic and trade relations, US protectionism and trade hegemonism, the threat of US practice to world economy and China’s own position.

                                      In particular, the paper condemns the under the “America First” bandwagon, the new US government “abandoned the basic norms of international exchanges such as mutual respect and equal consultation, and implemented unilateralism, protectionism and economic hegemonism.”And the US used different means to “carry out economic intimidation, and impose extreme pressure its own interests impose its own interests on China.” The paper also detailed the new protectionist measures of the US. These include measures that discriminate products of other countries, abused national security investigations, subsidies on local industries.

                                      China’s own position include defending the “dignity and core interests of the country”, “promote healthy trade relationship with the US”, “promote and improve multilateral trade system”, “protect property and intellectual property rights”, “protect rights of foreign businesses in China”, “continue deepening reforms on opening the markets”, work on win-win relationships with developed and developing countries”, etc.

                                      All-in-all, the main message is that China is not going to back down in the trade conflicts. That’s what we get. Below are the links to the details as reported by the official Xinhua (in simplified Chinese). Look like they’re pretty serious.

                                      Fed Bullard: Stay with very easy monetary policy inside the pandemic tunnel

                                        St. Louis President James Bullard said in a Bloomberg TV interview that “It’s too early to talk about changing monetary policy.” Policymakers want to “stay with our very easy monetary policy while we are still in the pandemic tunnel”. “If we get to the end of the tunnel,” he added, “it will be time to start assessing where we want to go next.”

                                        “When you start to get to 75% vaccinated, 80% vaccinated and CDC starts to give more hopeful messages that we are bringing this under better control and starts relaxing some of their guidelines, then I think the whole economy will gain confidence from that,” Bullard said. “Cases are up right now, that is a little bit concerning.”

                                        Economics professor Giovanni Tria might replace Paolo Savona as Italian Economy Minister

                                          It’s reported that  Italy’s anti-establishment 5-Star Movement and the far-right League party are close to finding that “point of compromise” in replacing Paolo Savona as economy minister in the government.

                                          The name of economics professor Giovanni Tria flow around in the media. Meanwhile, law professor Giuseppe Conte will likely remain as prime minister. Decision could come as soon as on Friday. And if these names are accepted by President Sergio Mattarella, a snap election could be averted and a coalition government would finally be formed.