Global #PBoC

Despite a 2021 ban on cryptocurrency trading, China's over-the-counter (OTC) crypto market continues to flourish. A new report from Chainalysis reveals that these platforms have seen significant inflows of $20 billion per quarter on average through June, totaling $75.4 billion for the nine months.

Bitcoin (BTC) saw a decline to $62,700 after hitting a near one-month high of $64,500, coinciding with China’s latest economic stimulus measures. The People's Bank of China (PBoC) cut the reserve requirement ratio for banks by 50 basis points and reduced the seven-day reverse repo rate to 1.5%.