China

For the 3rd night in a row, China opens with a panic bid for Bitcoin. The cryptocurrency is now up over 14% in less than 3 days, topping $900 for the first time since December 2013. Interestingly yuan is not moving much tonight.

The USD price for a Bictoin has soared over 14% in the last 2 days. We first warned of this 'outlet' for Chinese capital in September 2015 when Bitcoin was trading around $200...now it is topping $900...

And volume is very heavy once again from China...

As the FT first reported yesetrday, in a dramatic development for Sino-US relations, Trump picked Peter Navarro, a Harvard-trained economist and one-time daytrader, to head the National Trade Council, an organization within the White House to oversee industrial policy and promote manufacturing.

Just yesterday we noted the resurgence in Bitcoin as China turmoil accelerates, but overnight (as Yuan weakened further), demand for the cryptocurrency has soared once again, sending the price (in USD) to $875 - the highest since Dec 2013. Bitcoin is up over 10% this week alone.

Bitcoin is soaring...We first warned of this 'outlet' for Chinese capital in September 2015 when Bitcoin was trading around $200...now it is trading at $875

With Bitcoin at 3 year highs, China’s renewed efforts to curb declines in its currency are doing little to stop yuan bears who have sent forward devaluation expectations to record highs and options positioning to six-month lows. And judging by Goldman Sachs' outlook - a potential resurgence in Chinese growth fears early next year, but more broadly, a continued bumpy deceleration - things are not getting better anytime soon.

Italy's Monte Paschi isn't the only institutions that is about to soak retail investors who thought that two bailouts for Italy's third biggest bank in two years wouldn't be followed by a third nationalization in year #3. According to the South China Morning Post, a Chinese multi-billionaire businessman has defaulted on bonds worth a paltry 100 million yuan ($14.4 million) that he raised from retail investors, citing "tight cash flow", according to reports.