China Stock Sell Off Wipes Billions, Is it Going to Bitcoin?

alibaba hq

Chinese stocks have seen much red this week with Alibaba losing some 756 billion Hong Kong dollars ($97 billion) while rival lost 201 billion Hong Kong dollars ($26 billion). Both have somewhat recovered, but Tencent and Meituan, which offers services similar to Groupon and Yelp, also saw billions wiped off. The sell off comes among new guidelines issued by Chinese authorities that they say are aimed at preventing internet monopolies. So signaling a hands on approach towards the Chinese tech sector which largely was left alone. That changed however when Chinese authorities at the last minute prevented the listing of Ant Financial, signaling to the market a far greater role for the state than previously. In addition, last week three government departments — the market regulator, the internet regulator, and the state taxation administration — called in 27 internet platforms to discuss regulating the online economy. The platforms included…

Read the original article here