Germany, Asia and Bitcoin
The German political crisis brought down the euro, after Chancellor Angela Merkel’s push to form a coalition government fell through. This comes after European Central Bank President Mario Draghi helped boost the euro past $1.18 on Friday, with comments predicting that European wage gains will go up.
Bitcoin climbs above $8,000 mark for first time
The price of the virtual currency has broken the $8,000 barrier for the first time, prompting speculation that it could soar past $10,000 by the end of the year, according to the Guardian. This rise means one unit of the world’s first major cryptocurrency is now valued at more than six times an ounce of gold, traditionally seen as a safe-haven investment in times of economic turmoil.
Chinese equities dropped after regulators unveiled a fresh initiative to curb shadow banking. Chinese developers were among the hardest-hit stocks after the nation’s financial regulators proposed a variety of measures to curb risks in the country’s $15 trillion of asset-management products. As covered by Bloomberg, the move was a follow-through from last month’s Communist Party’s twice-a-decade leadership congress, where President Xi Jinping reiterated that controlling financial dangers was a priority.
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