1/13/2021 Financial News: Bitcoin’s Biggest Plunge Since March

Image source: https://www.forbes.com

1.Bitcoin’s Biggest Plunge Since March

Bitcoin slid as much as 26% over Sunday and Monday in the biggest two-day slide since March. After dropping as much as 20% during New York trading hours on Monday, the price continued to fluctuate wildly. Bitcoin has wiped out about $185 billion in value since Friday, more than the market capitalization of 90% of individual companies in the S&P 500.


2.PayPal has become the first third-party payment platform in Communist China with 100% foreign ownership

The equity stake of PayPal Information Technology (Shanghai) Co., Ltd., Paypal’s subsidiary in Communist China, in a payment firm GoPay recently increased from 70 to 100 percent after Cofortune Information Technology gave up its 30 percent stake, according to data from a company information website called Tianyancha.
Its purchase of additional shares of GoPay has made PayPal the first third-party payment platform with 100 percent foreign ownership in Communist China.


3.Google and Facebook were warned by Australian competition watchdog

After having an investigation by Australian government, SYDNEY (Reuters) reported on Jan.12, showed the tech giants held too much market power in the media industry, it posed a potential threat to a well-functioning democracy. Australia’s competition regulator has warned that planned laws to make the country the first in the world to force Google and Facebook to pay for news content were likely just the start of more regulation for digital platforms. Under the code, Google and Facebook will be subject to mandatory price arbitration if a commercial agreement on payment for Australian media cannot be reached.


4.The rally of the corn price rising in Northeast China

As the important supplement to corn in North China, the price in Northeast China has hit the historical record, which has opened a rally of price rising in the past two days. The current corn market has broken the relation of supply and demand. The mild regulations and control measures by the relevant Departments have been exhausted, and the effect is not good.


5.Communist China Aggregate Financing Slowed in December

Bloomberg, January 12 – The People’s Bank of China announced on Tuesday that the aggregate financing in December 2020 was 1.72 trillion yuan, compared to 2.13 trillion yuan in November 2020. Much of the decline was due to a large drop of 737.6 billion yuan, the most in at least four years, in shadow-banking activities comprising entrusted loans, trust loans, and undiscounted bankers’ acceptances. Financial institutions offered 1.26 trillion yuan of new loans in the month, lower than in November, while government bond issuance increased from November.


By 【Financial Team】

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