There is no denying that the economies of the world are slowing down. In order to prevent a complete collapse, central banks are flooding their markets with more money, and China has just injected the entire bitcoin market cap into its system.
The People’s Bank of China is planning to pump 1.2 trillion yuan into markets today in an effort to mitigate financial instability caused by the Coronavirus outbreak. This is the equivalent of the entire market capitalization of bitcoin, or $174 billion.
The monetary madness has not gone unnoticed by crypto enthusiasts and analysts.
China's central bank will inject the equivalent of 21,000,000 bitcoin into their markets tomorrow.
1.2 trillion yuan = $174 billion = bitcoin's entire market cap
Everything is fine.
— Rhythm (@Rhythmtrader) February 2, 2020
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