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According to Reuters reports, the Chinese central bank, the People's Bank of China (PBoC), warned about "bubbles" related to financing and investments in Blockchain. PBoC, known for its anti-scriptural attitude, said that the government should strengthen the oversight of "speculation, market manipulation and other irregularities" that it claims are common in national investment and Blockchain schemes.
Local Chinese news sites revealed further details about the bank's warning, which was issued in the form of a working document of the PBoC entitled "What Blockchain can do and what can not do?" According to China Financial Forty Forum think-tank, the document was written by Xu Zhong, director of the Research Office in PBoC: There are few Blockchain projects that bring social benefits. In addition to Blockchain's low physical performance, shortcomings in the economic functions are also important. It should be based on continuous research and experiments. Rationally, objectively assess what Blockchain can and can not do" - we read in the document.
The local forex financial information source, East Money, further stressed that this article contains an economic analysis of the "tokenization" paradigm adopted by "mainstream" Blockchain projects and explains technological principles such as consensus mechanisms, intelligent contracts and methods of using tokens in Blockchain ecosystems. They noted, that the bank also analyzed the aspects of performance and security of Blockchain systems, ending with an analysis of the benefits and limitations of this technology.
Although the PBoC and Chinese political establishment widely adopted a positive attitude towards Blockchain technology, the ambivalent tone expressed in the latest PBoC document is not unprecedented, as other national regulators have similarly warned in the past against the mythologizing of this technology.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken through the technical resistance zone between the levels of $6,433 - $6,455, made a new local high at the level of $6,508 and reversed towards the trend line support around the level of $6,410. Any break out below this level will likely result in acceleration od the drops towards the next technical support at the level of $6,383 or $6,344.
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