Bitcoin Defies China's Credit Impulse Warning as Global Slowdown Looms

The credit impulse in China has fallen to its lowest level since 2008, sparking concerns about a global slowdown. The index, which measures new borrowing relative to GDP, was at 20.84 in July.

Societe Generale research shows that the credit impulse correlates with global manufacturing cycles and has historically led S&P 500 returns by roughly 12 months. A decline in China's credit impulse can signal a negative impact on commodity prices.

BTC, however, seems to be shrugging off this warning sign. Despite a recent brief top at $80,000, Bitcoin is trading near $77,200, down about -1.3% on the day.