Will the removal of most fake Chinese BTC volume cause a dump or pump?
I can only look at history and the last time some bots manipulated the price of Bitcoin it was to keep it up,.... At Gox. I hope the long downtrend is harder and faster so Bitcoin can get this out of the way but I expect Bitcoin to drop like a rock when China implements trading fees and removes margin trading.
It may be a crash for all of crypto, all it takes is market sentiment to cause a crash. Uncertainty coupled with the buy the rumor sell the news attitude of most large traders could kick it off. We are at the exact spot this happened last time and that is in peoples minds. I myself am worried large investors will see an ill-liquid market on the horizon and rush to pump the price and cash out before re-evaluating liquidity options when the market has settled. This is also perfect storm like timing with the fiat holiday that is the Chinese new year. They literally give Chinese fiat in red envelops as a gift. All the organic BTC volume in China about o liquidate at least 10% for the holiday on Jan 28th......
Not financial advice
The price of STEEM is 0.158932 USD per STEEM
Hi @matrixdweller,
why do you think BTC will fall? Will this not affect STEEM in a negative way?
Interesting question.
Inwould actually think that the effect is not too big. I assumed that traders will have to adjust their strategy and trading volume would decrease significantly.
But I dont see the price collabsing because of it. Can u elaborate a bit?
Chinese New Year, Fiat holiday, no Chinese manipulate bots to keep price up, sellz news uncertain market sentiment doubt cliff high hopes report leaked to masses benevolent? or no.. is the shortest version i have
Hopium comedown meets Night of the living dead bankers.
hopium withdrawals can be financially fatal if left untreated
I want to resteem that comment!
We are at the exact spot this happened last time and that is in peoples minds.
yeap!