Is This The Reason Why Bitcoin Just Spiked 15% Off The Lows?

in bitcoin •  2 years ago  (edited)

One reason given for the sharp, 15% rebound in cryptocurrencies from this morning's lows, is that according to Caixin, China has give two of the largest Chinese exchanges, Huobi and OKCoin until the end of October before closing. As Blooomberg notes, China's Regulator has given and OkCoin the extra month to prepare closure, as the two exchanges' trading platforms and investor base are relatively large, and they never dealt with controversial Initial Coin Offerings, or ICOs. More Google translated from Caixin:

the two platforms ... had not done ICO or on-line coins, so the relevant departments decided to give Huobi and OKCoin 1 month time buffer Period, that is to say to the end of October and then shut down, but the specific program is still under study.

Additionally, Caixin adds that the regulator is still studying details of the exchange halt plan.Could this be indicative of China getting cold feet over the exchange ban? It is unclear, although judging by the sharp snapback in cryptocurrencies, quite a few people appear to believe so.
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It appears BTFDers are not just attracted to massively over-valued tech stocks...

Of course, amid insane volatility, this bounce could just as easily be gone in minutes.

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Great article! I don't think we're out of the woods yet with this. We've seen a little bounce here, but I think we'll have better buying opportunities in the near future before the dust settles. I do feel BTC will be just fine. China needs BTC, BTC does not need China. A lot the volatility with crypto in general flows from the east and I've read several articles that think this is a very good thing for the future of BTC and will eventually allow it to find a more natural fair market value. Only time will tell though.

chinese gov is very corrupted. somebody is making a lot of money from this.

every govt is corrupted

Yeah, I wish I knew why we put up with that crap. Somehow they manage to keep us afraid enough to want a big daddy protecting us from reality. Peace!

agreed. can't argue with that. if there's money to be made governments are in it.

Or the fact that these coins all pulled back to major support levels and there are a lot of long term holders of them. The buy on the dip crew is strong.

BTC (and some of the others) remind me a lot of TSLA stock. There are so many long term holders that they wont sell no matter where the price goes. In fact, it is just the some point they buy. There is a backstop because of this.

For BTC, it was $ least for now.

Bitcoin will increase even further

in the long run it (always) will, but in the near term, we might visit 3000 again?