Chinese Crypto-regulation coming on October 1st!!! -๐จ That's TOMORROW! ๐จ - Chinese coins (NEO, QTUM, WTC, etc.) about to moon and regain lost value?? ๐๐
Tomorrow the new Chinese Crypto-regulations will go live, making cryptocurrencies officially regulated in China - and thereby legal. This is reported by news.bitcoin.com today. The new regulations could be a great boon for the Chinese cryptocurrency economy, which has been suffering greatly due to recent regulatory crackdowns.
The article further states that Chinese regulation was mainly aimed at closing down a multitude of smaller, uncompliant exchanges (no KYC, etc.). Two exchanges, namely Huobi and OkCoin are still in operations, and will be the only two exchanges to be 'live' when the regulation goes into effect. New exchanges who are also compliant may yet appear. An expert on Chinese law is quoted to have said that China sees no problem with Bitcoin in itself.
This could finally be the end of a month-long FUD episode created by China. Not only that, I expect the FUD to reverse into a massive Chinese FOMO !!! All the Chinese traders and investors who stepped out of the game because of regulations will be moving back into cryptocurrencies shortly after this regulation goes live! All the uncertainty of the past month will be replaced by a newfound optimism, I believe.
Especially cryptocurrencies that suffered greatly during The Great FUD of China seem poised to regain much of their lost value: NEO, QTUM, WTC, are some that spring to mind. Traders who enjoy some element of risk/high gain, may want to consider buying into these coins before the rise, although it is never certain to accurately predict a pricerise of course; invest at your own risk.
I know I'm glad I held on to my NEO. All strapped in๐ฉโ๐ , and ready to MOON! ๐๐
I think a lot of the China FUD has already been priced into the market for the most part, but an official statement from Chinese regulators will still have a considerable impact on the markets.
I still can't believe some people seriously thought that mining will be banned in China. LOL Just imagine how much money the power utilities will loose as a result of Chinese miners relocating to other countries.
Yup the FUD may have been priced in, but the FOMO is getting priced in right about now! Chinese coins are doing amazing, and so is Bitcoin!
Thank you, @pandorasbox.
That is a very good news. This will make btc price go beyond 5000.
It seems that China found that it was left behind after Japan and South Korea took the lead in Asia.
Thanks for replying!
I agree! I think we're going to pass $5000 very soon indeed! Maybe this month?? I hope so!
You know what I'm doing.. ๐
Unlike me :(
I didn't think this will come this soon. So I have sold out :(
Tonight I dreamt that I should buy more NEO.
So, yeah. :)
I feel like most of the longtimers in the space expected this.
Probably! I was, anyway, although I expected it a little later than this TBH. I'm very excited! Still have to wait and see of course, as always, but excellent outlook!
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Good luck @pandorasbox ??
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