Topic: [2017-11-05] Bitcoin Prices Still Firmly Above $7000, Without China (Read 2368 times)

I am genuinely happy that Bitcoin still continues to rise and bounced back from the dip because of China and James Dimon FUD articles. It is better that Chinese Government will stay away from Bitcoin activities and cryptocurrency related activities. I still have a doubt on the news that Huobi will continue it's operations and it's new platform, Maybe this is another hype for another FUD articles.

This is one of those moments you just stand still and realize the world moves with or without China. It does not entirely depend on how well China supports a business endeavor or not. So, I guess it is safe to say that Bitcoins in fact do well without China in the picture. Now, for all Bitcoin believers, rejoice in the fact that it stands still despite non-support from big countries! Imagine, Bitcoins stood still despite Satoshi being out of the picture, much more with just non-support from other countries? I think these external factors cannot in any way trample down cryptocurrencies because its invention is here to stay. 

China after the PBOC sanctions has lost its major role in this market, and I am happy that it has gone like that. China was more an obstacle rather than a contributing source of growth for this market. Every time the price went up we've seen China step in and singlehandedly put a temporary stop to several bull runs. At first people were thinking it was pure coincidence, but when it happens too often at mostly the same moments, their actions are no longer coincidence. I am perfectly fine with Chinese exchanges being put off side for now, but it's likely just a matter of time before they return.

Bitcoin is unstoppable these days, passing one “technical” test after another, crossing the $5000-mark, the $6000-mark, and the $7000-mark in a matter of weeks. The “people’s currency” has gained 27.33% in seven days, as market volume increased.

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

Instead, there have been a number of positive developments that helped build investor confidence and hype in the “people’s” currency. One of them was the stepping up of government regulations in US and Japan to protect the cryptocurrency markets from possible manipulation, while limiting the supply of new coin offerings.

*As of Saturday, November 4, 2017, at 10.30 am

Another development was the change in Wall Street’s attitudes towards Bitcoin, with hedge funds cozying up to the digital currency; and CME introducing Bitcoin futures.

Then there was the renewed investor interest in technology in Wall Street, following a string of strong earnings reports from Amazon, Google, Facebook, and Apple, sending NASDAQ to new highs, and re-igniting hype for technology investments.

Source: Finance.yahoo.com 11/4/17

Meanwhile money, the fuel behind the multiple asset rallies, continues to be cheap, as interest rates continue to be cheap. This means that investors do not have to sell one asset to buy another, as was the case back in the old days of “normal” interest rates.

Apparently, Bitcoin can survive and thrive without China, provided there are developments that keep the confidence and hype for the digital currency alive, and and provided that money remains cheap.
SOURCE: https://www.forbes.com/sites/panosmourdoukoutas/2017/11/04/bitcoin-prices-still-firmly-above-7000-without-china/#7d8ff9e46f02