minestro, have you seen what have just happened? BTC @ 3660usd
neither OKcoin nor Huobi are shutting down. They are only required to stop RMB funding (hello tether?), so not more CNY trading pairs. The rest of the operations remain untouched.
The ICO regulation thing was good. That wasnt going to end well.
So the markets are recovering. So sorry for the weak handed
Wahoo... this I really didn't see coming. neither OKcoin nor Huobi are shutting down. They are only required to stop RMB funding (hello tether?), so not more CNY trading pairs. The rest of the operations remain untouched.
The ICO regulation thing was good. That wasnt going to end well.
So the markets are recovering. So sorry for the weak handed
I just saw the spike. Don't you think the government is going to make them stop trading crypto at all because of the laws in china regarding the ownership of foreign currencies? Baning/regulating ICOs was in my opinion not really necessary. I think it would've regulated itself, after enough of them imploded and the new ones won't find enough investors anymore.Dude China is big but they only account for 15% of trading volume so I don't think it will ever hit $1500 again unless more countries start taking the same stance... This was a panic sell by all and it is already showing signs of rapid recovery. People are buying on the dips as they always do. China is no longer the biggest player as far as trading goes and this has been that way for most of the year. I believe they still have a substantial margin of the hash rate for BTC which may account of up to 40% or so... That is just a guess since I haven't done the research on it but there should have never been a 50% drop here anyways. As far as I see it this is a positive thing since most of the unsavory things of crypto stem from China so the government banning it would eliminate most of these issues.
In my opinion china was a much bigger market. But to be true, I did never really look at the actual current numbers. Thanks for the information. Looks like I have some things to read Thank you both for the input.
This shows that China's influence has been decreasing over the course of the year. China really doesn't account for that large of market share as far as trading goes. The real question is what happens to the mining farms?
https://www.cryptocoinsnews.com/newsflash-bitcoin-price-falls-3000-china-influence-wanes/
I highly doubt that anything is going to happen to the mining farms. I think they want control over the currency, and that can only happen if they dominate it with hash power and own the majority (or a large part) of the total coins.
Only time will tell but the Chinese government doesn't necessarily want control over the currency but rather they most want to control their own people in every aspect. They couldn't fully control a decentralized cryptocurrency so this may truly be the result. That being said I also wouldn't be surprised if they simply highly regulate or nationalize the exchanges.
