Hi there,
how did the China-Ban turn out?
They banned all crypto exchanges?
The miners can't sell their bitcoin anymore?
(i know the price of bitcoin rose)
how did the China-Ban turn out?
They banned all crypto exchanges?
The miners can't sell their bitcoin anymore?
(i know the price of bitcoin rose)
A lot of smaller exchanges shut down. Yunbi's closure is a big loss to the altcoin markets. The larger exchanges (Huobi, Okcoin/Okex, BTCC) moved their operations out of China and to Hong Kong. The direction of the exchange market appears to be towards futures contracts markets and USD/Tether markets.
As for the mainland, things are still mostly being done OTC for now. I'm not sure how sustainable this is. I'm guessing that licensed exchanges will eventually be opened, but who knows? When it comes to the CCP, anything is possible.
Also, miners are not in the worst position. Their bitcoins are acceptable anywhere in the world, and there is demand to get CNY value out of China because of capital controls. They can easily sell BTC abroad and return the money to the mainland. Or they can charge a premium to those that want to escape capital controls.
Well, in my analysis about it I think china people were into struggle selling their asset but the banning state really had overpower their current situations. Miners would have same positions to gain more bitcoin earning through transactions done by mining services, but the only problem is they're not directly earning for exchanges in their country but form abroad using online trading. It's much more costly if they charge for expensive premiums compared of the time that there's no banning scenario previous years ago.
