If China opens BTC withdrawals - would that mean a pump or a dump?

ultimatesky

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Quote from: Vishnu.Reang on June 02, 2017, 05:50:07 AM

So Huobi has activated ETH withdrawals, but so far they are refusing to allow the BTC withdrawals. How this is going to be good news for the Bitcoin? My guess is that more Chinese users will convert their Bitcoins to Ethereum, creating a crash in the BTC exchange rates.

I reckon those holders see the same things happening as we do.

A bull run going for an ATH almost every week. So no I don't thing the majority will sell their coins, but rather invest more and try to profit from this bull market.

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Quote from: zby on May 29, 2017, 03:05:49 PM

I think it is very probable that BTC withdrawals will be open on Chinese exchanges soon. Huobi just added ETH for trading and enabled ETH withdrawals ( https://twitter.com/huobicom/status/868442008402014208, http://www.newsbtc.com/2017/05/28/huobi-first-big-three-chinese-exchange-enable-ethereum-trading/). It would not make much sense to enable ETH withdrawals but not BTC withdrawals. Also Huobi most probably would not make this change alone.
If my speculation is right - what would it mean? A pump or a dump?

I personally think this is going to mean a slight drop in price of probably 2 to 3 hundred dollars but then after some weeks we are going to see a pump in price, since I think some are going to withdraw their money just to see if it is true and then after making sure they can in fact withdraw their money then they will begin to buy even more bitcoin.

ASHLIUSZ

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Quote from: VanDeinsberg12 on June 02, 2017, 03:43:13 AM

Quote from: serjent05 on June 01, 2017, 06:35:44 PM

I thing it will be a pump since BTC withdrawals had been open. This means they can buy Bitcoin and can withdraw them away from exchange. It is non-sense to have a dump when withdrawals in bitcoin opens. Dump should had happen when Bitcoin cannot be withdrawn and not when Bitcoin can be withdraw.

A lot of the chinese people are using korean market to be his secondary market. But after the opened of the bitcoin withdrawals by the exchange site and look those are still interested with korean market rather than using the chinese market itself.

This is because of the Korean market making big volume of trading causing a difference in the profitability compared to the Chinese exchanges market. Also right now it's said that most users from China and the exchange focus big on the ethereum helping it pump higher.

Vishnu.Reang

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So Huobi has activated ETH withdrawals, but so far they are refusing to allow the BTC withdrawals. How this is going to be good news for the Bitcoin? My guess is that more Chinese users will convert their Bitcoins to Ethereum, creating a crash in the BTC exchange rates.

VanDeinsberg12

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Quote from: serjent05 on June 01, 2017, 06:35:44 PM

I thing it will be a pump since BTC withdrawals had been open. This means they can buy Bitcoin and can withdraw them away from exchange. It is non-sense to have a dump when withdrawals in bitcoin opens. Dump should had happen when Bitcoin cannot be withdrawn and not when Bitcoin can be withdraw.

A lot of the chinese people are using korean market to be his secondary market. But after the opened of the bitcoin withdrawals by the exchange site and look those are still interested with korean market rather than using the chinese market itself.

betlord90

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Quote from: azguard on June 02, 2017, 02:13:50 AM

Quote from: serjent05 on June 01, 2017, 06:35:44 PM

I thing it will be a pump since BTC withdrawals had been open. This means they can buy Bitcoin and can withdraw them away from exchange. It is non-sense to have a dump when withdrawals in bitcoin opens. Dump should had happen when Bitcoin cannot be withdrawn and not when Bitcoin can be withdraw.

Price pump or dump not necessary need to be involved i this. Possible that we will see some changes but dont expect to see then so soon, we have stability in price and dont expect to see any movement in price for now. But i will like like most that we see price going up but dont expect to see another big pump like it was last one.

Surely those big pumps happens rarely since for now as we can see the rice quitely go stable at 2000$+ and maybe it could stay for this for little while and maybe we can see some movements when the time bubble up fuds or bad fuds will spread but for now im enjoying this rate at this point since little by little im earning some good profits from exchanging my btc frequently.

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Quote from: serjent05 on June 01, 2017, 06:35:44 PM

I thing it will be a pump since BTC withdrawals had been open. This means they can buy Bitcoin and can withdraw them away from exchange. It is non-sense to have a dump when withdrawals in bitcoin opens. Dump should had happen when Bitcoin cannot be withdrawn and not when Bitcoin can be withdraw.

Price pump or dump not necessary need to be involved i this. Possible that we will see some changes but dont expect to see then so soon, we have stability in price and dont expect to see any movement in price for now. But i will like like most that we see price going up but dont expect to see another big pump like it was last one.

serjent05

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I thing it will be a pump since BTC withdrawals had been open. This means they can buy Bitcoin and can withdraw them away from exchange. It is non-sense to have a dump when withdrawals in bitcoin opens. Dump should had happen when Bitcoin cannot be withdrawn and not when Bitcoin can be withdraw.

shield132

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I have hope of pump but last rises was really so amazing, I can't even imagine which exchanger how acts because once 2 of them stopped withdraw and price went down but it was fixed in 2 day. Still I think there will be little pump from their side but not a long lasting one. Again it will fall a little and than will risr again, I this situation everytime.

DRaGoN RaNTaRo

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Quote from: Cosbycoin on June 01, 2017, 03:39:08 PM

Being a user and an investor in the field of the Bitcoin a little worry at this stage is ok because you have invested a capital in it a little dump in the price can affect for you but just for the time only. I think those people who understands the scope of the bitcoin in the long range will not be worried too much because they are well aware of the potential of the Bitcoin and its future.

When we are talking about the scope and usability of a platform what is the first thing will be looking,how smooth things are,do you really think that bitcoin is so smooth and the functionality is so great that people sitting back will think that it is inevitable to take the price to astronomical figures when it has some serious scaling issues. When china opens bitcoin for withdrawal nothing happens,might see some investment in alt coins,other than that nothing will happen.

Cosbycoin

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Quote from: CyberKuro on May 30, 2017, 10:11:50 PM

Quote from: Pursuer on May 29, 2017, 11:06:41 PM

I don't get it! why do people even assume there is the smallest possibility of a dump?!!
a business was out of business for some time, now it is reopening, that means people using that business is going to come back and start using it again.
in this case the Chinese, the trading lover Chinese, have been going through other channels to quench their thirst for trading bitcoin for the past few months, mostly on other exchanges and on localbitcoins, now their biggest exchanges are coming back. of course they will come back to them and start their trading there.

People tend to speculate positively, so I guess bitcoin trading will increase again in China as they always do. But I'm a little worry about dump after pump such as happened before. We're on good situation right now where Japan and Korean exchanges lead the trading market.
But, it's kinda weird if withdrawal has been discontinued for some time but Huobi and bttc trading volume also increase during last rally even surpassed some big exchanges. It may a good sign that they are excited to be involved, don't want to missed the opportunity.

Being a user and an investor in the field of the Bitcoin a little worry at this stage is ok because you have invested a capital in it a little dump in the price can affect for you but just for the time only. I think those people who understands the scope of the bitcoin in the long range will not be worried too much because they are well aware of the potential of the Bitcoin and its future.

KingdomHearts

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Quote from: olushakes on May 30, 2017, 09:59:53 AM

Quote from: zby on May 29, 2017, 03:05:49 PM

I think it is very probable that BTC withdrawals will be open on Chinese exchanges soon. Huobi just added ETH for trading and enabled ETH withdrawals ( https://twitter.com/huobicom/status/868442008402014208, http://www.newsbtc.com/2017/05/28/huobi-first-big-three-chinese-exchange-enable-ethereum-trading/). It would not make much sense to enable ETH withdrawals but not BTC withdrawals. Also Huobi most probably would not make this change alone.
If my speculation is right - what would it mean? A pump or a dump?

It could go both ways depending on the forces of the market at the pont that its eventually happening that the effect might actually not felt or being felt in a mild way. We also need to stand understanding that bitcoin is growing beyond the control of one country as we seen in recent times that the news of freezing in China is even not affecting the flow of events afterall.

Yes I agree with you. Things can go both ways either in the favour or against but this is not that easy. Saying it is easy but this is not such a thing that can happen and it will immediate.
Even if the China freeze the bitcoin it will not affect the bitcoin market greatly because we have the Bitcoin users from all over the world. We can’t say that the bitcoin growth will stop by this act of china.

rickadone

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Quote from: alyssa85 on May 30, 2017, 08:54:55 AM

I'd say Dump.

Here is my reasoning: they stopped withdrawals because they were afraid people were using btc for capital flight. Suppose they were right and once withdrawals are allowed, people will send the bitcoin to a western exchange where they can exchange them for dollars or euros. Or use localbitcoins to cash out in dollars or euros.

Either way, that means selling and hence a dump.

Well I am not able to understand one thing that why people are afraid of the Chinese miners and what will they do wrong to the Bitcoin. If the Bitcoin are mined even it will have no bad impression on the users. For the users the bitcoin is Just a currency and they will be using it in the open market. These mined bitcoins will go nowhere but will be circulating in the market.

cpfreeplz

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Quote from: BrewMaster on May 30, 2017, 07:32:54 AM

Quote from: illaslli on May 30, 2017, 06:27:19 AM

Chinese will regain confidence in bitcoin so a lot of people would deposit knowing they can withdraw again later, that will pump the price.

Chinese never lost their confidence in bitcoin, and they never lost their confidence in trading it either!
they only lost their access to easy way of trading bitcoin on an exchange in their own country working easily with their fiat.
you can confirmed this if you check the volume of other exchanges they have migrated to as soon as their own exchanges were suspended by PBOC.

Yep. So it's just going to make things easier and get the wheels moving. It's not going to make it so everyone there dumps but instead they will be much more confident in bitcoins and buy more to trade with.

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Quote from: pooya87 on May 30, 2017, 11:35:12 PM

the news alone caused a big rise in price of bitcoin / CNY pair so i am going to say chances for a big pump is much higher than any chance of price getting dumped because of them actually opening the withdrawals.

Opening withdrawals might be attracting traders to come back into their actual business of what they were already doing. I mean to say China's people are very big reason for bitcoin getting into four digit price levels by end of last year. Now the rest of world are doing what China was doing before, hence I am expecting they will be enjoying joining the rest of world to pump bitcoin prices to another new ATH.

bartolo

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Quote from: Harry Callahan on May 31, 2017, 12:41:51 PM

So does that mean that we will be having another rally in the price of bitcoin and the rest of the alt coins,i just sold my holdings because i thought we could see some good correction after a big rally and i am expecting the price of bitcoin to go down below two thousand for a while and with the current news my plans might back fire.

The logic is that if the exchanges return to normal operation and the withdrawals of bitcoin are allowed again, users will want to buy and this will cause the price to rise, although I don´t think that a rally will happen at all. Keep in mind that it´s possible that when withdrawals are allowed there are daily restrictions in the amount to withdraw. Moreover, during all this time when it was not possible to withdraw bitcoin in the Chinese exchanges the price of bitcoin has risen steadily so I suspect that the Chinese influence on the price is lower than it was a year ago.

Terraformer

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Just remember recent situation with restriction of bitcoin withdrawal in China. That resulted to a big price dump. But if all chineese BTC operations will be free to use,it is logical to assume that this will increase the price of the asset.

richardsNY

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Quote from: Harry Callahan on May 31, 2017, 12:41:51 PM

So does that mean that we will be having another rally in the price of bitcoin and the rest of the alt coins,i just sold my holdings because i thought we could see some good correction after a big rally and i am expecting the price of bitcoin to go down below two thousand for a while and with the current news my plans might back fire.

It could be, but the point is that the market is bullish, and thus it's likely to see the price go up regardless of Chinese exchanges enabling withdrawals. Other than that, I seriously don't understand why people till this day make the mistake of selling all their coins at once. Instead of risking you having sold to early, just cash out max 25% when you get tempted to sell. People selling everything at once mostly end up in a big disappointment....

Harry Callahan

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So does that mean that we will be having another rally in the price of bitcoin and the rest of the alt coins,i just sold my holdings because i thought we could see some good correction after a big rally and i am expecting the price of bitcoin to go down below two thousand for a while and with the current news my plans might back fire.

zby

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Looks like OKCoin has just opened withdrawals: twitter.com/cnLedger/status/869934911179735040 - just as I predicted - but the limits are kind of low.

Topic: If China opens BTC withdrawals - would that mean a pump or a dump? (Read 2433 times)