Bitcoin Forum

btc38 trading above $2000, or 13850 CNY
Didn't expect this happen so soon.

https://pbs.twimg.com/media/DALXDSMVwAAYLvf.jpg

https://twitter.com/redtheminer/status/865490661042118656

ok but the chinese exchanges seem locked, i cant deposit on BTC38 and i cant withdraw on Jubi :/

i dont know why,  there where some bad news about goverment shit in march 2017 bat that is 2 months ago.

Do you have other information?

Not that strange. Despite having issues with lockdowns (which I'm unsure of what's really happening at the moment, as I don't really keep track of that) the markets would eventually have to keep up with growth...

a while back (a week or so ago) they announced that the Chinese exchanges will be opening up again, and start their operations in June. so that may be the cause of the price rise in these exchanges.

and although nobody can move in or out, their accounts still work and they have money in there like any traders would.

Thank you 2 for the answers.
Do you have a link for the reopening in june? (i cant find good infos on google)

Thanks BrewMaster & Unamis76 for the answers.  ;)

I still think that the main force behind recent bitcoin's price surge is debate within the bitcoin community about the future of scaling.
We might agree that risk of the creation of two separate cryptocurrencies is gone at this point - SegWit will be probably activated this summer.
Another reason is that global economic situation and uncertainty is driving BTC as perfect safe haven asset.

here you go: http://news.8btc.com/china-bitcoin-exchanges-to-allow-withdrawal-in-june

they are about to face some serious fines first though. but since they have said before that as soon as regulations are in place they will start their withdrawals there is a high possibility that they will start it in June.

I think the fines has been paid already. PBoC is just drafting a tighter regulations not only lockdown, but totally shutting it down if they again found guilty of fraudulent activity. That's why the withdrawals will only start in June. But yeah, as soon as the it is allowed, expect a massive withdrawal from the Chinese investors.

The abrupt change in any currency can change the course abruptly as well. But we are witnessing BTC catching up gradually. So it is a good news.

You should not forget Japan as well, the news of the Japanese acceptance has moved the price as well. After the announcement, BTC holders and newcomers are more confident to invest into bitcoin, so they're on long position now, and waiting for the price to rise further. At the beginning of the year we were around $1000 but now it's doubled. Do you know any gambler/trader or anybody, who could resist this opportunity? The question is as always, where is the top, and when...

the Chinese seem to be catching up to the rest of the world now. i think it is even possible that because of what Japan did, their Public bank started to speed up the process of regulation of these exchanges so that they can come back faster.
and don't forget that Chinese were never out of the game. the volume coming from China from OTC trading has been pretty high ever since their exchanges closed down.

Aside from Chinese people, South Korea is also competing with Bitcoin price, the last time I read news about bitcoin price, South Korea and Japan have the same $2350  per bitcoin.  It looks like South Korea is aggressively involving itself to bitcoin trades.  I read not much of news  about South Korea and bitcoin so I was kinda surprised when I read about it.

I am just curious on what is going to happen when these Chinese exchanges are unlocked. Will people withdraw and move to other platforms or would this frighten them in leaving permanently? The Chinese exchanges once had a huge influence on the price, but now they are a shadow in the dark.

I expect a little price correction when they are fully unlocked. ^hmmmm^

one btc still worth one btc.... so whats the fuz?

the "fuz" is about the fact that 10,000 bitcoin could buy 1 pizza not so long ago and now we are getting closer to a point where 1 bitcoin can buy 10,000 pizzas. (50 to 100 pizzas today and who knows how many more tomorrow)

the 1BTC=1BTC notion has no meaning for bitcoin, that is a term Doge meme lovers use :D

That’s nice. Bitcoin is going to be really expensive if the coin is actually held by a larger number of people that are holding it right now. I am sure that the price that we’re looking at right now is not close to what it’s going to be in the near future.
Transaction fees may be much more expensive as well unless there is something like a person or a company that allows a third-party transaction fee helper to push transactions much faster than the rate it’s going right now.

Fees won't be helped by third party services.  We simply need more capacity (bigger blocks)

Despite the fact that Chinese exchanges still halt deposit or withdrawal, but why the price of bitcoin on those exchanges could reach same point with other exchanges and even just exceed some famous exchanges such as coindeak, bitfinex or coinbase right now? Just check their exchange rate at $2,612.

when the Chinese exchanges closed down the deposits they also closed the withdrawals and that means anybody who had any money in the exchange had it stuck their in their accounts. and they practically gave up on trading there and the volume and also price fell and stayed down.

when the news came that they are opening up again in next month, everybody came back and started trading bitcoin again and that caused the spike in both volume and price together.