Bitcoin Forum

China is buying hell out of the market on okcoin. Almost 10k already.

Something's brewing...

They ran out of stuff to dump so they are buying more XD

Nothing is "brewing". All the Chinese exchanges' prices are still the lowest if you convert them to the dollar. You can compare them with the other countries' exchanges here, https://coinmarketcap.com/currencies/bitcoin/#markets

That proves that the investors in China are still dumping Bitcoin, and the climb in price is a normal reaction by the market after a major sell down.

The inability to buy and sell Bitcoin in a convenient manner is brewing, that's what.

It looks like Chinese folks are already planning their post ban trading options and it's going to be a lot more ramshackle than their current choices. They may as well either stock up or get rid beforehand. There's going to be a lot more friction once it's in place.

huh! you seem to be correct but i have to admit it is very strange! the volume is nearly 20,000 and the price has not moved much in this huge volume! it is as if there was a huge sell wall that was eaten into.

do you have more information on this?

(this is hourly chart by the way, which means that volume was within 1 hour:
https://i.imgur.com/aCuqXJy.jpg

I guess someone with good contacts and US accounts is buying to do arbitrage. Maybe the exchange owner's themselves.

I think anyone would do the same, if they could.

If you know the mentality of Chinese, that's not really new. So I believe that this ICO ban thing is just some propaganda. Let's watch.

doing arbitrage for ordinary people today is a very unfortunate thing. we should look at the risks we get later, because the unstable market of china can make all the horrible risks happen so easily.

It might be just short-covering, rather than anything real.

If that would not be possible then BTC on one exchange can be $1  and on another $100000. Does that sounds normal to you?  It is perfectly fine that people do arbitrage. Even if exchange owners does.  This way price on expensive exchange reduces and price on cheap exchange raise.

Its just really a price pullback which do normally happens when the price tends to either dump or pump there would be always a pullback on the price but the thing i doubt is the volume posted on the image above which it doesnt really give any major movement in the price when you try to look on the volume.

This is always doing everytime the price was decrease because of the fake news. .
Or the news that we heard about the license regulated for exchanges that i think sooner or later will be exchange will be more active than before..
So that expect that the price in few weeks will increase too much 5k for bitcoin is not enough so expect that we will see the price around .. $6k to $7k..

And also i was thinking for other people who newbie in investing in bitcoin and sold their bitcoin for unprofitable price i think they will not interesting to buy again back because they already experience bad things in bitcoin..
Hope that trust will back so that bitcoin can be more trending again. .

Nothing is up ~ whales are just making use of this situation to shake the market up and down. It's now more than ever an easy job to drive the market into a certain direction since people are easily pushed into buying or selling.

I am still having the prediction of Goldman Sachs in mind, where they pretty accurately predicted the peak, and maybe also the bottom that sits far below the $3000 mark.

I rather have enough fiat aside for when the market is plummeting further from current levels. Currently the market seems to be in a calm state, but there isn't much needed to trigger another round of heavy panic selling.

They obviously did not envisage Bitcoin could be this tenacious and had probably looked forward to its abysmal crash, but the market instead gave them the fit of their lives and now they're trying to lick their wounds. Bitcoin we must realize have spread far and near and is now far more decentralized and more formidable than where it stood couple of years back. That is a dream come through and actually one of the goals Satoshi had in mind - a currency not manipulable by the governments or financial institutions like Goldman Sachs.

By this the cheap exchange rate will increases. Many use to trade due to some normal Exchange is their .If all the trading became very costly means,you will at first reduce the trading and then ,you will quit your trading. Which will entirely reflect the price of bitcoin. By this the price of bitcoin will reduce.

They always find a way to keep trading. Last time it was tokens instead of cash.
I imagine that this time it will be a Hong Kong exchange, or a government allowed exchange.

The reason for the dips are usually short lived, we just have to see how the long effects hang around.

I really need to know from where you got this kind of information ???
Just look here :https://coinmarketcap.com/currencies/bitcoin/#markets

Obviously the Chinese exchanges are the ones with the lowest prices which means still major selling is happening over there.
The price on bitfinex, poloniex and bittrex is already above $3700 and they are at $3080.

What buying are you talking about ? It is clear that everyone else right now except china is buying bitcoins as a normal reflex action after the dip.

Maybe here https://bitcoinwisdom.com monitoring volume from the market and watching the movement of the price.Maybe he was thinking about okcoin exchange site and maybe he heard from some people from china about this.
Well as i can seen if we see there are people buying bitcoin in china there is possibility that the price can be burst increase sooner so i think he is just giving a signal not sure this is a signal but it can be possible that the price can be increase if we will heard some good news these coming days.

Some articles and discussions I have been reading through were pointing at the Chinese government to set up a license that will only be given to a very small number of exchanges -- the first and probably only exchanges to get it will be Huobi and OKCoin. Not sure why BTCC is being left out, but it was BTCC that came up at first with the announcement to shut down several CNY related activities. It may very well turn out to be a measure to significantly decrease the number of exchanges there to have a better level of control. It may be true, or end up being complete nonsense, only time will tell, but I find it hard to believe that they will ban CNY trading entirely....

All of the prices in the exchange sites are still low comparing with the western or asian exchange sites, But the important thing is the volume is really low comparing with another exchange sites, And i think that the price will be stable at the moment until there is a way for the chinese to trade outside there.

Yeah, it sounds like Telegram OTC trading is one of the most likely options, given what I am hearing. That's crazy given what Chinese traders are used to. My friend in Shanghai said fiat withdrawals in and out of Okcoin took 10-15 minutes. Going from liquid order book exchanges to LocalBitcoins-style trading on Telegram? What a drag. I bet that, in time, the authorities will then ban Telegram.

Surely the Chinese government doesn't think they can stop people from trading cryptocurrency entirely?! What percentage of the population uses Facebook despite the blocked access, for instance?

Yes I agree people in china has to become freely despite of the resitance of the government, and I don't think exchanges can't be stopped now. I am certain people will eventually invest and will still trade their holding as there were many ways to access the net anonymously. So I believed another price surge will happened going october this year and hopefully we are at $5000 soon and success will come to all of us here.

I don't get it. china declared that they're going to banned exchanges of coins from their country that's why people do panic selling that's why bitcoin had a big dump this past few days. and now they're buying ? hmm. I smell something from this scenario. im lucky because i didn't sell out my coins when bitcoin had a big dump under $3000.

That's what everyone is doing right now waiting for price to drop but the opposite happens now if they buy at higher orice it will take more time to get profit so best solution you have a voice which people follow tell some shit about bitcoin or ban exchanges price crashes enter the market enjoy the profit. The best part is suddenly government's are so interested in bitcoin

At first, I thought that the government was just rolling out licensing and regulation. But now there are rumors that they want to block the entire P2P network within China, and promote the use of a blockchain currency issued by the Bank of China. I wonder how many Chinese people would really fall for such a bait-and-switch. :D


One issue here is that it's going to be considerably more difficult for traders to buy/sell BTC. So those that want to use BTC to move to overseas exchanges need to do so sooner than later, before the exchanges shut down.

The initial reaction was of course panic selling, but if you give people one they will reflect on their positions. While exchanges may be shut, buying and selling Bitcoin over the counter is allowed. If I was in China, this might be an opportunity to build a nice crypto portfolio.

I also think that Chinese traders will now buy up coins and take them out for purses for long-term storage. Or for trading on other exchanges

But what would you do with the portfolio you built up? The Chinese can't access the western exchanges thanks to the Great Firewall. So to sell they'd need to travel in person to Macau or Hong Kong and find a local bitcoin dealer to sell to. And all that travelling, hotel costs etc adds cost to the sale.

I think they'll get out of crypto and find something else to put their money in.

this does look quite strange. like there is an odd scenario. China has previously done bitcoin sales thoroughly, but now when we see the volume in the exchange china seen there is a significant increase. I will not take a headache, the most important bitcoin price increases and I can still earn from bitcoin.

I do not buy this point when Chinese government has clearly started a ban on ICO and asking the exchanges to shut this means they are not in a favor of bitcoin. And now if people does buy bitcoin though there is no official ban as of now in China for people to buy coins but sooner or later I personally think this might come up so people would be cautious and will not buy coins.