[2017-05-02]10000 yuan ATH may impact altcoin exchanges in Southern China

[hl5460]

April 29Th to 1st May is the Labor’s Holiday in China. On 2nd May, Chinese bitcoiners witnessed another milestone in Bitcoin history as Bitcoin reaches 10,320 yuan on btc38, the only exchange that still processes btc withdrawal with 7-15 days of delay. But rumor has it that the exchanges in the southern China will be facing tightening regulation starting in May. Bter, bitkan, btc38, chbtc and Bichuang might be affected.

http://news.8btc.com/as-btc-sets-10000-yuan-ath-tightening-regulation-may-impact-exchanges-in-southern-china

[Spirit2016]

April 29Th to 1st May is the Labor’s Holiday in China. On 2nd May, Chinese bitcoiners witnessed another milestone in Bitcoin history as Bitcoin reaches 10,320 yuan on btc38, the only exchange that still processes btc withdrawal with 7-15 days of delay. But rumor has it that the exchanges in the southern China will be facing tightening regulation starting in May. Bter, bitkan, btc38, chbtc and Bichuang might be affected.

http://news.8btc.com/as-btc-sets-10000-yuan-ath-tightening-regulation-may-impact-exchanges-in-southern-china

The Chinese authorities very rigidly regulate all spheres of activity in their country bringing a good income. In this regard, Bitcoin is no exception. I have long suspected that there is strict control by the government.

[darkangel11]

The same shit again and again. Every time the price goes up there are rumors of Chinese regulations and bans. I recall it started in 2014 and  there hasn't been any significant progress till this day. It really seems like someone in China is influencing the regulators to issue these warnings and profits from it.

[TraderTimm]

China is facing a rather dangerous credit bubble deleveraging event.

It involves WMPs (Wealth Management Products) that essentially mimic leveraged money-market accounts based on assets that are underperforming. The interbank rate in China spiked to 9% from 4.5% and is currently exhibiting stress that you'd see when large banks don't trust each other enough to lend at normal rates.

Combine that with some banks that have taken money for WMP's, and didn't even invest the money -- making it a total ripoff -- you have a credit bubble amounting to about 1 Trillion USD that is going to come crashing down. This will devalue the Yuan considerably and probably crush their equity markets.

Beware... its in the early stages, much like Feb '07 was the first rumblings of the 2008 CDO housing disaster. Nobody knows how fast this sucker will deleverage once it gets going.