I will however repeat my point: how come, in the absence of knowing the "news du jour" ahead of time, so many of the more experienced traders in here said that we would almost certainly see a major move down after reaching a local peak near 700? Not claiming they would predict the exact price at which that would happen, but the blueprint was repeated often enough.
Well, I myself predicted, back in April, that the price would fall to somewhere between 80$ and 340$ if the Chinese exchanges were to close (orderly, without goxing their clients, so that their coins moved back to the Western markets). I still do not know whather that will happen, or whether this drop is the beginning of that event. I can't even figure out whether the Caixing article is a step in that direction. Some day we will know, I hope.
I also trivially predicted in April that the price would rebound to about 580$ (the value before the March 29 PBoC scare) if the previous Caixin leak was false or the PBoC decision was reversed. Neither of these things happened, but apparently exchanges and traders thought that they had found acceptable workarounds, and the exchanges promised to be nicer to non-professional traders; that is my explanation for the stable price from Apr/25 to May/22.
The rally after that may have been due to a general surge of optimism in the Chinese market about a stable and lasting status quo having been reached; but that explanation does not fit well with the sudden onset and the discrete spurts, so I am still leaning towards the insider info theory.
Poll
