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Author Topic: If China opens BTC withdrawals - would that mean a pump or a dump?  (Read 2077 times)
zby
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May 29, 2017, 08:05:49 PM
 #1

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?
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May 29, 2017, 08:38:17 PM
 #2

Neither, but a slight increase.  The freedom to buy Bitcoin and actually withdraw it would be very bullish from a speculation point of view.  There's no reason why it would cause the price to fall.

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May 29, 2017, 08:39:46 PM
 #3

if anything, then pump!

Because they can withdraw BTC to Fiat all the time for the last half year. But when they finally can use their Bitcoin again, boy!
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May 29, 2017, 08:44:27 PM
 #4

Perhaps they have little or no relation.

As ETH is a brand new market they can follow the 'guidelines' from minute one.

Presumably their Bitcoin books are gloopy with years of anonymous deposits and withdrawals. Note there is no ETH/BTC market despite that still being the biggest globally.

I would be dead intrigued to see what happens if withdrawals were initiated.

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May 29, 2017, 08:50:04 PM
 #5

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?

Do you think that this event would attract more Chinese investors? I wouldn't think this would have a huge effect on bitcoin price but I could be wrong. If it is good for bitcoin, I could easily see it shooting up even further to $5k or so before crashing back down. We are definitely in bubble territory already so any good news will likely spur up an even larger buying mania and push the price far above the actual rise in value reflected by the event. Then, as always, it will come back down to earth.

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May 29, 2017, 11:00:27 PM
 #6

There is a possible effect on the increse of price because certain individual will convert their cash to Bitcoin and withdraw them.  But such event won't give an impact to bitcoin price since it is an isolated case in a certain exchange except a group of whales take advantage of the news to pump the price and persuade people to buy bitcoin.  But this event usually ended in a massive dump by the whales to cashout their profit.



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May 29, 2017, 11:59:15 PM
 #7

The dump happened months ago when the central bank of china inspected the exchanges and the restriction started. Later, the price recovered when it was announced that the bitcoin withdrawals would be resumed. When this finally happen many users will take their coins out of the exchanges but there will not be a big price change because of this.

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May 30, 2017, 03:45:09 AM
 #8

It might not even come to that, as you put it "if" not when, so if they open the withdrawals as the last months was an

Accumulation phase, I could see the ones in need of liquidity trying to cash out which means there will be some windows

Of opportunity wide open for the lucky and smart people to take the most out of it, I wouldn't be surprised to see price

Going back sub $1500 but as we can see every time price is falling some new traders-investors are picking it back up.

I know I'm repeating what was already said countless of times but repeating the truth doesn't hurt.
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May 30, 2017, 04:06:41 AM
 #9

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.

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May 30, 2017, 05:01:06 AM
 #10

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?

No ETH/BTC only ETH/CNY? Then I believe Ethereum will pump as long as Bitcoin withdrawals are not enabled in their exchange. The most likely scenario for the Chinese traders would sell BTC for CNY then buy ETH through ETH/CNY, send ETH to foreign exchanges then buy BTC through ETH/BTC. This will further pump Ethereum and it might dump Bitcoin.


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May 30, 2017, 05:08:06 AM
 #11

Based on the correlative factors I too expect a price pumping in the bitcoin and the ETH Which are quite big in the cryptographic market. If the Chinese impact is not felt then we can assure that China has lost its control over bitcoin.

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May 30, 2017, 05:14:56 AM
 #12

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?

are you sure that they have enabled ETH withdrwal and not just added it to their exchange platform?

but in any case, according to the news that came out about 2 weeks ago they have reached some aggreements with PBOC and according to that, we know the Chinese exchanges are opening withdrawals in June and we are 2 days away from June so it is possible that Huobi is doing it faster than others as competition only.


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zby
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May 30, 2017, 05:25:16 AM
 #13

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?

are you sure that they have enabled ETH withdrwal and not just added it to their exchange platform?

...

In the twitter announcement they write that ETH withdrawals are already open. I don't know anyone who uses it - so this is the best source I have.
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May 30, 2017, 05:27:01 AM
 #14

I think people would dump initially but the rise in confidence in bitcoin in China would lead to a rise in prices very fast so the net result would be a pump.
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May 30, 2017, 05:50:06 AM
 #15

i am not sure to be excited or sad about China!
on one hand the Chinese coming back means a huge amount of volume will come back and apart from that it can lead to the bigger rises.

but on the other hand, we all remember all the drama that China brings with itself! all the FUD, the China pumping, and dumping topics in this board and all over the internet leading to bigger FOMO and panic sells. and that is never good for bitcoin in long run and for its publicity.

and we all know bitcoin without Chinese went up to $2700 and came down to $2200

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May 30, 2017, 08:43:41 AM
 #16

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'll obviously be good news and any good news results in a pump.

However the central bank still have already imposed really strict AML laws meaning that you basically have to state where your funds came from and show valid proof of your claim. Otherwise you are not able to withdraw anything. I don't know whether it's going to get better as time goes but certainly it seems like now that the central bank is just going to impose more regulations.

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May 30, 2017, 09:02:18 AM
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Would make no difference. Not all accounts would be able to withdraw, only the ones that are identified.

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gentlemand
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Hello You


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May 30, 2017, 11:18:43 AM
 #18

Would make no difference. Not all accounts would be able to withdraw, only the ones that are identified.

Wouldn't you provide a picture of yourself gormlessly holding up your communist party card to access your vast amount of BTC?

illaslli
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May 30, 2017, 11:27:19 AM
 #19

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


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May 30, 2017, 12:32:54 PM
 #20

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.

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