[2017-09-14] Chinese Bitcoin Exchanges Will Likely Not Be Banned After All

[davey76]

Over the past week, inaccurate news regarding the supposed ban on Chinese bitcoin exchanges from mainstream media outlets in China and the US including Caixin, WSJ and Bloomberg shook the bitcoin market.

Almost immediately after the release of Caixin’s report, bitcoin price endured a minor correction, falling to around $4,100. Despite showing signs of recovery, follow up reports from WSJ, Bloomberg and other western news publications led the bitcoin price to decrease to $3,790.

While some analysts speculate that the baseless criticism from JPMorgan CEO Jamie Dimon led to the minor correction of bitcoin, bitcoin experts including Blockstream CEO Adam Back stated that attributing the decline in bitcoin price to the statement of Dimon is far fetched, mostly because Dimon has continued to criticize bitcoin since 2014. Back explained:

    “I doubt Dimon had any impact. Reaction is just china. I’ve been buying the ‘china bans bitcoin’ dip every time, each time move is smaller.”

What Will Happen to Chinese Exchanges?

On September 13, a statement from China’s National Internet Finance Association (NIFA) translated by Bitcoin.com read that Chinese cryptocurrency exchanges have no legal authority to operate at the moment and that exchanges have received many warnings in the past

More: https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

[buwaytress]

See, this is the more appropriate - and expected - response from the Chinese government. Anyone who read the original Caixin article would also realise it was simply missing too many elements. Also, don't know if anyone understands how Chinese newspapers look like in Asia. They're incredibly sensationalist.

Anyway, this China news mill is an oft-repeated cycle and one people with deep pockets can take advantage of. This doesn't even need technical analysis, it's just common sense to spot the difference between actual news and rumour mongering by even the big business guys like Bloomberg and WSJ (just to note, actual news doesn't mean it's true either!). Still wish I had a bit of Tether to take advantage of this dip.

[davey76]

Well, there might be a rally underway due to the fact traders can make a decent profit when the coins get back up. I'm planning to put some money aside, for the moments people panic sell like now This is the moment to jump in and buy!