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$2000 For Bitcoin: Myth Or Reality?

By CryptocurrencySep 25, 2017 08:59AM ET

www.investing.com/analysis/2000-for-bitcoin--real-or-myth-200215157

$2000 For Bitcoin: Myth Or Reality?

By | Sep 25, 2017 08:59AM ET

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The volatility of the cryptocurrency market is still dazzling. Despite the recovery that Bitcoin demonstrated at the end of last week, the progenitor of the entire crypto-industry continues to be a victim of yet another news shock from the People’s Bank of China. BTC, China’s second largest crypto exchange, has confirmed that it has received an order from the national regulator to cease operations, effective from 30 September. Immediately, following that, BTC China rate dropped by 35% - from 25 thousand Yuan a pop, to 16 thousand Yuan ( 2.5 thousand USD). On OKCoin, the largest Chinese stock exchange, the collapse exceeded 20%. Earlier, the Chinese regulator outlawed all ICO operations, imposing a ban on all public operations for drawing additional capital, in Bitcoin and Ethereum.

The panic elicited by the news streams from China can be explained the regional specificity of the Celestial Empire. The fact is that China is the leader of the world’s cryptocurrency mining; unlike any other country in the world, here is where most of the mining capacity is focused. According to Zero Hedge, China accounted for 90% of the 2016 turnover from Bitcoin exchange trades in 2016. Based on the apparent interest of the Chinese monetary authorities to reorient the investors back to traditional assets from cryptocurrency, it can be assumed that restrictive measures will continue. For example, the PRC authorities can block the access of Chinese users to foreign Bitcoin exchange sites, including the American Coinbase, and the Hong Kong’s Bitfinex. That being said, we recommend the search for levels to open short positions.

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