Contrary to what most people would have expected, the bitcoin price has not budged all that much over the past few weeks. The recently imposed rules by the PBoC have forced a few exchanges to suspend withdrawals. However, people aren’t looking to exchange BTC to CNY for the time being. In fact, the price of bitcoin has only gone up as time progresses, which is quite interesting to see.
Bitcoin Price Doesn’t Budge Under China’s Pressure
It comes as quite a surprise to find out the bitcoin price is going up again. This is especially intriguing given the recent Chinese bitcoin exchanges debacle. With a few platforms halting withdrawals in BTC and LTC, one would almost expect traders to convert back to fiat currency as quickly as possible. Thankfully, that hasn’t been the case.
With leveraged margin trading being removed from nearly every Chinese bitcoin exchange, there is no reason not to hold on to one’s BTC balance. Having to wait to transfer money off an exchange is annoying, but by the time people will be able to withdraw again, bitcoin’s value will have almost certainly increased. Such an increase is taking place right now already, as the price has been climbing upwards over the past few days.
While life is seemingly a bit more difficult for Chinese cryptocurrency exchanges, the bitcoin protocol carries on unencumbered. That is anything but surprising, as all banks or governments can do is regulate the centralized platforms dealing with bitcoin. The technology itself can never be affected by these requirements, as there is no centralized entity or developer to take control of.
China is no longer dictating the global bitcoin price movements, which is a more than welcome change, to say the least. Japan is still the leading markets in terms of trading volume, albeit some people are concerned if trading bots may play a big factor in these developments. For the time being, that hasn’t been officially confirmed, albeit it does beg the question where the Japanese volume is coming from all of a sudden. Bitcoin will not be stopped by regulation, that much is certain.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.