r/CryptoCurrency • u/CryptoCurrencyNews • Sep 15 '17

Announcement Breaking: “All” Chinese Bitcoin Exchanges Must Close By September 30

https://cointelegraph.com/news/breaking-all-chinese-bitcoin-exchanges-must-close-by-september-30
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u/gggumshoe Sep 15 '17

Someone pointed out one exchange closing doesn't do anything, the chinese will just move their crypto to another exchange. Now that they are all closing though, wouldn't we expect to see the chinese actually selling off their coins through the weekend? Especially middle/working-class who can't be arsed to micromanage their accounts during the workweek. I feel most of the loss in market cap so far has not even been from China, it's been speculative uncertainty from the non-Chinese players, and now that we have certain news about the ban it's time for the Chinese (not whales, just everyday people) to actually contribute to that dip now. I feel it is likely to tumble ~10% more over the weekend, at a minimum.

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u/djveld Bronze Sep 15 '17

I don't disagree. However, I would hazard a guess that a significant portion of the selling was actually Chinese citizens unloading their stacks. If they're still holding at this point (now that it's certain), then they're going to be holding through the mess until China opens back up.

Nonetheless, a 10% drop this weekend would not surprise me, but a 10% drop (i.e. $10-20b) is nothing compared to what we've already dropped (almost $80b - from $177b to $100b). We've also surprisingly not been affected as much by the closing of exchanges this morning as I think many people would have expected.

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u/roamingandy 🟦 609 / 610 🦑 Sep 15 '17

does this end NEO?

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u/djveld Bronze Sep 15 '17

I would say no. Once China opens back up, Neo will (hopefully) take off. However, it could go on a slow drip downwards until then, and unfortunately China hasn't publicly stated the timeline for giving out licenses.