I was checking the coinmarketcap as I always do, then It came to my mind to see if the Chinese exchanges still exist in the daily trading volume of some cryptocurrencies.
Guess what....?
there still too many exchanges trading the Chinese Yuan versus BTC,LTC ,EHER,DASH ...and too many other cryptocurrencies that exist in the coinmarketcap website.
we used to see Chinese exchanges dominate the market with huge daily volumes,,But here you still can see the the popular exchanges still exist with low daily volume in comparison with what we used to see before.
Take a look at this 1st picture below.
this picture is taken from the coinmarketcap website and represents BTC trading volume,
I just want to show you that Okcoin.cn, Binance, CHBTC, BTC38 and Huobi which are the biggest Chinese exchanges that announced that they will be closed by the end of September 2017.
today is 1st of October and we still can see those exchanges in the market. and personally i do not have any explanation for this.
take a look t the second picture
It represents Ether volume recently , as you can see the same big exchanges that announced their closing time which is Sep30,2017 are still working perfectly.
the smallest trading volume is more than $1mln,, this is a big number for me but it is nothing if you compare it with the trading volume in 1 to 3 months before.
if you look at the major traditional and famous digital currencies in the market , you will find that all the famous Chinese cryptocurrency exchanges are there for sure.
The am e thing goes for LTC, DASH, MONERO, XRP and other cryptocurrencies.
yesterday I read an article that was entitled '' china will regulate Bitcoin exchanges'', this made me think that there is a very game that is going to crash the market, once the market crashes all the big wales will be buying digital currencies from the dip, then everything will go back to normal and we will see a huge pump in prices.
Besides there is no evidence that says china will ban exchanges except Media Buzz,,
and I learned when I was studying at the university to never trust Media,, Unless I make sure of the information myself.
today I still can see Chinese exchanges in the market with low trading volumes, but I still can see that prices of major digital currencies did not crash that much.
the market is still showing stability even if the daily trading volume in china is very low.
if Chinese exchanges will not be banned that means thousands of investors and traders will go back to the market and start buying again, by this simple move you will see lots of digital currencies gaining value. because what I see personally is that there are a lot big holders that are not willing to sell their tokens, that's why the market is showing some stability even if there are lots of harsh news.
I would love to hear from you in the comments.
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Thank you.kindly visit::: https://coinmarketcap.com/