Take that recent drop in the market. If you are watching the market you will see that bitcoin recovered back to the 2,200 USD mark and then stabilized. But now we are back to seeing it on the rise. The reason? According to an article in the business insider, which I will link near bottom of the page, three of the largest cryptocurrency exchanges in China are once again allowing withdrawls for bitcoin. Bitcoin, as I write this, is siting just below $2,400 at the price of $2,398.46 USD according to coinmarketcap.com. I hope to see this trend continue over the next days.
There is no denying that China is an economic powerhouse. They have the largest population in the world with over a billion people and have the second largest economy in the world. China has the population, technological network and the money to really drive the price of bitcoin. If this is the reason the price is climbing as it is, this shows how much pull the country really has on the bitcoin market.
The biggest positive from this, in my eyes, is this a price increase that is coming from people being able to withdrawl. That means this is an increase from people selling it. You would think the inability to sell bitcoin would result in the price going up and once people were allowed to sell it, this would result in the market taking a dump. But it is the opposite. I could be wrong but that suggests it is a buyers market and when more bitcoin comes on the market, there are people ready to buy it up. This a great sign for the success of the coin. Though there is the chance this could just be the news of the markets opening that is causing the spike and if you see a drop in the next couple of days, this can be from the new withdrawls.
China, India, Australia, Europe and Japan, there is good news about bitcoin coming from all of these countries. But where is the US in this party, I hope an ETF or something gets approved soon.
If you are interested in more information, here is the link:
http://www.businessinsider.com/bitcoin-price-taking-off-after-one-of-chinas-biggest-exchanges-resumes-withdrawals-2017-6
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
Just wait till India passes legislation similar to Japan. Things are going to be interesting. I have read that Russia is also on the verge of passing legislation positive for Bitcoin.
Holly caw!!!!
Yeah I remember seeing Russia pop up too when I look up bitcoin news. I think this is the year.
@whatageek what are your thoughts on the popular speculation that Bitcoin would retrace to 1470 USD before running consistently through 2018? Was this China news not priced into the speculation. Also, this may be a bit off topic but it seems there is a brewing belief that Ethereum is a bust. Personally I have been feeling like Ethereum and Ripple (XRP) were more dependable and promising than even Bitcoin. When news hit earlier this week that Ethereum would be traded on two new Chinese exchanges, everyone assumed the price would rise and it was exactly the opposite, meanwhile XRP ran. I mention these altcoins because, outside of maybe RIpple, it does seem as though they are all inherently linked to the rise of BTC. My question is have you heard anything recently that can account for the dip in ETH. Is it more than just China trading it? If it does have to do with China and people selling on the news, shouldn't it still rise based on your theory here?
Best Regards
May All Your Steem Be Fire
I have not heard anything bad about eth, why do you say it is a bust? I think the drop in price was just a correction, there was a crazy spike, unless I missed some news or a flaw in the coin. My personal opinion, and I am, in no means, an expert, is bitcoin hits the $4,000 mark by the end of the year and then some (maybe even the 10k mark) and ethereum kicks butt as well. I think in July, when Austalia makes it legal and Japan drops the 8% tax, you will see even more of a rise. I think, eventually, there will only be so many coins that can thrive and these two are will probably make the cut. I like Ripple because of the banks and of course I hope steem makes it as well.
I am an ex Capitol Hill reporter turned full-time digital marketer and content creator, which is why Steemit overnight became my all time favorite project and I am 100% all in to play my part in ensuring its success.
That said, my journalistic background compels me to always assess all the angles and sides of an argument and keep myself and others honest.
This video is the reason why I say, I heard Ethereum is a bust, I may have mis-interpreted the context of what Tone Vay was saying here but he references his speculation that everyone is going to lose their ether in the context of it being past tense about news related to the Dow and saying he was correct. I think it was a joke but truth is said in jest. I tried to share the exact point in the video where he says it, but it's at 44m51s . He is also very critical of Steemit.
Also this is an article currently trending here on Steemit by @Joseph where shots are being taken at Ether mainly due to the fork and some other developments. I am heavily invested in Ether and plan on investing more in Steemit as well. I just like to keep my eyes open and stay informed.
https://steemit.com/ethereum/@joseph/why-will-ethereum-fail
You asked why. That's why. What's your take on it?
Always smart to keep your eyes open and do your research :). Thanks for the links, I'll try to get back to you on that when I read the article. And if you see a problem coming please let me know.
Lately it seems that South Korea and Japan are lost more important than China. 😅
Indeed China is powerful nation. The economic growth of crypto especially bitcoin is telling us that we should take good care of them.
Just wait til you all figure out the dollar is collapsing.
so very true..... !