Bitcoin may have lost 20 percent in 24 hours, but markets and the industry are increasingly relieved that China’s influence may soon be over.
As traders come to terms with the latest Chinese regulator-induced crash, which is seeing Bitcoin drop to new recent lows of $3,080, new hope is surfacing that the country’s ban on exchanges will end its central bank’s sphere of influence.
“Will that be the end of it?” local news resource cnLedger asked Thursday posting data from the three major China-induced price crashes.
Will that be the end of it? Chinese regulations and bitcoin price. pic.twitter.com/aH2kKOptVt— cnLedger (@cnLedger) September 15, 2017
In terms of Bitcoin value against the yuan, September’s news exchanges will likely all have to cease trading by the end of the month has had less impact compared to previous crises.
In January, when exchanges faced similar demands, prices dropped 45 percent, while a block on CNY bank deposits in 2013 resulted in an 89 percent slump.
Hinting at further relief, entrepreneur Kim Dotcom tweeted that “no government can stop the rise of crypto now,” echoing sentiment from multiple commentators that a hands-off approach from China means less, not more power.
No Government can stop the rise of crypto now. Bankers begin to panic. The old ripoff financial systems are crumbling. Beautiful! #bitcoin— Kim Dotcom (@KimDotcom) September 14, 2017
Overall, the past month in Bitcoin has seen price volatility return. On Sep. 1, prices were circling all-time highs of $4,947, and have since lost more than 40 percent.
Cointelegraph reported yesterday that China’s oldest and second-largest exchange BTCChina would be closing Sep. 30, with other exchanges expected to follow suit.