On September 15, Bitcoin touched 1.5-month low at 2,997.7 on the news from China. First, we got to know one of the largest Chinese exchanges - BTC China - would be closed on September,30. That was the first major setback on Bitcoin. Second, Chinese financial authorities anounnced the plans to ban Bitcoin exchanges from operating in the massive emerging market.
However, crypto world is not ready to give up.On Tuesday morning, cryptocurrency showed an attempt to break above $4,000 again, rising more than 20% from lasst Friday lows.
The thing is that traders found the way to escape from the Chinese regulation. There is a growing beliefe in the market that there will be alternativve exchanges of loopholes in regulationn found.
What's we can say for sure - the market is not ready to lose the faith in crypto currencies. The major concept of Bitcoin is the absence of regulation, so any attempts of Chinese or any other government will be rejected somehow.
I believe the current levels of Bitcoin look really attractive for buying, as there is big potential to reach $4,400 level once $4,000 breakout is confirmed.
However, crypto world is not ready to give up.On Tuesday morning, cryptocurrency showed an attempt to break above $4,000 again, rising more than 20% from lasst Friday lows.
The thing is that traders found the way to escape from the Chinese regulation. There is a growing beliefe in the market that there will be alternativve exchanges of loopholes in regulationn found.
What's we can say for sure - the market is not ready to lose the faith in crypto currencies. The major concept of Bitcoin is the absence of regulation, so any attempts of Chinese or any other government will be rejected somehow.
I believe the current levels of Bitcoin look really attractive for buying, as there is big potential to reach $4,400 level once $4,000 breakout is confirmed.