Bitcoin Plummets as Chinese Exchange Threatens Closure
With the Chinese clamping down on alternative currencies and IPO’s Bitcoin has plummeted. However it does seem to be stabilising.
I am looking to buy above 3605 as that will show a break above. The Chinese effect could be over. The Daily chart (thanks Tradingview) shows there is the starts of a stabilisation but I need it to break above 3605.
So not time to re-invest yet. But the time will come. Note that the exchange won’t actually close till the end of the month, so this is simply news and worries over China. This sort of news normally bounces back.
What will happen with those with money in the Chinese Exchange? They will take their BTC out and transfer it somewhere else so it should not *REALLY* effect the price of Bitcoin in the long term as the actual amount of Bitcoins in circulation won’t change.