New Highs in Trading Volume - Influence of Chinese Exchanges overvalued!
New Highs in Trading Volume
(Source - Cryptocoinsnews.com)Despite all the latest news on Chinese CryptoCurrency exchanges shutting down or at least stopping all trades for CNY fiat money, we´ve been able to see a new high on the Trading Volume on Cryptocurrencies this friday. The Total Volume actually shot over more than $11.5 Billion USD after about 16:00 UTC.
But it wasn´t the chinese exchanges, which presented the highest numbers, no it has been Bithump and Bitfinex. Both exchanges handled about $1.5 Billion USD while the Chinese OKCoin exchange only accounted for about $750 Million USD at the same time.
Bitcoins Success doesn´t depend on China!
This data shows very clearly that Bitcoin doesn´t need China to be involved in order to be successful or better said, no Cryptocurrency needs Chinas support in order to become successful.
Cryptocurrencies are decentralized and exactly that´s as well the reason why they will never be really affected by single countries actions. Of course we may see a downtrend on the short run due to the respective speculations and trades on the markets but as we could experience it some times already the markets will recover pretty quickly every single time.
Bitcoin is on the rise and no one can stop it anymore. It´ll only become more and more powerful on the way as there will be more people who accept and use it in future. So in case you didn´t get yours yet, be reminded that the current prices are still a nice steal in regards to the Future values of Cryptocurrencies.
Join the Revolution!
@ADSactly, The Crypto Community of the Future!
We dont need china! They are just whales that play the market to their advantage! Sooner they are out the better in my eyes! Plus it gives me a chance for cheaper btc
Thank you @steembusiness. That is reassuring.
What happened last week was noteworthy. I have learned Many lessons from the BTC crash and recovery and the Chinese problem. What you have mentioned here confirms my conclusions.
Great insight. It is true. Bitcoin is rising, Steem, too:
https://steemit.com/money/@taipeibeat/picture-steem-rising
The blockchain / cryptocurrency revolution cannot be stopped!
Bitcoin succed even without China, because I know our Chinese brother and sister find ways how to get involve.
Moving forward in to the new era..
Reblogged — let’s promote quality content!
Completely agree. Resteemed!
It's not surprising considering China tightly controls their national currency as well. They are in a pretty precarious place with their economy. While they have good growth a large part of it is driven by fabricated government demand for construction building entire cities without anyone to live there.
great piece, We dont need China but we certainly can use them. To be fair, with down and up ticks like these, trading volumes usually trading volumes peak anyway. Its more relevant what happens the next few days will be telling in terms of direction and volumes. Agree with you, these are good prices to pick up cryptos, as we will not see these after a few months anymore most likely.
Country depends on Bitcoin, but Bitcoun doesn't depend on country