From the comments online im noticing a lot of people still dont understand the power of China over Bitcoins price.
If you just watch news from China markets, you can do perfect trades just on this.
Lets look at latest news and the chart.
From ATH we went down just on news that PBOC (securities regulatory body) wants to meet exchanges about regulations.
PBOC came to investigate BTCC, OKCoin and Huobi
According to "the Office of the State Council issued a special rectification on the implementation of the Internet financial risks of the program notice" (Office of the hair [2016] 21) the relevant arrangements and the spirit and the relevant laws and regulations, the People's Bank Business Management Bureau and the Beijing Financial Work Bureau and other units Joint Inspection Unit, in January 11, 2017 in the "fire", "currency" and other bitcoin, LETTY trading platform, the exchange platform for the implementation of foreign exchange management, anti-money laundering and other related financial laws and regulations, The relevant provisions of the situation to carry out on-site inspection.
Price has tanked based on this controls.
Huobi had to close margin trading platform. If you are not aware - they are the biggest price driver on the market.
Now today they reactivated margin trading. Due to regulations its smaller than before - 100k CNY instead of 10 million CNY.
Price has started raising slowly again.
OKcoin futures that close tommorow trade right now at 777 USD.
BTC123 due to needed regulations is stopping their BTC investing scheme. If you can read chinese original text is here: http://m.btc123.com/news/newsDetail?id=5134
BTC123 will be held at 12:00 on January 26 2017 when closed and RMB Bitcoin financial system , and no longer accept any Renminbi and bitcoin wealth management business, the original user will finance the amounts paid on time and interest due Bitcoin After the principal will be automatically transferred to the personal BTC123 account.
If you are margin trading or thinking about investments, its worth to really follow whats going on in China right now.
Best places to margin trade are SimpleFX, Bitmex & OKCoin
