Contrary to what most people would have expected, the bitcoin price has not budged all that much over the past few weeks. The recently imposed rules by the PBoC have forced a few exchanges to suspend withdrawals. However, people aren’t looking to exchange BTC to CNY for the time being. In fact, the price of bitcoin has only gone up as time progresses, which is quite interesting to see.
Bitcoin Price Doesn’t Budge Under China’s Pressure
It comes as quite a surprise to find out the bitcoin price is going up again. This is especially intriguing given the recent Chinese bitcoin exchanges debacle. With a few platforms halting withdrawals in BTC and LTC, one would almost expect traders to convert back to fiat currency as quickly as possible. Thankfully, that hasn’t been the case.
With leveraged margin trading being removed from nearly every Chinese bitcoin exchange, there is no reason not to hold on to one’s BTC balance. Having to wait to transfer money off an exchange is annoying, but by the time people will be able to withdraw again, bitcoin’s value will have almost certainly increased.