Bitcoin Falls 6% After PBOC Shanghai Inspects Trading Platform
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January 12 2017

Commentary by Eoin Treacy

Bitcoin Falls 6% After PBOC Shanghai Inspects Trading Platform

This article by Linly Lin for Bloomberg may be of interest to subscribers. Here it is in full:

Bitcoin drops 6% after PBOC Shanghai says it conducted on-site inspection at Shanghai-based BTCChina.com to check for any violations of market manipulation, money laundering and safety of customer funds.

Bitcoin prices have plunged 20% from record high of $1,091.7 on Jan. 4

Current trading price at BTCChina.com, platform tailored to Chinese clients, dropped 9% from 24-hour high

Trading volume was 1.5m bitcoins on BTCChina as of today, 1.2m on Huobi.com today, 1.8m on OKCoin.cn

NOTE: Bitcoin trading could only accommodate a small fraction of funds leaving China, Bloomberg Intelligence says

NOTE: BTCChina, Huobi.com, OKCoin.cn are major bitcoin trading platforms providing services to Chinese clients

NOTE: Jan.9, China to Study Bitcoin Custodian Platform: Securities Journal.

Eoin Treacy's view

Bitcoin is a small market compared to national currencies, However there is no getting around the fact that Chinese traders represent the majority of participants in that market. Therefore rather that Bitcoin representing the primary organ for money leaving the country it has been the victim of its own limited success by embarrassing monetary policy makers.

The crypto-currency continues to unwind its overextension relative to the trend mean and a higher reaction low will be required to signal support beginning to return to dominance.

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