BTCUSD bounced strongly from $3000 along with most of the rest of the cryptocurrency market.
Bans in China seemed to accelerate the correction, at least temporarily.
For those still curious how China is affecting the market, I think it helps to examine volume at their soon-to-depart exchanges.
Coin Market Cap currently shows China's most popular exchange OKCoin with about 1.3% of the world's reported BTC volume.
It also shows China's second-most popular exchange Huobi with about 0.9% of the reported BTC volume.
(Perhaps I am missing some markets and others can point this out.)
These percentages are far from the 4-7% volume each of China's top three exchanges (one already closed) during the recent panic.
China is not so much bringing down the market, but it is also not lifting it, taking many participants out of the market.
Much less demand from China, while BTC supply is about the same.
Psychologically things still seem bearish for now.
Psychology can change quickly though, perhaps when prices become much more tempting, and perhaps when all Chinese exchanges are actually closed.
Bans in China seemed to accelerate the correction, at least temporarily.
For those still curious how China is affecting the market, I think it helps to examine volume at their soon-to-depart exchanges.
Coin Market Cap currently shows China's most popular exchange OKCoin with about 1.3% of the world's reported BTC volume.
It also shows China's second-most popular exchange Huobi with about 0.9% of the reported BTC volume.
(Perhaps I am missing some markets and others can point this out.)
These percentages are far from the 4-7% volume each of China's top three exchanges (one already closed) during the recent panic.
China is not so much bringing down the market, but it is also not lifting it, taking many participants out of the market.
Much less demand from China, while BTC supply is about the same.
Psychologically things still seem bearish for now.
Psychology can change quickly though, perhaps when prices become much more tempting, and perhaps when all Chinese exchanges are actually closed.