News of Chinese ban on cryptocurrency activities did spread much gloom across cryptocurrency space. But subsequent news hinting Chinese officials reconsidering their decision has erupted a string of happy fireworks across cryptocurrency platform boosting up the Bitcoin price to make a new all-time high at $6248, according to the Poloniex Cryptocurrency Exchange.
The report published hinted at possible cancellations of “temporary regulations and policies” by the 19th National Congress of the Communist Party of China with high probability of cryptocurrencies in being a part of the list.
The report also indicated at the launch of ZB.com, the indigenous cryptocurrency trading platform of China around 1st November this year. This exchange shall open its doors to people across the world for fostering with their cryptocurrency dealings including China. All set to be available in English and Chinese language, presently the site is live and describes itself as a “Blockchain Asset Exchange.” It has announced that investors can start making deposits henceforth by signing up with the website. Other website features hint at the launch of a cryptocurrency exchange embedded with a complete list of cryptocurrency trading paired and linked with a trading application although none of its features are working as of now. Rumours says Chinese Government is backing the cryptocurrency exchange.
Following an earlier ICO ban, the subsequent ban on bitcoin exchanges were imposed by Chinese regulators in September. The government hinted at reasons such as regulatory concerns, money laundering issues and competition to fiat currency for imposing the ban. This lead to widespread speculation with reports suggesting that Bitcoin miners were selling off their hardware given the looming ban. The cryptocurrency market received a heavy blow initially but thereafter underwent a slow but steady recovery phase.
Positive stimulus was imparted to the crypto demand worldwide by increasing Japanese demand and investors hiking up their buying volume before the Bitcoin Gold hard fork which happened recently on 25 october 2017 . Global economy would receive a solid boost if the Chinese officials take their final stand in favour of cryptocurrencies but the activities of Chinese markets cannot normalize overnight given the fact that many popular exchanges have shuttered completely.
Investment luminaries and business leaders are talking about this dynamic currency on a regular basis. Billionaire investor Warren Buffett says Bitcoin is a Bubble, whereas PayPal co-founder Peter Thiel supports Bitcoin .
Google Trends data have also indicated that “Bitcoin” and ” itcoin price” are being increasingly searched for thus translating into enhanced awareness amongst masses.
To conclude, If China resumes Bitcoin trading and other operations, we may see Bitcoin price skyrocketing.
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