This morning on CNBC the Chairman of Overstock.com echoed our sentiments from last week. – Big surprise that the dollar bankers and the Chinese powers that be don’t like Bitcoin. This is to be expected.
As we said last week this challenge to Bitcoin is an excellent stress test of a more mature crypto currency world. So bang on Jamie and Chinese officials, let’s see where the hard bottom is.
It is too early to determine if we found it over the last few days but things look generally bullish at this moment.
“The market is realizing that it doesn’t really matter what happens in China anymore, the exchanges based there no longer dominate trading activity and more mature liquidity from institutional players in Japan, Korea and Europe is providing a boost to this next bull cycle,” said Aurelien Menant, founder and CEO of Hong Kong-based token exchange Gatecoin, told CNBC via email on Monday.
“It’s also important to remember that the crackdown in China was targeting the activities of the local exchanges for not complying with the Chinese financial regulatory environment and not a crackdown on bitcoin and blockchain technologies.”
Despite the recent fall, bitcoin is still enjoying a remarkable 2017. The price for the cryptocurrency is up 293 percent since the start of the year.