Update: one reason given for the sharp, 15% rebound in cryptocurrencies from this morning’s lows, is that according to Caixin, China has give two of the largest Chinese exchanges, Huobi and OKCoin until the end of October before closing. As Bloomberg notes, China’s Regulator has given Huobi.com and OkCoin the extra month to prepare closure, as the two exchanges’ trading platforms and investor base are relatively large, and they never dealt with Initial Coin Offerings, or ICOs.
Additionally, Caixin adds that the regulator is still studying details of the plan.
Could this be indicative of China getting cold feet over the exchange ban? It is unclear, although judging by the sharp snapback in cryptocurrencies, quite a few people appear to believe so.
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It appears BTFDers are not just attracted to massively over-valued tech stocks…
Of course, amid insane volatility, this bounce could just as easily be gone in minutes.