Asian Bitcoin exuberance sends price skyrocketing 50% from $339 lows, as China’s deadline passes with new bitcoin ATM launches
On Asian time, the working day has ended with Bitcoin exchanges seeming to have survived once more to fight another day. It has been a regular roller coaster for bitcoin on China news. Undaunted, Btcchina has launched its physical atm lamassu and virtual atm picasso.
Bitcoin prices continue to recover from the China-induced selloff. Prices are up another 10% or so, on pretty heavy volume.
Yes, as we relayed last week, some Chinese bitcoin-exchanges received notices from their banks that they wouldn’t handle any bitcoin-related transaction services. That caused the price of bitcoin to swoon. But it started rebounding on Friday after the governor of the People’s Bank of China said the government is not going to ban bitcoin. It continued to rise over the weekend and Monday as bitcoiners grew less concerned.
There seems to be good reason for the growing ease. BTC China, the most well-known of the Chinese exchanges, has yet to receive any notices, according to CEO Bobby Lee. “We are so excited that we have not heard anything from the banks,” Mr. Lee told BitBeat. “It looks like we’re going to coast through this episode gracefully.”
But he has his fingers crossed. The events of the past week have convinced him that the government has disseminated what amounts to a “confidential” policy, which has led to uneven enforcement. It may just be an accident that his company hasn’t been hit by the notice, he said.
“Cryptocurrency could very well be a bubble or a blip, but it is a manifestation of an enormous and important cultural shift,” states a report from the boutique New York ad agency Sparks & Honey. What’s interesting about Sparks & Honey, a small firm, but one backed by ad giant OmnicomOMC +1.10%, is part of its business is to do trend-spotting for its clients, which include Walt DisneyDIS +0.79%, AT&TT +0.45%, UnileverULVR.LN -0.30%, Visa, and Staples. The firm produces several trend reports yearly.
At the very least, one can never know what China will do next, especially if Picasso ATM can live up to its promises and prove very disruptive!
In the meantime, that’s another china deadline out of the way, even if we might not be out of the woods. It has at least kicked up past the doldrums. (Litecoin and Dogecoin has also followed it up) It remains to be seen if the Asian exuberance can be carried over into Europe time and then Americas, or if an overnight PBOC announcement might send all the HFT tubes jamming down again…