Epic Upheaval, China Collapse, Greek Referendum Exit nears, Bitcoin reflux and Litecoin goes on a bubble pop, Dogecoin rocks around
What a crazy week.
First it started with Greek rumbling along with a successful Oxi! (No) referendum which sent bitcoin shooting up over the weekend, being the only overweekend market. China, with a correction long overdue, continued its slump to enter a digital bloodbath as the week opened, bringing their indexes like shanghai comp and hsi down 30%.
China heaped defensive QE after defensive QE into capital controls, trading freezes and short bans, as the china market became a rout and people started fleeing.
Also in china was some sort of litecoin mining ponzi scheme alongside greater pump and dumps and a rolicking china equity market that saw litecoin going from $1 to $3 and then to strike for $9
(Note its all time high is 48usd in the west and 60usd in china, with ltc/btc ratio’s high at 0.05 to this high of 0.03)
It soon popped and the reflux cycled into bitcoin, which looks to have been heavily suppressed at the 300 level and 270 for the west. The effect was most pronounced in okcoin as algos ran wild.