New China Fees Impact on Bitcoin?


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Any prediction or theories of what the new rules will do to Bitcoin?

I'm VERY new to this and not sure what this will do to the currency. We've already seen the artificial trade volume reduced GREATLY once margin trading and loans were taken off the Chinese exchanges. Some are saying China went from 90% volume down to 70% or so. We've seen the price stabilize, and able to rise slowly from ~$850 up to a stable $910 or so. I'm wondering what adding the fees will do. Will it simply reduce this artificial volume further, keeping prices stable? Or will it slow the growth/recovery we have seen since the crash from $1150?

Background: At 11:00PM EST tonight 1/23 (12:00PM 1/24 China Standard Time) the rules will go into effect on OKCoin and other exchanges to charge a 0.02% fee on trades (Much like US Exchanges have had).

Saturday prices were almost at $940, then dipped down to $910-$915 Sunday and stayed most of the day. Just witnesses a drop to $890 at 7pm EST and prices already recovered up to $907 and rising. (Managed to snag a few more mBTC while it dipped. When they go low… we hodl high!)

submitted by /u/woodburyman
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