The news from China over the last couple of days has been the main driver of cryptocurrency movement.
- Uncertainty and fear. There were lots of rumours and as soon as BTCC informed about a trade shutdown, the market moved down. OKCoin and Huobi shutdown rumours also stirred the pot.
- Development of the situation: everything happened fast, rumours about shutdown have not been confirmed, OKCoin and Huobi continue to work, but close trading and deposits (CNY).
- Huge volatility. Big sells on rumours, big buys on refutation – all cryptocurrencies have been prone to speculative movements in the lastest days. Someone seems to have made a good profit on this.
To sum up, China follows the path of regulation. Even though there are as yet no radical announcements from the Chinese government, many insiders behaved as alarmists – and the market reacted accordingly.