Addressing the China Ban FUD, and where that money is flowing

The China Ban is not the same thing as before many users are echoing here. It is merely a continuation of the crackdown on crypto by the Chinese government, this time with new fatalities:

• Huobi has announced it will close all user accounts in mainland China by the end of the year.

• Alibaba is shutting down the sales of mining equipment and the world’s largest crypto exchanges are barring Chinese users from signing on.

• Sparkpool, the world’s second largest mining pool based on the Ethereum blockchain, is closing down for good.

• Chinese users are currently unable to search for popular cryptocurrency exchanges like Binance, OKEx and Huobi on popular Chinese internet services amid reports of possible censorship.

• The CEO of Binance, Changpeng Zhao aka CZ declared officially that Binance will no longer accept the creation of new accounts for users based in Hong Kong.

Bitcoin outflows from East Asia have exceeded 18,000 BTC – The highest level in 32 days. On average, more than $130 million in BTCs are flowing out of East Asia daily.

In comparison to both North America and East Asia, Western Europe had the least BTC outflows. On average, it recorded over $100 million in BTC inflows over the past week.

Huobi provided $1.7 billion transaction volume in 2018. The tapered shutdown will undoubtedly result in a large movement of outflow of crypto from China. I am expecting liquidations to continue until New Years due to the grace period.

As of this moment I am no longer bullish on the short term movement of Bitcoin and all Alts and will be moving my assets to safer areas in the meantime. After 6 months of enjoying the market bullrun, ciao!