Living in China i got many Chineses friends and in one of our talks we figure out why is the small exchanges are closing down and the 2 Biggest are allowed to work till end of October.
President Xi Jinping is getting ready for his October 18th reelection, and wants to appeal to his Communist voting bloc.
So looks very obvious that as soon as President Xi Jinping is reelected , he will be put in place his free trade Philosophy and Bitcoin exchanges will be reinstated.
All this ban is just temporarily and has been created by communist party, In fact, I wouldn’t be surprised to see the Chinese government encouraging certain exchanges and cryptocurrencies after President Xi Jinping been reelected.
With that in mind, we must hold on to our coins as all this drama brought down the price to 3.000 USD this week but after the announcement of the 2 Biggest exchanges having 1 more month to breath it became clear which game is been played, btc prices now are 3.800 USD and going up. One more episode of BTC Chinese Drama.
If anyone want to add anything or you think what im saying is non sense, please leave a comment explaining your view, it will be deeply appreciate.
Elio Jezierski
bitSAFE