Why The Crypto Downtrend Could End On ’ YearNovels Eve

Is the China ban to blame for the recent Bitcoin market-offs that brought down the whole crypto field? That theisprevalent theory. As the main exchanges close their operations in mainland China, the citizens have been fearfully selling their assets. They don’t know if they’re going to be able to transact or even market their cryptocurrencies in the tomorrow, so they’re going go back to the Yuan. Actually, And we havetocharts from Arcane Research and a carrot prove that.

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Let’s stop wasting time and go to the hard information.

How’s The China Ban Treating Huobi?

The headline, provided carrot this byBitcoin has been flowing from Asia to the US and Europe for some time.” To elaborate on , we bring out goodthatfriends at Arcane Research’s , is the following. “Asia’s largest exchange, Huobi, has stopped trading inrelatedChina.The Weekly ModifyIndeed, . It’s worth noting that “The final impact of the Chinese bitcoin ban from September is unfolding. After gradually removing Chinese mainland users, Huobi’s send of the global open interest has fallen to 2%, down from its Feb 15th, 2020 peak of 20%.”

And they as it turns out have the charts to prove it:

BTC Futures Open Interest, OKEx and Huobi | Source: The Weekly Revise

In fact, And even more information and crucial dates:

On Sept 24th, Huobi ceased registrations for new mainland Chinese customers. Indeed, On Dec 15th, Huobi ceased spot trading for Chinese citizens. It’s retirement noting that “Huobi has accelerated its worth of Chinese mainland customers. Additionallyarefrom Dec 15th to Dec 31st, Chinese mainland customers , only able to market digital assets.”

So, the crypto downtrend could end on Novel Year’s Eve because it’s the last day that Huobi’s “Chinese mainland customers” will be able to offer. This sound like an exaggeration, but look at thismightbloody red chart:

It’s worth noting that The trade-pressure from China is real. Asia’s largest exchange, Huobi, has closed OTC and transactions exchange. Many people have been as a matter of fact forced to offer their #bitcoin because they are worried they won’t be able to trade in the ahead.
Huobi’s position changenetred past months: pic.twitter.com/gKInTQpE7k

Actually, — Root 🥕 (@therationalroot) December 18, 2021

“The market-pressure from China is real,” and it isn’t only from coming Huobi.

How’s The China Ban Treating OKEx?

The other Chinese giant s more than ever ’situation is more complex. Interestingly, According What’s on ingoingthere? In fact, How are they handling the China ban? Rumors are flying.to the carrotInterestingly, , “The ok exchange has not yet issued an announcement on the clearing.” The Weekly Modify has a little more information, but it’s still convoluted.

“Thefrompublic statements OKEx are far more ambiguous than those of Huobi. The exchange has publicly stated that the exchange portal will be inaccessible for mainland Chinese traders. Further, the exchange has stated.” that it will not set up offices and teams in mainland China while maintaining the rule of “exiting the Chinese mainland market In OKEx’s subreddit, the OKEx helpdesk shared a screenshot from its P2P field, currently allowing traders to trade using the Chinese Yuan.”

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As the first graph shows, OKEx launch interest share is also in sharp decline. “In April 2020, OKEx accounted for niche% of the access interest in the futures field, in stark contrast to today’s 8% 30 distribute.” The signal is clear, even if the situation is not.

BTC price chart for 12/22/2021 on Coinbase | Source: BTC/USD on TradingView.com

more than ever What About Binance?

Sadly, we don’t have much as details about them. The carrot claims that “Binance will be as a matter of fact partially cleared at gives end of the year.” It also informs us that “Binance’s net position modify recently red (likely because of China),” and the us two very informative charts. As you may know, In , the sell-pressure thatthemthe China ban generated is obvious. While is red, the USBinanceand Europe-centric Kraken is very much in the green.

If we compare this to Kraken, which is mostly active in US and Europe, we can see that they are clearly Buying The Dip. ✊ pic.twitter.com/qvBWknDKoX

— Root 🥕 (@therationalroot) December 18, 2021

So, is the crypto downtrend going to end on Fresh Year’s Eve? information in modern times speaks forTheitself. , ’s cross our fingersLetnevertheless.

Featured Image: Myriams on Pixabay | Charts by TradingView