China Ban Aftermath: Why The Crypto Downtrend Could End On New Year’s Eve

Is the China ban to blame for the recent Bitcoin sell-offs that brought down the whole crypto market? That is the prevalent 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 sell their cryptocurrencies in the future, so they’re going back to the Yuan. And we have charts from Arcane Research and a carrot to prove that. Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory Let’s stop wasting time and go to the hard data. How’s The China Ban Treating Huobi? The headline, provided by this carrot, is the following. “Asia’s largest exchange, Huobi, has stopped related trading in China. Bitcoin has been flowing from Asia to the US and Europe for some time.” To elaborate on that, we bring out good friends at Arcane Research’s The Weekly Update. “The final impact of the Chinese bitcoin ban from September is unfolding. After gradually removing Chinese mainland users, Huobi’s share of the global open interest has fallen to 2%, down from its Feb 15th, 2020 peak of 20%.” And they have the charts to prove it: BTC Futures Open Interest, OKEx and Huobi | Source: The Weekly Update And even more data and crucial dates: “Huobi has accelerated its retirement of Chinese mainland customers. On Sept 24th, Huobi ceased registrations for new mainland Chinese cu...