{"id":103788,"date":"2020-11-03T11:10:39","date_gmt":"2020-11-03T08:10:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\/"},"modified":"2020-11-03T11:10:39","modified_gmt":"2020-11-03T08:10:39","slug":"bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\/","title":{"rendered":"# Bitcoin slides 3% as Hong Kong seeks to end &#8216;honeymoon&#8217; with crypto exchanges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e3a7f8bce3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e3a7f8bce3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\/#Timeline_of_exchange_FUD_in_the_past_month\" >Timeline of exchange FUD in the past month<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\/#%E2%80%9CWe_can_declare_Bitcoins_honeymoon_phase_to_be_over%E2%80%9D\" >&#8220;We can declare Bitcoin&#8217;s honeymoon phase to be over&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\/#Where_does_BTC_go_next\" >Where does BTC go next?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin slides 3% as Hong Kong seeks to end &#8216;honeymoon&#8217; with crypto exchanges <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">The price of Bitcoin (BTC) has declined by more than 3% in the past two days. The pullback of the dominant cryptocurrency comes amid growing regulatory pressure in China and Hong Kong.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/b6ad5859-b3e0-4da9-ac30-64c587dc982b.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>The daily price chart of Bitcoin. Source:\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView.com<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Timeline_of_exchange_FUD_in_the_past_month\"><\/span>Timeline of exchange FUD in the past month<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Oct. 16, top Bitcoin futures exchange OKEx suspended withdrawals after one of the exchange\u2019s private key holders was reportedly arrested. <\/p>\n<p>Merely 17 days later, speculation that Huobi, a Singapore-based exchange with an office in Hong Kong, might face regulatory pressure emerged after data showed massive Bitcoin and Tether withdrawals on Nov. 2.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/b69b5f53-f08a-488f-9890-52bcfade8680.jpg\"\/><figcaption style=\"text-align: center;\"><em>Huobi BTC outflows Oct. 26-Nov. 2. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>However, Huobi Global <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/huobiglobal.zendesk.com\/hc\/en-us\/articles\/900003343526-Huobi-Global-Is-Operating-Normally\">reaffirmed<\/a> that the exchange is operating normally, and deposits and withdrawals are \u201coperating as expected.\u201d<\/p>\n<p>Today, Reuters reported that Hong Kong regulators will propose that all cryptocurrency exchanges must be regulated and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly for a Securities and Futures Commission (SFC) license as opposed to the previous opt-in approach, which many exchanges declined to do. <\/p>\n<p>It comes a year after the Hong Kong government released rules for cryptocurrency exchanges. Ashley Alder, chief executive of the SFC\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/us-crypto-currencies-hongkong-regulator\/hong-kong-will-require-all-cryptocurrency-trading-platforms-to-be-regulated-sfc-idUSKBN27J07N\">said<\/a> on Nov. 3:<\/p>\n<blockquote><p>\u201cThis is a significant limitation, as under the current legislative framework if a platform operator is really determined to operate completely off the regulatory radar it can do so simply by ensuring that its traded crypto assets are not within the legal definition of a security.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CWe_can_declare_Bitcoins_honeymoon_phase_to_be_over%E2%80%9D\"><\/span>&#8220;We can declare Bitcoin&#8217;s honeymoon phase to be over&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the subtle wording of the SFC\u2019s statement, industry experts said it is essentially a declaration to end Bitcoin\u2019s honeymoon phase. Leo Weese, the co-founder of the Bitcoin Association of Hong Kong, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/LeoAW\/status\/1323462973638074369\">said<\/a>:<\/p>\n<blockquote><p>\u201cWith rumors of more crypto exchange officials arrested in China and Hong Kong&#8217;s move to make trading illegal (aka licensed), we can declare Bitcoin&#8217;s honeymoon phase to be over. If you think Bitcoin will catch on, buy it now while you still can.\u201d<\/p><\/blockquote>\n<p>Kelvin Koh, a partner at the Asia-based cryptocurrency investment firm Spartan Group, said the timing is not a coincidence. It comes after the pilot launch of China&#8217;s Digital Currency Electronic Payment (DCEP), which has already processed over four million transactions. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/SpartanBlack_1\/status\/1323511875695357952\">explained<\/a>:<\/p>\n<blockquote><p>\u201cThe timing of the Chinese OTC and exchange crackdowns is no coincidence. The PRC government is sending a strong message about its stance on cryptocurrencies other than the DCEP.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Where_does_BTC_go_next\"><\/span>Where does BTC go next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin price has reacted with a minor price drop, falling from $14,100 at the month\u2019s peak to below $13,500. Albeit the reaction has been minimal, a further drop could have negative implications for the short-term trend of BTC.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<p>Technically, the short-term support of Bitcoin is at $13,300. Below it, there is the $12,900 support area and the $12,200 level, which is the 5-day moving average on the monthly chart.<\/p>\n<p>On Nov. 2, before the drop of Bitcoin occurred, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the $12,700 to $12,900 is a strong short-term support area. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1322941660054118412\">said<\/a>:<\/p>\n<blockquote><p>\u201cStill trending upwards, but lacking strength by a bit here. Has to hold above $13,550-13,650 for support. If that&#8217;s holding, renewed tests of $14,000 on the horizon. Losing and I&#8217;ll target $12,700-12,900.\u201d<\/p><\/blockquote>\n<p>So far, the response of Bitcoin to the regulatory crackdown rumors has been minor. If BTC can remain above $13,000 in the short term, the outlook would likely stay positive.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-slides-3-as-hong-kong-seeks-to-end-honeymoon-with-crypto-exchanges\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin slides 3% as Hong Kong seeks to end &#8216;honeymoon&#8217; with crypto exchanges &#8221; The price of Bitcoin (BTC) has declined by more than 3% in the past two days. The pullback of the dominant cryptocurrency comes amid growing regulatory pressure in China and Hong Kong. The daily price chart of Bitcoin. Source:\u00a0TradingView.com Timeline&#8230;<\/p>\n","protected":false},"author":1,"featured_media":103789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/17badb28-3ec7-4a26-96d0-d89dc3dca57f.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,76012,74937,75049,4973,73785],"class_list":["post-103788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-exchanges","tag-bitcoin-price","tag-peoples-bank-of-china","tag-china","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=103788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/103788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/103789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=103788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=103788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=103788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}