About 70% of all Bitcoins are bought/sold and owned by the Chinese people in China. So, China now banning and closing Bitcoin exchanges in China will force many Chinese Bitcoin owners to sell their Bitcoins, which is why the surge in volume. As they hear about this news, many will sell their Bitcoins upon hearing it, further driving down Bitcoin's price over the next week, that will drag the Altcoins down with it.
Bitcoin may never rebound up again on this China banning Bitcoin exchanges, like it always did before, given about 70% of the Bitcoin market is in China.
Now that Ripple cannot take their XRP to China Banks, given the Chinese Gov't's new anti-crypto laws, XRP's price will decline on this news. Suggest not buying XRP at .21, but rather wait until .15 cents if you want to gamble in XRP.
Good luck if you gamble in cryptos.
endtimenews
Many Chinese people hold btc as a way of getting their money out of China. Closing exchanges won't encourage this group to sell. They are likely to hold. It does however mean that there will be a lot less Chinese money coming into the market
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