Take that recent drop in the market. If you are watching the market you will see that bitcoin recovered back to the 2,200 USD mark and then stabilized. But now we are back to seeing it on the rise. The reason? According to an article in the business insider, which I will link near bottom of the page, three of the largest cryptocurrency exchanges in China are once again allowing withdrawls for bitcoin. Bitcoin, as I write this, is siting just below $2,400 at the price of $2,398.46 USD according to coinmarketcap.com. I hope to see this trend continue over the next days.
There is no denying that China is an economic powerhouse. They have the largest population in the world with over a billion people and have the second largest economy in the world. China has the population, technological network and the money to really drive the price of bitcoin. If this is the reason the price is climbing as it is, this shows how much pull the country really has on the bitcoin market.
The biggest positive from this, in my eyes, is this a price increase that is coming from people being able to withdrawl. That means this is an increase from people selling it. You would think the inability to sell bitcoin would result in the price going up and once people were allowed to sell it, this would result in the market taking a dump. But it is the opposite. I could be wrong but that suggests it is a buyers market and when more bitcoin comes on the market, there are people ready to buy it up. This a great sign for the success of the coin. Though there is the chance this could just be the news of the markets opening that is causing the spike and if you see a drop in the next couple of days, this can be from the new withdrawls.
China, India, Australia, Europe and Japan, there is good news about bitcoin coming from all of these countries. But where is the US in this party, I hope an ETF or something gets approved soon.
If you are interested in more information, here is the link:
http://www.businessinsider.com/bitcoin-price-taking-off-after-one-of-chinas-biggest-exchanges-resumes-withdrawals-2017-6
*my upvotes/rep disclaimer: @whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account