As normal business resumed in China without a PBoC statement, the price of bitcoin on Chinese exchanges steadily climbed, gaining $60 in a matter of hours. Prices still have a long way to go to recover from the impact of the recent rumors and “FUD” (fear, uncertainty, doubt), but have at least recovered to pre-panic levels.
The panic does appear to have hardened Chinese exchanges against future regulatory fears. At least two major exchanges, OKCoin and Huobi, have announced plans to move at least some of their operations offshore to prevent their accounts from being closed or seized. At the same time, both OKCoin and BTC China have announced the launch of new bitcoin ATMs, which would avoid some existing restrictions on how bitcoin can be purchased in the country.
Bitcoin’s price recovery might not be entirely driven by China, however. Recent high-profile statements by well-known investors such as Marc Andreessen, Fred Wilson and Bill Miller have hinted that Wall Street will be making its first big moves into bitcoin this quarter. Recent moves by Facebook also suggest that bitcoin-like models for currency transaction are set to become major tech trends in coming months.