Bitcoin Prices Still Firmly Above $7000, Without China

iamTom123

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Quote from: BitcoinIsAlgebraic on November 04, 2017, 04:23:35 PM

It will be interesting to see what sort of impact it will have when China are allowed to operate exchanges again and whether that will be negative or positive for Bitcoin.

Of course, the market would be reacting positively to this development considering that China is a big market for cryptocurrency and this market actually remains untapped as Bitcoin has just started to get through the mainstream population when the government decided to made the big ban last September. Hopefully, when China can be back on the table it would push the price of Bitcoin further into the sky as the demand in China is right now brewing up. Hot Chinese money is soon coming back to the Bitcoin ecosystem so that means a lot. By hot I don't mean illegally-made money.

Personally, though am not looking forward for China to be back in the Bitcoin marketplace all because China had been that big source of so many headaches in the past which many times push the price of Bitcoin on a roller-coaster. Right now, it can be said that Bitcoin actually does not need China (it can be the other way around, though!) and the future of Bitcoin can still be beautiful without China.

So should we then tell China not to do the comeback anymore? Well, hope I got the power to do so but am just a poor and ordinary guy eking a good living with the help of Bitcoin.

gentlemand

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Welt Am Draht

There is no way in hell BTC would've reached this price level with China, or rather more specifically with the zero fee exchanges still in operation. Their closure is what started the bull run proper at the start of the year. Thanks, Xi.

ASHLIUSZ

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Quote from: SHAWN-MIDWAYS on November 05, 2017, 12:36:10 AM

If China has no part in influencing the price to what it is today, then that's progress for the currency in terms of decentralization because Bitcoin does not need a central power to be run like what was about to happen. But in my opinion, we still need these guys to bring in the numbers...just hope the govt can create an environment suitable enough to use it.

That might have taken place for a short time period. Because, from the starting days of bitcoin China provides maximum support to the bitcoin community as a whole. In between issues arise and gets sought out, same happened recently with the regulatory plans. This doesn't mean that they get out of the network, they still contribute and there participation is a must for growth.

VanDeinsberg12

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Quote from: onrise on November 05, 2017, 12:36:16 AM

This seems to be soaring high which is a good thing and somehow China if buying or already had bought it internally and then it sells later then again we can see the price crash by 1500$ or so easily. China can easily control this market to some extent as due to huge buying/selling capacity they have it.

The recent plan about china will try to close all of the crypto exchange in there. The china doesn't have any capacity to control or manipulate the price of the bitcoin this time. Remember after all of the exchange sites in china get monitored by the PBOC and then they are all applying the transaction fees. and their impact to the bitcoin market were decreasing a lot.
To manipulate the bitcoin market was not easy like you said.

criz2fer

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Quote from: tamawaelah on November 04, 2017, 09:53:14 PM

Quote from: alyssa85 on November 04, 2017, 09:28:49 PM

Quote from: chesthing on November 04, 2017, 06:05:54 PM

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Those are mainly coins held by miners, and they can easily sell by doing under the counter deals with various exchanges. Chinese can still travel, so a quick trip to Korea or Hong Kong is easy and the deal can be conducted there.

that is right, chinese can handle and make a rate control by their miners, because of that i hate chinese hahaha
but they are easily to travel to another country like you wrote up there,

Since their exchangers are down, they trade peer to peer just to sell their coins i na reasonable price. Although China is out of picture in the trade bitcoin will stay strong because of the blockchain system will replace the stock market in the future

Hamstead

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Quote from: omonuyak on November 05, 2017, 01:05:01 AM

I have see this level as another opportunity to buy bitcoin at a lower price compare to were the price is heading to. $7,000+ is the beginning of our journey towards $10,000. China loosing control on bitcoin is one of the best things that has ever happened to bitcoin market and crypto currencies in general.

We can say that, bitcoin is on the right track. Absolutely nothing can stop bitcoin in the market, it is not quite possible to happen since we all know that more countries are supporting this. We all made this and this big achievement will can be a basis of it superiority among crypto currencies.
Still a lot of surprises coming in this unstoppable coin and don't let this opportunity just to pass by without participating with this.

omonuyak

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I have see this level as another opportunity to buy bitcoin at a lower price compare to were the price is heading to. $7,000+ is the beginning of our journey towards $10,000. China loosing control on bitcoin is one of the best things that has ever happened to bitcoin market and crypto currencies in general.

onrise

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This seems to be soaring high which is a good thing and somehow China if buying or already had bought it internally and then it sells later then again we can see the price crash by 1500$ or so easily. China can easily control this market to some extent as due to huge buying/selling capacity they have it.

SHAWN-MIDWAYS

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If China has no part in influencing the price to what it is today, then that's progress for the currency in terms of decentralization because Bitcoin does not need a central power to be run like what was about to happen. But in my opinion, we still need these guys to bring in the numbers...just hope the govt can create an environment suitable enough to use it.

btcney

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Hopefully this doesn't end up being a huge ass bubble.

My main concern with the run up of price is that if it crashes, people that have been writing about how bitcoin is a scam or whatever will just use this as an excuse and claim that bitcoin is a scam again and again.

But yeah, currently we're stabilizing at over $7k. Floor is $6-7k imo.

Juggy777

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Quote from: mohit3110MM on November 04, 2017, 04:20:32 PM

[/sup][/i][/i]Bitcoin is unstoppable these days, passing one “technical” test after another, crossing the $5000-mark, the $6000-mark, and the $7000-mark in a matter of weeks. The “people’s currency” has gained 27.33% in seven days, as market volume increased.

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

Instead, there have been a number of positive developments that helped build investor confidence and hype in the “people’s” currency. One of them was the stepping up of government regulations in US and Japan to protect the cryptocurrency markets from possible manipulation, while limiting the supply of new coin offerings.

Coin/Investment Trust   Change 7d*
Bitcoin (BTC)   27.33%
Ethereum (ETH)   1.79
Litecoin (LTC)   1.80
Bitcoin Investment Trust Shares (GBTC)   29.37

I believe China did play it's part not a significant but it did, the lifting of the ban would of course play a role. However the main reason was the futures that thing was a catalyst and that has changed the way Bitcoins is behaving, never seen such a big rally and I believe it's just the tip of the iceberg, it's just going to tide above and above. I feel future's is bad, but till it's making Bitcoin prices are going up, I guess we all can't even complain.

jerowacik

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Quote from: jtipt on November 04, 2017, 10:55:03 PM

Quote from: mohit3110MM on November 04, 2017, 04:20:32 PM

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

This has proven that when China does a temporary ban on Bitcoin the Bitcoin market remains attractive and the price of Bitcoin may increase. The decision taken by China in the future is indeed influential because of the huge population in China. This can indeed affect how the next Bitcoin develops, but when all bitcoin users around the world are getting stronger I'm sure Bitcoin is not easily affected by negative stigma.

andthereyou

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Quote from: jtipt on November 04, 2017, 10:55:03 PM

Quote from: mohit3110MM on November 04, 2017, 04:20:32 PM

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

Correct no one will care not about china anymore. People knows already that bitcoin will not die without them. They are not needed. We already have russia and japan that fully support cryptocurrency and many country that regulate bitcoin.

jtipt

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Quote from: mohit3110MM on November 04, 2017, 04:20:32 PM

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

tamawaelah

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trading for living

Quote from: alyssa85 on November 04, 2017, 09:28:49 PM

Quote from: chesthing on November 04, 2017, 06:05:54 PM

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Those are mainly coins held by miners, and they can easily sell by doing under the counter deals with various exchanges. Chinese can still travel, so a quick trip to Korea or Hong Kong is easy and the deal can be conducted there.

that is right, chinese can handle and make a rate control by their miners, because of that i hate chinese hahaha
but they are easily to travel to another country like you wrote up there,

alyssa85

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Quote from: chesthing on November 04, 2017, 06:05:54 PM

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Those are mainly coins held by miners, and they can easily sell by doing under the counter deals with various exchanges. Chinese can still travel, so a quick trip to Korea or Hong Kong is easy and the deal can be conducted there.

pinoyden

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Quote from: shursight on November 04, 2017, 05:18:39 PM

I still remember those days when a lot of people were crying because of china, oh my god, during those times the forum was crazy and full of fud, that is incredible.
And there were some people saying that bitcoin was going to collapse and go back to $500 because of China,Russia, and Indonesia regulations about bitcoin or ico's.
Now that the price is over $7500, all of those people are happy because of the price and this recently dump.

lol yeah. me too im one of the person that time who worried to much because of that bad news saying that china has closing some major exchanges and that greatly affect the market of bitcoin, i though bitcoin will never be recoverd that time due to a sudden price drop but after a few weeks we see again a signifacant price hike continuing until now. overall i believe bitcoin can still go in a long run without the help of other countries or exchanges.

Razerglass

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Current price rise is caused by two factors in my humble opinion. According to cointelegraph amazon purchased coin version of site and this new caused big jump on price chart. Second fact is about futures of bitcoin and inistutional money now can buy futures of cryptocurrency.

Yuuto

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We're not without China. It's just that major exchanges have all either shut down or relocated to overseas where ethey can continue their operations. If you look at the amount of ads on LBC or Paxful that is from China, you'll realize that China is still a major factor.

Anyways, this pump is far from over.

After a correction i can definitely see BTC rising to $10k+ this year.

chesthing

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Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Topic: Bitcoin Prices Still Firmly Above $7000, Without China (Read 689 times)