Bitcoin Prices Still Firmly Above $7000, Without China - page 2.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: soham on November 04, 2017, 04:34:58 PM

China is not the owner of bitcoin.

The way people always add a certain level of importance to China's role in this market, they make it seem like China is the only thing that's driving crypto in general to newer highs. Fact is that China has trolled the market big time before the PBOC decided to step in and end this nonsense for good. Result is that the volumes there dropped immensely due to high speed traders no longer being able to trade with a market where fees are forced in again. These same high speed traders were a big problem with how they milked dry the market there. PBOC stepping in was the best thing that could have happened, that's a fact.

ahmedjamal1998

hero member

Activity: 728

Merit: 537

Well I guess this trend is a bit outdated Cheesy

We're way beyond the discussions about China and its effect on bitcoins price and useless stuff thrown and said here and there.
You should've deduced that China just got left out of the game and no one else got affected except them from the time when the price crossed the $3000.

Now we're in the range of above $7000 (although I'm not sure whether this last long or not as I think a correction is expected and mandatory) which clearly says nothing literally nothing affects the price of bitcoins directly other than the people themselves.

Whales or whatever you'd like to call them won't be that effective except if they push in huge amounts of money. I'm talking billions.
We might actually a lot of credit to the hard forks that are happening (which are too successive to be honest - meh :/ ). But I'm not if that's the main reason though.

shursight

hero member

Activity: 728

Merit: 500

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.

javadsalehi

member

Activity: 364

Merit: 13

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.

It will be positive. A lot of people in China want to invest again in bitcoin. The high demand will cause the price to rise. The news will also cause a lot of people around the world to be attracted more in Bitcoin.

soham

sr. member

Activity: 406

Merit: 250

China is not the owner of bitcoin. It is just a percentage of bitcoin users who used to play around. The current price rise of bitcoin is probably due to the upcoming fork. While some big names like coinbase announced that they are going to support 2X, bitcoin is riding high on positivity. A lot of people are buying bitcoin with the hope of receiving free money. Once the fork is over, the market is going to be corrected. However, the correction will be very nominal and not very huge. But I am a speculator here so we have to wait for some more time to know the actual outcome.

mohit3110MM

newbie

Activity: 58

Merit: 0

It seems results will be positive bcoz if china wont allow btc trade then there new coin neo which has news that china will take neo coin in regulation will not be possible in public sector . so to do that they need to allow trading exchange to start trade on btc

BitcoinIsAlgebraic

member

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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.

mohit3110MM

newbie

Activity: 58

Merit: 0

[/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

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