Bitcoin slumps as China bans all cryptocurrency transactions - page 2.

izsara

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Quote from: 7788bitcoin on October 03, 2021, 05:10:49 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

things like this always happen, indeed even though China always creates a controversy with its policies but things like this are strangely always effective.
China has even repeatedly banned and re-legalized bitcoin but it has always had a real impact on the market.
but it's true especially now that i've seen bitcoin back up even when i saw the last chart bitcoin will reach resistance at $59k and this is a very good thing.

DrBeer

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Quote from: btc_angela on October 06, 2021, 07:20:45 PM

Quote from: DrBeer on October 06, 2021, 02:48:50 PM

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

Every country is on crisis, China no exception, but we all know how self reliant this government is, for sure they are going to survived. Perhaps the local Chinese market have been saturated, houses, apartment complex are being build in the country for the last 10 years. So it could be just a bubble and we all know that at some point, it has to burst. Yes, you are right no one can save China, but they have been in worst situation, trades are still there, and they are trying to reduce capital flight by shutting down all bitcoin activity. They want all their money to just flush out in their local economy.

In this case, the situation is much more complicated, I mean the Chinese economy. The problem is not the collapse of 2 or 5 construction companies, albeit the largest ones. The problem is much broader and deeper. For many years, China has been creating "visibility" in the real estate market, building both liquid real estate and entire ghost towns. And the problem is not that now millions of people will be left without work, thousands of companies will go bankrupt after losing large regular customers. The problem is that it has been hiding from the public and the outside world for many years. This is the problem of a huge NEGATIVE balance of local budgets. I will not describe here the full scheme of how the "financing" of such projects took place, but the point is that the money was essentially airy, and the debts were quite real. And now large Chinese entire regions need to understand how to survive with zero cash and huge debts, against the backdrop of a crisis in the energy sector, and the expected gigantic unemployment, and the growth of social tension in the country.

btc_angela

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Quote from: DrBeer on October 06, 2021, 02:48:50 PM

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

Every country is on crisis, China no exception, but we all know how self reliant this government is, for sure they are going to survived. Perhaps the local Chinese market have been saturated, houses, apartment complex are being build in the country for the last 10 years. So it could be just a bubble and we all know that at some point, it has to burst. Yes, you are right no one can save China, but they have been in worst situation, trades are still there, and they are trying to reduce capital flight by shutting down all bitcoin activity. They want all their money to just flush out in their local economy.

DrBeer

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And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

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If it's slumping then it's probably the best time to get into the market and buy as much as you can afford to lose amounts of money to buy bitcoin because this is an opportunity to get into the market at a lower price because this slumps are always followed by big pumps.

DU18

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From year to year, China continues to carry out anti-bitcoin campaigns in the country and the most recent FUD is when they prohibit mining and crypto transactions in the country, resulting in a decrease in bitcoin prices, but so far the fud carried out by China has not lasted too long and gradually Fud will disappear by itself, I personally am very optimistic that the price of bitcoin will rise again along with the loss of the negative news, because as Elon musk said a few days ago at an event in california: It is impossible for a country can to destroy cryptocurrencies but they only could just slow down the progress.

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Quote from: Kasabus on October 05, 2021, 06:49:57 PM

I don't see any current news that influenced bitcoin price to surge high, maybe its more of a volatility thing. Let's just say after those minor dumps caused by the communist party of China, its time now for bitcoin to reach another new ATH. We are fastly heading into the last month of the year and if history repeats itself, we might witness bullish season any moment from now.

However, China might be desperate for sure seeing bitcoin more bullish now after the FUD. It's just means that bitcoin is no longer affected with whatever the communist government of China plans to do.

There is no price surge as such. What is happening is that the prices are recovering after FUD from China (as happened multiple times before). Anyway, the prices should go up if no other issue is there. It is very simple - the supply is limited and the number of users go up by anywhere from 2% to 5% each month. So naturally it creates an increase in demand and the mined output is not enough to make up for this. The prices have increased by 25% or so during the last couple of weeks, and for me a new ATH looks possible in the horizon.

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Quote from: Spack17 on October 05, 2021, 05:24:49 PM

Bitcoin price actually has started increasing very sharply these days. It is really interesting to see after witnessing the China FUD that is to ban cryptocurrencies. The price is even around $51k now. Bitcoin price is just really unexpected that we can see any kind of movements at any time. I wonder if there is a reason behind the current rise. Or is it just a usual volatility thing of Bitcoin?

I don't see any current news that influenced bitcoin price to surge high, maybe its more of a volatility thing. Let's just say after those minor dumps caused by the communist party of China, its time now for bitcoin to reach another new ATH. We are fastly heading into the last month of the year and if history repeats itself, we might witness bullish season any moment from now.

However, China might be desperate for sure seeing bitcoin more bullish now after the FUD. It's just means that bitcoin is no longer affected with whatever the communist government of China plans to do.

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Quote from: PastorNick on September 25, 2021, 04:41:55 AM

But the bad news this time seems to be less powerful than before. Not even below 40,000 this time.

Do you know that when you become to tough for a child, you keep repeating the same pattern, no re-strategizing how to change their Habit, they become dominant and anything you say doesn't really have much/zero effect, that's what is happening right now, China has done more harm to bitcoin and it's a good sign that we don't keep doing this Chinese bitcoin plunge festival.
You don't want to wake up every day and seeing China always making a headlines about bitcoin ban here and there including the miners contributions, the wider spread of bitcoin across different nations, the more decentralized we become.

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Quote from: Viscore on October 02, 2021, 07:32:45 PM

Quote from: Shasha80 on October 02, 2021, 03:04:05 PM

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

~

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then bannings from China will never be relevant at all.

It seems that my predictions and yours are right, that FUD from China is not able to dump Bitcoin prices. If we look at the current Bitcoin price,
where the Bitcoin price has risen above the $50k price, this has proven that whatever China does is not able to stop the movement of Bitcoin.
I'm sure the Chinese government is quite annoyed with the increase in the price of Bitcoin, because the FUD it spreads has no effect. After all,
the Chinese government has spread FUD many times and it always ends in failure, because the price of Bitcoin is increasing every year.
Hopefully the Chinese government soon realizes its mistake and can accept Bitcoin. Because I do believe there will be many countries that are
starting to consider legalizing Bitcoin.

Spack17

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Bitcoin price actually has started increasing very sharply these days. It is really interesting to see after witnessing the China FUD that is to ban cryptocurrencies. The price is even around $51k now. Bitcoin price is just really unexpected that we can see any kind of movements at any time. I wonder if there is a reason behind the current rise. Or is it just a usual volatility thing of Bitcoin?

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Quote from: bryant.coleman on October 04, 2021, 02:09:40 AM

If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.

actually, we have been seeing this early that china's move doesn't have much impact. so i don't think we are looking at months here because it seems the market already move forward in just few days. there are too many involved already, and it seems the community ignored what china had to say. even some of their miners already did their exodus months ago. so from what it sits, we have nothing to worry anymore whatever china will say to crypto.
instead of going down, we again surpassed the 50k level. curious what china's thoughts now?

bryant.coleman

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If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.

shield132

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What I see is that China hates when it sees bitcoin's price higher than 47K USD. After the Elon Musk's statement, the price was rebounding but when China made an announcement, bitcoin was higher than 40K at that moment if I am correct and it felt as low as 30K that day. Then bitcoin reach 50K and somehow quickly dropped, it surpassed 47K lately and China immediately announced something.

What we can learn from these is that China's announcement has immediate serious effect but it vanishes in a days. I think if USA or any major European country makes an announcements similar of Chinas, then there will be a serious dip that won't be fixed in a days.

7788bitcoin

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Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

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Quote from: The Sceptical Chymist on October 03, 2021, 02:44:33 PM

Quote from: Haunebu on September 29, 2021, 02:42:14 PM

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

And....the slump has reversed itself, and bitcoin is climbing back toward $50k as I write this.

The China news was pretty big, but I figured it wouldn't affect the price long-term. Bitcoin has survived and thrived through pretty bad news events in the past, from exchange hacks to EFT rejection to strong governmental regulation changes. I never expect it to move upward in a straight line, but I've come to expect that bad news doesn't keep it down for long.

This has happened a lot of times where big news come to affect bitcoin negatively but after a couple of days, bitcoin's value starts to recover again as if nothing has happened. It is only a proof that no matter how big or small the impact is, bitcoin might get slump but will always get up and move up again. And with this recent FUD made by China, i have seen that bitcoin has experienced a minor dump but it does not stay long because i know bitcoin won't really stay in dips. It's trend will always come up rising no matter how many times its value falls back. And as of this moment, bitcoin is already $48,726 which means its now close reaching its new ATH.

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Quote from: Haunebu on September 29, 2021, 02:42:14 PM

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

And....the slump has reversed itself, and bitcoin is climbing back toward $50k as I write this.

The China news was pretty big, but I figured it wouldn't affect the price long-term. Bitcoin has survived and thrived through pretty bad news events in the past, from exchange hacks to EFT rejection to strong governmental regulation changes. I never expect it to move upward in a straight line, but I've come to expect that bad news doesn't keep it down for long.

pinggoki

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To say that it had slumped is a bit of an exaggeration since it barely dumped Bitcoin's value, and to top it all off, for only a short matter of time. Goes to show that people have become smarter and learned to pick which news to focus on and which to shrug off. That being said this is a taste of the things to come and would signify that bitcoin will not be fazed by any negative news coming from China moving forward.

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

Exactly. Bitcoin bounced back a few days prior to the said news and the dump following it so it means that neither was the news that impactful nor was it a slump. If it were a slump we would've seen a much disastrous drop in price. Regardless if it were a dump or a slump, good investors will see opportunity in red situations like these.

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Quote from: semobo on October 02, 2021, 02:51:19 PM

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Ban news caused a little red trend to be honest but in no time the trend reversed and now back on track hope the 50K resistance will break and the price will continuw to grow. What else China can do because they tried everything as they can to stop the decentralization but nothing really worked in long term.

This has happened before so for others, it may be bad news, but for others hell, this is an opportunity. Nevertheless, a lot of FUDs have been recently posted from different platforms, trying to manipulate the market as well as create chaos. China seems to be repeating history again, but for sure it is also for their gain. They have known what has happened before, probably they so they saw this coming and a lot of them surely benefited from this one.

24Kt

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Quote from: Viscore on October 02, 2021, 07:32:45 PM

Quote from: Shasha80 on October 02, 2021, 03:04:05 PM

Quote from: Finestream on October 01, 2021, 12:53:40 PM

Quote from: Kong Hey Pakboy on October 01, 2021, 11:09:17 AM

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then bannings from China will never be relevant at all.

Really curious what are the thoughts of Chinese officials here? Are they expecting that they will greatly influence the bitcoin or crypto market because of their move? Because if they are, sorry but they are not successful. Clearly, this market can't be manipulated even with the world's most populous country in the world. But unfortunately, the action of their government is not favorable to its citizens. Now, they will be finding other routes, maybe even underground network that can provide crypto services.

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