Chinese market has nothing to do with BTC price, am I right? - page 2.

filharvey

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Yes chinese have almost lost their influence over bitcoin price.Before an year,chinese exchanges were blamed that they created fake trade volumes and manipulated bitcoin price.Since there was zero fee trade,chinese traders too gambled more in the bitcoin market.but after PBOC actions,they lost their game.

There were days when every bitcoin trader keenly watched china's bitcoin market movements before making any decision of buying and selling.But now its no more.Now bitcoin's price is influenced by global investors decisions.

Oceat

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Quote from: GoldenLad on March 02, 2018, 05:51:16 PM

The Chinese government may have banned ICO and cryptocurrency in their country but I think some citizens are still engaging in ICO or investigating in cryptocurrency probably using the Japan exchange or using exchange that does not require KYC verification. And right from the onset, I don't think the Chinese market has an influence in the price of bitcoin. Maybe they did at the beginning of bitcoin evolution but not anymore.

Chinese bitcoiners are still enthusiastic but with all of this FUD, everyone might wanna ride to the bandwagon where the FUD creator want everyone to lead their way. China has nothing to do with it and we do still have a lot more countries that is into crypto and not just China, there are still big fish in this story and not just China. Some might wanna hop to the bandwagon but not everyone.

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

China does have a big influence in the price of bitcoin and before the ban they have the biggest volume when it comes to bitcoin trading and so it does have a big influence in the price and after the ban we could still see big volumes coming from Asian countries and my guess is that the Chinese are trading in other Asian exchanges,banning of ICO does not make any difference to the price of bitcoin.

1Referee

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Quote from: lifetimebitcoins on March 03, 2018, 06:51:40 AM

I think China is a huge market because when compared to other countries China more than 300 billionaires.

What has this to do with Bitcoin itself? It's about the major number in terms of their population that makes China a large market, and not about how many billionaires a certain country accounts for. China in every aspect is the largest potential market when it comes to basically everything, but that doesn't mean that it also reflects that in each and every aspect. I was actually quite disappointed in how the volumes on Chinese exchanges dropped to insanely low numbers after the PBOC jumped in, and that for such a massive market. One thing is sure, the market hyped up China to be more of an important factor than it in reality was back in the days. I'm not saying they aren't playing an important role anymore, but their significance is no longer present.

Sahyadri

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There is still an outside influence on bitcoin from China. Even after the crackdown of exchanges and ICO, still the major percentage of mining operation is running in China. Mining, if not directly, can still play a major role in Bitcoin price action which in turn manipulate the altcoin price action. Bitmain has done price manipulation many a times before and most probably can do it again.

However, Chinese market has largely lost their grip over bitcoin price action. Now, major manipulators are from USA and Europe where companies and multimillionaires are entering in cryptos.

Kemarit

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Well they are still trading as far as I know through OTC (Over-the-counter) and up to now they are not yet ban because it doesn't violate any law. But I'm sure that the Chinese are thinking right now how to counter this thriving ecosystem and soon it will be ban as well. And many Chinese did move to friendly neighbors like Japan, South Korea and Singapore to continue their bitcoin trading activity. So I think they still command influence on the ecosystem but not as it used to be. So don't take them out of the equation. They are still as relevant before the crackdown by the Chinese government.

lifetimebitcoins

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I don't agree, with the statement because there is an influence on the Chinese market because there are many people who are bitcoins from China. I think China is a huge market because when compared to other countries China more than 300 billionaires.

el kaka22

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Quote from: haroldtee on March 02, 2018, 07:46:08 AM

Quote from: Lancusters on March 02, 2018, 05:20:11 AM

ICO has nothing to do with the price of bitcoin. Now in many countries there is an active attack on bitcoin users. For example, India's recent ban. This is the second largest country in the world. But at the same time, we see a stable trend towards an increase in bitcoin prices. It seems to me that the price factor of all cryptocurrencies is determined by the strategy of coordinated actions of whales.

You are right bro! Or I would rather say I share the same opinion with you. I feel the attention we are giving to some countries and thinking they have a huge impact on the price of the market is too much and we over hype it most of the time. I like the way you used those words, 'coordinated action of whales'. These are the guys that controls the market as far as I am concerned and they only make use of the news, FUD to create some panic in the market considering how a lot of weak hands are present and how the market responds to news easily. So, I do not believe that China or any other country have any major impact on the price of bitcoin and like I always say, they are just a tiny piece of the puzzle.

All these huge holders have decided to come together to play with the market the way they want and I look forward to the time when there would be a high level of usage for bitcoin and then on every dump they do, there would be so many people willing to take it from them all over the world that they won't have much power in the market anymore, but I want to believe that is a dream that can never come true.

You guys are right, all these fluctuations has nothing to do with the market, the whales are there with the upper hand and the traders and little investors are there to respond to the market.

magneto

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

They definitely still have an impact on the global bitcoin market.

Just because their government has banned bitcoin, does not mean that people are stopping to trade bitcoins altogether. That would make no sense considering that was literally the venture that made them rich in the first place.

They have a more hidden influence right now, though. A lot of the purchasing and trading have now gone to p2p mode, sometimes completely off localbitcoins and only through a network of contacts, even. Others may be trading overseas in different various exchanges. It's not right to discount the Chinese bitcoin community like that, they are still thriving just in a different way.

xuan87

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Wrong, China still got a huge influence in crypto, there are huge volume of users coming from China, despite the government banning, there are still a lot of Chinese investing and involved in crypto, the regulation seems not too effective to contain the investors enthusiasm in crypto currencies

batang_bitcoin

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4

Is this another news for real? It doesn't have any source where we can read if this is an official statement. Since last year, I don't have any interest if there's news about China. Before I'm amazed on how they are contributing to the crypto market and they are one of the biggest movers but I know that until today they are part of it. I'm just annoyed with FUDs or fake news that pointing out their country.

Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Chinese who are in China but they are scattered all over the world and for sure there are big contributors who are outside their geographical location who is/are giving big influence to bitcoin market.

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

we get rid of the Chinese and now we have the Koreans who, by the way, are from Asia and are Chinese neighbors. if one day these Koreans change they mind and ban bitcoin? we must have several countries from several continents that regulate and buy and use very bitcoin, this so that we do not have a great influence of Asia that does not provide us with much security, taking the japan the other Asian countries has constantly changed its positions which does not offer security, with the china was thus. One day they would say something and another day they would say something else and we would hear ban news. We can not trust the countries of Asia so much.

figmentofmyass

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Quote from: TERA2 on March 02, 2018, 07:55:51 AM

That we still hear about Chinese FUD today is laughable.

china is still a major geopolitical power. the perceived legitimacy of BTC and crypto in the eyes of major governments definitely affects confidence in the markets. that should come as no surprise.

Quote from: gentlemand on March 02, 2018, 09:43:25 AM

Depends on whether the Chinese were able to migrate to other exchanges. I'm not convinced they could. There basically is no Chinese market any longer but there still is a lot of Chinese money.

the OTC market is massive compared to last year:

the jump in volume lines up with the exchanges shutting down withdrawals last year. nobody's stopping OTC traders from sending their coins overseas. seems like the chinese exchanges all moved to hong kong, not sure on the volumes though.

Quote from: gentlemand on March 02, 2018, 09:43:25 AM

And there might be further scares about Chinese mining. That might cause a blip but ultimately it would be the best possible news for Bitcoin's overall health if they made an orderly exit.

i think lots of chinese hashpower has already moved outside the country. they're probably still using chinese pools, though. if the government came down on miners and pools, i think the drop in hashpower would be less drastic than people think.

GoldenLad

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The Chinese government may have banned ICO and cryptocurrency in their country but I think some citizens are still engaging in ICO or investigating in cryptocurrency probably using the Japan exchange or using exchange that does not require KYC verification. And right from the onset, I don't think the Chinese market has an influence in the price of bitcoin. Maybe they did at the beginning of bitcoin evolution but not anymore.

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

It wasn't the ICO/exchange ban. The Chinese government began investigating the exchanges in January 2017. At that time, all the infamous volumizer bots were shut down. Huobi, OKCoin, and BTCC halted all cryptocurrency withdrawals in February, and after that, a massive disparity between Chinese and Western prices developed, because China didn't reflect the true price.

After this, everyone stopped paying attention to China.

Quote from: Lancusters on March 02, 2018, 05:20:11 AM

ICO has nothing to do with the price of bitcoin.

They are indirectly related. You need to buy into base currencies like ETH and BTC to invest in ICOs, which increases demand and lowers supply for the base currencies. And all altcoin markets are highly dependent on BTC price action.

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Quote from: gentlemand on March 02, 2018, 09:43:25 AM

Depends on whether the Chinese were able to migrate to other exchanges. I'm not convinced they could. There basically is no Chinese market any longer but there still is a lot of Chinese money.

And there might be further scares about Chinese mining. That might cause a blip but ultimately it would be the best possible news for Bitcoin's overall health if they made an orderly exit.

I think that most of them did move. Mostly to Japan. If you were watching the markets at that time, and i'm sure you were, you could notice that not long after the Chinese exchanges have announced that they'll have to shut down, the volume on Japanese exchanges have multiplied, making them the leading market. The money must have come from somewhere and the most viable explanation is that it came from the traders that used to invest on the biggest Chinese exchanges. It wasn't that difficult for them to move some cryptocurrency from one address to another and register through a local, Japanese entity, a proxy.
I believe a lot of them also migrated to Hong Kong and set up accounts on various exchanges from there, since there were no laws restricting them from doing it and the money was just too good.

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

The action just shifted from China to Japan and South Korea, after the Chinese government effectively shut down exchanges in late 2017. We should however not underestimate the influence of Chinese investors, as a significant percentage have stayed invested through Korean exchanges and in offshore exchanges. The good point is that rumours emanating from China have stopped moving the market, because they think the government's stance can't get any worse.

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True i strongly agree with what the op says. According to my analysis they have made it hard for the whole development of crypto especially Bitcoin. Bitcoin is their primary target to be killed slowly. This condition is in the end more disordered when china only supports her son named suNeo, Neo is the only one the coin is considered legal and fully supported by the Chinese government it is no wonder if Neo occupy the first rating in the exchanges china .

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Chinese New Year kept being mentioned for the last few weeks. I really didn't see why it should have very much affect on Bitcoin prices. I don't know what is influencing the price now. Because I suppose something must be. It seems to be hovering ready to crash or soar.

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Quote from: AICoin_Official on March 02, 2018, 05:10:42 AM

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

NO, China has one the biggest volume of bitcoin and it really can influence the global market. I believe there are very large numbers of investors coming from China. Their government is uncertain whether they should embrace crypto or not but they are pretty much interested in studying blockchain technology, despite of the FUD Chinese still love crypto I believe.

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