Topic: Reports of China Banning Bitcoin Are Greatly Exaggerated - page 2. (Read 1585 times)
Rumors had it all as almost 50$ impact was taken and fall back was due to panic created by the report but luckily the rumors are put to thrash and bitcoin is on the way to recovery and 700$ trading at it. Only thing is that is is also a resistance level and if it stays and hover around for couple of days we can see upside form here or else 600$ can also reach considering the US elections is on the way.
It all started with that article on Zerohedge. Bad bitcoin news always travel fast, like wild fire. I read some comments on Reddit suggesting that Zerohedge is trolling bitcoin to find a good entry price.
Anyway, until we will see some solid proof, confirmation or action from the side of Chinese Government this news remains only an unfounded rumor.
Link to Reddit discussion thread: https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they
Anyway, until we will see some solid proof, confirmation or action from the side of Chinese Government this news remains only an unfounded rumor.
Link to Reddit discussion thread: https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they
On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.
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it should now even be called "news" it was a rumor and why do you think it came out on that particular time right after the rise! it was because market was ready for a drop after the rise and it needed some kind of rumor spread to bring the price as low as possible for maximum profitability and obviously enough we are back above $700 again.
not exactly like that but yes.
you see they are not just some random blog posters. you see these kinds of news (rumor, FUD, Hype) start from some of those big news sites like cointelegraph and coindesk which have been known to do this kind of naughty posting.
and also it is coupled with the timing, the time was at the peak of the price and people were ready to sell which created a dump.
the good news is that all these effects are temporary.
This is partially what China did before in 2013. I suppose they could do it again. Say as in the past that btc to btc trading is allowed but not allow miners to have Bank Accounts in China.
or Exchanges to bank in China.
It is likely to be so with all the other controls. This is easily gotten around by miners and folk who know bitcoin...but likely would stop the flow of what i see as lately newbies flooding bitcoin
so new adoption wise it would slow imho.
Always remember China is a Communist Country that plays at Capitalism. If it ever is a choice they will flush the economy to save their power as a Communist party...
But again ...they have lots of other controls in the works on paper that may be lame. This could be one more flag waving example of such......unworkable...but could change the 'tone' of
how btc is accepted and talked about in China..and again.....all them nice newbies that are flocking to us was (is) nice...but again imho it will happen, but not as big a deal as folk make out.
As usual hope I am dead wrong.
or Exchanges to bank in China.
It is likely to be so with all the other controls. This is easily gotten around by miners and folk who know bitcoin...but likely would stop the flow of what i see as lately newbies flooding bitcoin
so new adoption wise it would slow imho.
Always remember China is a Communist Country that plays at Capitalism. If it ever is a choice they will flush the economy to save their power as a Communist party...
But again ...they have lots of other controls in the works on paper that may be lame. This could be one more flag waving example of such......unworkable...but could change the 'tone' of
how btc is accepted and talked about in China..and again.....all them nice newbies that are flocking to us was (is) nice...but again imho it will happen, but not as big a deal as folk make out.
As usual hope I am dead wrong.
On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.
~~
~~
it should now even be called "news" it was a rumor and why do you think it came out on that particular time right after the rise! it was because market was ready for a drop after the rise and it needed some kind of rumor spread to bring the price as low as possible for maximum profitability and obviously enough we are back above $700 again.
On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.
~~
~~
it should now even be called "news" it was a rumor and why do you think it came out on that particular time right after the rise! it was because market was ready for a drop after the rise and it needed some kind of rumor spread to bring the price as low as possible for maximum profitability and obviously enough we are back above $700 again.
As many have speculated there will be some price correction after this almost 15% price pump within last few week however price correction came after this chinese FUD. This have stopped the price growth this time however market may need some rest to see another pump again.
Hype/FUD is everywhere and whales always try to play with sentiments of weak hand traders and from this hoax they have successfully fooled the weak hands who sold their bitcoin to whales (strong hand) in cheaper price. Even the news without any source made a big impact on market which has even become reason for others to panic.
Hype/FUD is everywhere and whales always try to play with sentiments of weak hand traders and from this hoax they have successfully fooled the weak hands who sold their bitcoin to whales (strong hand) in cheaper price. Even the news without any source made a big impact on market which has even become reason for others to panic.
Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.
This is my theory. The news has supposedly caused a minor sell down but due to that sell down trading bots' stop losses were hit on the way down causing the price to go down further and then causing more trading bots' stop losses getting hit and it moves the price down again causing another cycle. Look how fast it recovered after that and Bitcoin is now at or above $700 again.
Naturally people will sell if they think it have a good price however to the price drop 5% it's a lot of sellers over there, maybe some big miner or crowdfunding selling their coins? Well, don't know how much was selled to the price goes down.
Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.
This is my theory. The news has supposedly caused a minor sell down but due to that sell down trading bots' stop losses were hit on the way down causing the price to go down further and then causing more trading bots' stop losses getting hit and it moves the price down again causing another cycle. Look how fast it recovered after that and Bitcoin is now at or above $700 again.
On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.
https://news.bitcoin.com/reports-china-bitcoin-exaggerated/
Nope, but I just caught it about the rumors yesterday, Somehow the people are overly given any feedback for that news. https://news.bitcoin.com/reports-china-bitcoin-exaggerated/
Probalbly put there by some whale to manipulte the price it would not surprise me at all , 
This is just the market readjusting the price, at the last year on a similiar time bitcoin growed around 50-100 dollars, i dont know but the only reason for me is big miners or holders does wanna to buy gifts with bitcoin and soo they pump a bit bitcoin, its wizzard to see it loosing value, but those fake news might had affected some people that dumped their coins.
I doubt that particular article was really the cause for this recent dive. People couldn't possibly be that stupid to believe such baseless, exaggerated, and practically nonsense "news". Probably just one of all the many factors, if it even had any effect at all.
I share the same opinion about this speculation. First i noticed the dive, i checked reddit to find a possible explanation and saw the whole "CHINA BANS" fiasco and went to sleep thinking when i wake up the price would be back to normal.But a day later now and the price is still around 695, meaning the false ban claim had little or nothing to do with this dip in the price.
I doubt that particular article was really the cause for this recent dive. People couldn't possibly be that stupid to believe such baseless, exaggerated, and practically nonsense "news". Probably just one of all the many factors, if it even had any effect at all.
I'd be more inclined to believe that some "major" group/holder of bitcoin started the hype to pump up the price, then finally sold. Of course, people would keep following suit afraid of missing out on either or both.
I'd be more inclined to believe that some "major" group/holder of bitcoin started the hype to pump up the price, then finally sold. Of course, people would keep following suit afraid of missing out on either or both.
Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.
Panic sellers that's who. And there are a lot of them in the Bitcoin community. But we shouldn't blame them for bringing the price down because fear mongers are artfully manipulating the market to their hearts desire and people follow them around like sheep. It just so happens that Bitcoin's price is very susceptible to the slightest of manipulations
I used the drop as a way to buy a little more bitcoin. I'm not sure who is looking at news like that closely enough to react to it. Maybe since there is relatively little news out there, they jump on anything they read.
People shouldn't believe anything they hear. Some people start saying that Bitcoin is dead now (again), bla bla bla! China will impose some limits there for Bitcoin transactions but won't ban it from the country. No reason for fear, just buy Bitcoins now and make some profit soon, when the coin price increases again.
It is peoples fault for not researching, and yes they should have confirmed the news and not believing what they heard. I was a bit surprised when I heard from a friend that China is banning bitcoin again so I made a search on the net, there is no news from China that they are banning bitcoins again instead they are considering imposing capital control on bitcoin. This is far from banning let alone it is still in the process of thinking.
People shouldn't believe anything they hear. Some people start saying that Bitcoin is dead now (again), bla bla bla! China will impose some limits there for Bitcoin transactions but won't ban it from the country. No reason for fear, just buy Bitcoins now and make some profit soon, when the coin price increases again.
If someone had the right connections, they could definitely spread a rumor like this and profit heavily off the FUD.
Moving the price of Bitcoin by $20-50 can make a ton of profit for someone with millions to invest in the Bitcoin market.
I do not doubt that people would use such tactics.
It does concern me a bit that the market would move so much on a baseless rumor.
Welcome to the Bitcoin market lol. Everyone will buy or sell at the slightest mention of something, and a lot of the time those patterns can be exploited and you can make a lot of money off of shorting Bitcoin and spreading those rumors. I doubt it's uncommon to be honest, knowing the community.Moving the price of Bitcoin by $20-50 can make a ton of profit for someone with millions to invest in the Bitcoin market.
I do not doubt that people would use such tactics.
It does concern me a bit that the market would move so much on a baseless rumor.
Keep in mind a lot of minor rumors have been revealed to be true in the past...
It a great time to spread some fud if you are into that thing,people freak and sell,you buy and they jump back in and the price continues to climb.
Winning as Sheen would say and it just happens to be so easy to stimulate by using this forum or facebook.
Chase the carrot.
Winning as Sheen would say and it just happens to be so easy to stimulate by using this forum or facebook.
Chase the carrot.
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