The public bank of china or whatever they call it, has already made their statement about how they want to make bitcoin more stable and less prone to scams in the exchanges (which ironically triggers a panic sell). Now the have used this to trigger this crash, after this is done and exchanges become officially regulated, the panic selling should be over and the price will continue climbing. Looks like we may be finding a bottom soon. It may be 790 or may be not tho. So gamble on.......
If that is the case then good. We don't need a fake price floor just to be considered that bitcoin price is really high. The moment bitcoin breached the $1000 price, many people expects that it will go straight to $2,000 above thinking strong foundation has already built around the said price which is really not.
But for me, don't sell for panic profits. Just do holding even the price will decrease more. Eye for a long term one and not for a quick profits.
I don't think that the chinese government is going to find anything juicy when inspecting the exchanges. Sure, the chinese are prone to creating huge scams and they want to get as much money as possible at all means, but they are not stupid, they know that the day of regulations would come, this is not 2013 again, they know the precedent now, so any of the big exchanges wouldn't risk getting everyone in jail over this. Im sure there is not an huge volume scam going on, maybe some of it is fake, but the main china exchanges should be legit. If they aren't well, I hope we'll see further dips, but better now than later.
