Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17756. (Read 26608317 times)

So I'm quite staggered at the lack of panic selling. Ok, we had a $100 drop, which wasn't great, but why isn't it more?
It suggests that there are plenty of Chinese speculators who are 1) Happy to pick up BTC and LTC and let them sit on an exchange for a MONTH before they pull them out, or 2) Who are hoping for a short-term bounce before they cash out, or 3) Who are terrified of withdrawing as fiat due to AML regs.
2) Doesn't ring true for me as I wouldn't expect enough people to support price here, and it's a very risky game.
Anyone have any insights?

No disaster indeed. Bottom is holding. Screw the manipulators and bankers.

What disaster? PBOC influence on bitcoin is diminishing every day now. PBOC measures imposed on Chinese bitcoin exchanges are more drastic but price is less impressed with every intervention. PBOC are rapidly depleting their anti-bitcoin ammo. They must be veeeeeeeery careful in regard to bitcoin or they'll be the first central bank bankrupted by bitcoin!

China is awake for hours, but where's the tragic dump?

It's about time for another healthy dive imho.
First target in the high 800s.


EDIT: 970->950$ already, watch out for breakdown of critical 930-935$ area.

At time of writing is 7.18 am in the UK, 2.18 am in New York and 3.18 in Bejiing and I see no explosions. Lawyers and co. must be having a nap or this is just another small dump that will eventually be eaten by the Masterplan 

Yeah, first PBOC's ban happened in 2013, and the price crashed from 8000 CNY to 900 CNY. The second ban happened one month ago, the price crashed from 8888 CNY to 4900 CNY. The third ban is this time, from 7500 CNY to 6300 CNY. We are almost immune to China ban. We will overcome it eventually, in the future, the price won't crash a lot if the 4th ban again. 

I dont think the market really cares about china...speculators use the china news as a good excuse to dump and try and buy back lower. but at the end of the day, once the news is over price floats back up.

I sold a few when i heard that PBOC was making bitcoin leveraged trading illegal, i thought this would have a profound impact on BTC demand and price would drop, and then price just kept rising...  then volume in china went down by like 80% as they added fees, still price kept going up! probably because, the "chain bans bitcoin" news had already served it purpose, the fact that BTC demand went down in china had no impact cuz no one actually cares about that, all they care about is making sure price is low while the scary headlines are flying around.

so, i think market is (rightfully so) saying price is low and will go higher, REGARDLESS if china bans bitcoin or not, but it would be a shame not to grab cheap coins while there is scary FUD.

If you are serious about preventing it, you don't allow citizens to export 50k usd per year... especially in a country with >1bn citizens Or you don't allow the buying of gold with unlimited quantities of CNY (which is like converting your local currency into an international asset and leaving the central bank of china to deal with gold imports and usd outflows)

I think the currency issue is exaggerated by sites like zerohedge. Meaning that even if CNY goes down, then chinese stuff become cheaper, exports increase (a lot) and there is a growing volume of USD inflows due to increased exports which then reinforces the balance of CNY/USD. There's a natural equilibrium in situations involving flows of capital, currency values and trade balances - and as long as you are a serious net exporter (China is), it's unlikely that many things can affect you.

The only argument I've seen about how China's reserves of 2-3 trillion usd are somehow "inadequate" is that they are only a small fraction of the local currency. Lol? Supposedly this is somehow "scary" if all Chinese wanted to convert their CNYs into USDs and the USDs run out.

Yet, this can only happen through some kind of international media campaign to undermine the CNY through FUD. And there is such an ongoing campaign both in mainstream and alternative western media. Even bitcoin-related news use false narratives (like "people are using BTC to bypass capital controls) regarding the CNY weaknesses etc etc, to artificially create runs to foreign currencies. Of course, if these gain traction, they become self-fulfilling prophecies. It's like bank runs. When people hear the X bank is unsafe, even if it isn't, they might move their money. And then when sufficient momentum accumulates by people moving their money, the bank actually becomes problematic and then the news stories are "vindicated" for reporting it early.

I've said it before in here, that I really am suspicious of everything we read and hear regarding the PBOC. China and its people are excellent manipulators of currency, and I don't believe Bitcoin will be any exception. There almost seems to be a pattern with their little episodes regarding the exchanges and the banks..... and these out of the blue announcements..... hmmmm 

But BTC is to resilient nowadays 

When the price reaches the old ATH again POBC will regulate the other exchanges and the price starts tanking again..

Small steps until they regulated all exchanges, then i hope the west takes over.

The "China Syndrome" doesn't seem to have the same effect anymore. At least lately. There is steady demand for it BTC and the supply was cut in half.

And the Alt coin markets have faired well through the recent rise and now this fall.... green candles on most of the major Alts   For me, Alts are a reflection of where BTC is.

I think BTC price is stable and will rise as are the Alts. I know typically Alts will rise when BTC falls and visa versa.... but no real changes in the Alt markets other than steady and up  

True. We should be above 1030 within 5 days.

There was serious demand building and chinese aint the only ones buying.

Market seems to be on hold to see how serious the news really was

The drop to 970 was the first I noticed.... Despite feeling deflated, I decided to NOT read this thread as part of me thought we'd drop to the 700s and didn't want to exacerbate my pain with Doooooomsayers!!!. I woke up to see we're still there. I haven't sold any I have no plans to. I'm a bit gutted I didn't buy a holiday with Bitcoin yesterday (which is still a plan... but now the holiday is more expensive).

Bitcoin exists to prevent the very problem that we are experiencing now: Someone else telling you what you can and can't do with your money! In reality this should be driving th price up. Not down!

Thanks for that.  It is nice to hear about actual experiences of folks in regards to ATMs, especially since I don't actually use those ATM services.

Regarding the "Deloitte" ATM, yes that seems to be quite a low daily limit and then to require an ID.. so yeah if it is a bit out of your way, it might not be worth the time, and I imagine that if they require some kind of ID, then you have to input that ID, every time that you use their machine - since they are not likely issuing you some kind of membership or a frequent flyers card or anything like that.

It is officially 10:00 am in China so has the bitcoin price exploded yet?

$970.45 showing on blockchain.info -2.95%
Bitstamp
CurrencyUSD – United States dollar
Coinbase   —   —   —
Bitfinex   970.02      -2.38%
Bitstamp   970.46      -2.95%
BTC-e   950.00      -4.46%
LocalBitcoins   1246.91      -0.72%

It has got to go up to $1000 by 10am their time.
If it doesn't you know something is up and there is dumps to be had through out the day at a feverish rate.
By the time the West wakes up it will be a disaster.
Do not sleep tonight and watch the disaster happen live.

Obviously "TeeBone" just dropped his stake...  

Dead cat bouncers were invented for those who got caught up in the hype No excuses to not bail out now.