What role did China Play in the current market declines.

Yamifoud

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Quote from: Kprawn on November 24, 2019, 01:08:16 AM

This thread can be closed. The article (3rd of November) referenced here states, " Bitcoin soared from $7,500 to $10,500 in just a few hours

following Xi’s remarks. " and that is simply wrong. The price did not go up, but rather went down, after the same government made negative

statements. Roll Eyes

We once again see Forbes posting this --> https://www.forbes.com/sites/billybambrough/2019/11/22/stark-china-warning-causes-bitcoin-to-suddenly-crash-10-as-other-major-cryptos-nosedive/#22250c7c53d4

You have to wonder how many bitcoins Forbes has in this game. Huh

It probably I have to lock this one cause it is clear and (might) everyone knows that isn't only China is the reason for this fall. Many factors could affect and give influence to the market flow but somehow we are just focusing on China.

May people could clear out their mind that this all totally in nothing with the correlation of banning crypto in China but instead, it is purely in market demand.

Kprawn

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This thread can be closed. The article (3rd of November) referenced here states, " Bitcoin soared from $7,500 to $10,500 in just a few hours

following Xi’s remarks. " and that is simply wrong. The price did not go up, but rather went down, after the same government made negative

statements. Roll Eyes

We once again see Forbes posting this --> https://www.forbes.com/sites/billybambrough/2019/11/22/stark-china-warning-causes-bitcoin-to-suddenly-crash-10-as-other-major-cryptos-nosedive/#22250c7c53d4

You have to wonder how many bitcoins Forbes has in this game. Huh

Astvile

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Sudden price declines is normal in bitcoin. No one and no country should be blame if there are some price declines that happened. China is always blamed by many people for price decline even though they know that bitcoin is really versatile that this stuff always happen. You should blame the versatility not China.

akirasendo17

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china for me has nothing to do with the decline of bitcoin, these past days, as we know china is one of the largest miner of bitcoin
at the same time , they are pushing to digital currency, i think the community has already learn how to play and trade, they know what is really happening
and they know what to do, if you will check on coinmarketcap same month and days bitcoin plummet then recover going to december,
so what is happening today is just a cycle and will get to like 10k usd by the end of December, so don’t panic

btc78

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Quote from: Yamifoud on November 23, 2019, 05:24:47 PM

For many of us are blaming China as the main reason for the current downfall trend we have experienced today but somehow it gets into my attention and changes my insights upon reading this one https://www.forbes.com/sites/cryptoconfidential/2019/11/03/bitcoin-spikes-as-china-embraces-blockchain/#2bafc66015c8.

It may be we couldn't make a conclusion pointing out China for the declining market just base on what they did before. I believe this all market changes because of its volatility features.

any thoughts...

i believe that this is just another correction and not about Chinese being blamed again,why always pointing fingers to china every time market changed? does the president of this country talked good about blockchain recently?stop blaming them instead let us help grow the market by purchasing cryptos not only bitcoin but all the legit currencies .

Kyraishi

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Quote from: Yamifoud on November 23, 2019, 05:24:47 PM

For many of us are blaming China as the main reason for the current downfall trend we have experienced today but somehow it gets into my attention and changes my insights upon reading this one https://www.forbes.com/sites/cryptoconfidential/2019/11/03/bitcoin-spikes-as-china-embraces-blockchain/#2bafc66015c8.

It may be we couldn't make a conclusion pointing out China for the declining market just base on what they did before. I believe this all market changes because of its volatility features.

any thoughts...

Let's stop putting blame on singular entities when any movements in the price occur, it's annoying and doesn't make sense, honestly.

The recent price drop was likely not even related to what happened with Binance and China, their offices got raided by the government several weeks ago and it doesn't make sense why BTC would drop weeks after it happened.

Likely comes down to a lot of things, China's not the only one to blame here.

nancy

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China is really important for crypto, so bad news from China are always hurtful for market and can cause really big drop in the price

felicialee

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China’s economy is already slowly declining, which is in sync with the global economic downturn. The Chinese economy has played a big role in the global economy. In particular, the Sino-US trade war of this year has caused different degrees of negative impact on the economies of China and the United States. The impact on the global economy is obvious. https://www.pngitem.com/middle/iiowmxh_nukapedia-the-vault-china-vs-usa-fallout-hd/

CryptoBry

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Quote from: Darker45 on November 23, 2019, 10:22:32 PM

What puzzles me is why the crypto news and publications are putting too much weight on anything that is happening in China, attributing almost every significant movement of the whole crypto market to the country and their vague decisions. Are we not tired listening to these china-centric stories and articles?

In 2017, China was one of the most influential factors why Bitcoin went up and down all because the market had been listening to many things happening in that country and consumed almost every press release coming from the government relative to cryptocurrency. I hated it at that time because I knew then that the industry was effectively hijacked by China, and we became like a toy to them. And now, sadly, we are again experiencing that big pull of China. You could not blame me if I would conclude that we are still in an immature market that can easily be swayed by false news and innuendos. We should not allow China to be the biggest factor why Bitcoin go up or go down, that is actually an insult to say the least.

joniboini

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Quote from: Darker45 on November 23, 2019, 10:22:32 PM

What puzzles me is why the crypto news and publications are putting too much weight on anything that is happening in China, attributing almost every significant movement of the whole crypto market to the country and their vague decisions. Are we not tired listening to these china-centric stories and articles?

China and the US are two countries that are considered giants and what they do will always 'thought' to be affecting the price of those assets.

Literally any ups and downs that happened are not directly caused by them, but by the sentiment of the market which sometimes is irrational. That's just the way the market is. Either use that for your advantage or get rekt.

Darker45

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I think we are giving China too much attention. The market is big there, yes of course. But the potential is questionable though.

What puzzles me is why the crypto news and publications are putting too much weight on anything that is happening in China, attributing almost every significant movement of the whole crypto market to the country and their vague decisions. Are we not tired listening to these china-centric stories and articles?

When the price is dumping, it is because China bans this and that. And then the price is rising again, it is because the Chinese courts are seemingly deciding in favor of crypto. But when the price is again going down, it is because there is another batch of crypto crackdown in china. But then again the price has risen after that, it is because the chinese president says this and that. The price drops again, it is because China orders closure to an exchange or two. This could actually go on until forever falsely believing that china is the god of crypto.

Beparanf

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Quote from: Tipstar on November 23, 2019, 06:52:55 PM

Bitcoin price is highly volatile and we just need a small spark to make it rise high or fall low. The development in China led to the price crash and now the market is recovering but it would be difficult for it to get a good price as price has always decreased between Christmas and Chinese new year.

The season is the only reason for the decline in price, I don't think it's always about China. The market is volatile itself and it can't be controlled by the Chinese news everytime there is happening in crypto.

Murat

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When the President of China has declared that Blockchain is a good platform for an invention then the Bitcoin price has raised within a night and people started to think that China may be accepted this platform for their own purpose because The USA has declared that Cryptocurrency and Blockchain will not be allowed, but in recent time, What is going in China? I don't think there is anything related with China for declining the price, so if there any proper evidence then we may blame someone but there is nothing we get, so we have to think that It's a normal issue and price volatility is a common scenario of this cryptocurrency platform.

Tipstar

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Bitcoin price is highly volatile and we just need a small spark to make it rise high or fall low. The development in China led to the price crash and now the market is recovering but it would be difficult for it to get a good price as price has always decreased between Christmas and Chinese new year.

Baofeng

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I think China did play a big role in recent weeks:

The President of China issue a statement last October 26-28, and said to seize the opportunity and take the leading position as far as moving forward to the future with blockchain technology, so it seems that they have made a U-turn and embrace bitcoin again. The result? bitcoin prices surges ahead to $9k and we even recorded as high as 12% increased because of this.

But in recent days, lots of negative news did originate from China, specially that so called Binance and Bithumb office raid that really a dent on the price, pulling the price below $7k.

So it looks like the pump doesn't look organic and someone entity behind did something with the China news to fuel FOMO. And as the dust settled, we might partly blame what had happen in the market to China in the last three weeks or so.

minersday

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Quote from: Yamifoud on November 23, 2019, 05:24:47 PM

For many of us are blaming China as the main reason for the current downfall trend we have experienced today but somehow it gets into my attention and changes my insights upon reading this one https://www.forbes.com/sites/cryptoconfidential/2019/11/03/bitcoin-spikes-as-china-embraces-blockchain/#2bafc66015c8.

It may be we couldn't make a conclusion pointing out China for the declining market just base on what they did before. I believe this all market changes because of its volatility features.

any thoughts...

China is never the reason behind the current decline in the market value of Bitcoin. This is not the first time the market value of Bitcoin has dropped. Price fluctuation is known to be the nature of bitcoin due to the fact that the market value of Bitcoin is always determined by traders in the ecosystem of bitcoin. This is just a way to spread FUDs to cause weak holders to sell their bitcoin. There are no strong evidence to back the claims behind China cause this drop.

tsaroz

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China was just requesting it's citizen not to overhype about the statement made by the Chinese president. Everything were going normal and president Xi talked good about blockchain technology and cryptocurrencies. People thought he's rooting for bitcoin and went on buying bitcoin and other popular alts like crazy. The authorities than issued the warning for anyone trading. That had an even more negative results to the price. Overall it's not a big issue and soon the things would get as were before.

btc_angela

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If you look at the article, it is old, penned on November 3 wherein we haven't seen more drastic changed because of the Binance allegedly office being shutdown by the Chinese government. And this is the reason why we 'artificially' see the price spike from $7400-$9200. Everyone thought that since China declares pro-blockchain, they are going full crypto again, and yet, Stark China Warning Causes Bitcoin To Suddenly Crash 10% As Other Major Cryptos Nosedive.

gantez

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I think the news from China is suppose to be a catalyst for growth but you know cryptocurrency is different from cash trading known as forex trade that has ties with economic indicators. If we also remember in 2017, when China made the ban, the market didn't crash but continued to plummet till an ATH. I think the news takes time to move in the suppose direction.

Yamifoud

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For many of us are blaming China as the main reason for the current downfall trend we have experienced today but somehow it gets into my attention and changes my insights upon reading this one https://www.forbes.com/sites/cryptoconfidential/2019/11/03/bitcoin-spikes-as-china-embraces-blockchain/#2bafc66015c8.

It may be we couldn't make a conclusion pointing out China for the declining market just base on what they did before. I believe this all market changes because of its volatility features.

any thoughts...

Topic: What role did China Play in the current market declines. (Read 216 times)