Topic: Why China news has so much influence on the price of Bitcoin? (Read 1403 times)

China is technologically advanced, their goal is to be a global leader financially. It is unreasonable to assume that they will not reserve Bitcoin.If they secretly reserve Bitcoin, no one has a problem with it. But if China tries to have any negative impact on Bitcoin, it will not succeed. Because the world has already got a good idea about the tuture of Bitcoin.

The country has repeatedly discouraged its citizens from using Bitcoin and Bitcoin is illegal in that country. Due to this kind of behavior, the bitcoin world no longer looks at them favorably. The common people have learned that no one will have any opportunity to control Bitcoin if they want. Therefore, China will not be able to have any negative impact on Bitcoin in any way.

bestcandy, Samlucky O did you guys notice that this thread is from 2014? I was confused reading this because China news haven't had any influence on the BTC price in a very, very long time. At first I didn't check when this thread was started, but now I understand what's wrong here. This is bogus.

To me, China  is one country that are business minded and can go extra mile in terms of investment. I believe they have alot of money in bitcoin as a reserve asset, but may not publicly poblisize it like others did. No doubt the spike in bitcoin price lately has increased the level of bitcoin adoption as or like never before. I believe this adoption is not only in China but applicable to many other countries. The quest to be recognised as a public figure in the world by China has made them invest in all kind of business including bitcoin. So in summary, China HODls alot of bitcoin and each news about bitcoin will surely affect bitcoin price because any rummor or speculation will create a panic Among them and the fear of missing out will make them sell and dump the market, or buy to increase the market as well.

China is one of the countries in the world that has so many financial capacity investors that are ready to invest in any business that is economic feasible like Bitcoin. And this investor maybe proposing on the right time to go into Bitcoin investment. Considering the financial capacity of china I don't think if there is any business in the world today that can strive perfectly without involvement of china because they are always willing to invest. So therefore considering the financial status of china and their zeal for business and investment, I believe the influence of china to decrease or increase in the price of Bitcoin should not be undermined.

Because China is wealthly nation, with lot of cheap Us dollars from their exports, and wealthy chinise financials can move the market.

Because people overestimate the amount of Chinese bitcoin holders. Their only measure of adoption in China are the trading volumes which is ridiculous because chinese exchanges have 0% fees vs western exchanges which have more than 0.20%. They try to compare chinese vs western exchanges and conclude that there is a large number of chinese holders. However, the community rarely points this out and so I think people are just really overestimating. This is evident when BTC China raised their fees. Suddenly it looked like a ghost town. You can just look at this and decide for yourselves how overly exagerated the volumes are before BTCchina raised fees. https://bitcoinwisdom.com/markets/btcchina/btccny

Is there a coinmap.org for China? How is the merchant adoption there? How large is the chinese bitcoin community and where is it?

You see, it is hard to tell and we could only look at the trading volumes which is extremely misleading. The bitcoins just go back and forth to the same people which gives the impression of high volumes and then people outside China think China is such a big player.

It may also be possible that the market is repricing the world of Bitcoin without the other 1.3 billion Chinese, approximately 19% of the world's population. The price is now down 62% from mtgox and China. Will it go any lower? Possibly but I doubt it will be further down. The numbers just don't add up.

The third point I'd like to make is that people attribute the run up to China when in fact there are more significant events that caused the last bubble. These include the "cleansing" Bitcoin gained after the Silk Road bust and the official US Senate hearing which was a huge event to clear up legitimacy of Bitcoin. All eyes were on Sen Carper which turned out to be really positive and then prices got really crazy.

panic rocks, buy

I continue to believe in the future of bitcoin.
Besides the bitcoin I think there are several coins have a longer life.
What do you think?
Give your opinion!
 

They finally should ban BTC in China so we can go forward... It´s like China is the new Gox, the new cancer of Bitcoin...

OMG! 
Oh, no. I don't kare.

Because shadow currency trading is a trillion dollar market in China. When Chinese Bitcoin exchanges became popular, there were hundreds of chinese millionaires already waiting to pour in. These people have no knowledge of bitcoin fundamentals and simply bought in because it was another instrument to trade. Due to the sheer size of these investors, they were able to raise the price 1000% immediately, almost all on their own. I'd say maybe there was a 200% due to bitcoin developments and 500% due to China (200% x 500% = 1000%), so the price became artificially inflated by 500%. If China can no longer trade bitcoin in a significant volume, then the whole 'Chinese bitcoin bubble' needs to deflate. To say that China shouldn't move bitcoin price is like to say that the water should not flow downstream. None of the recent prices or price movements have anything to do with the fundamentals of bitcoin. It is all a sheer numbers game, where the numbers in the east were 10 times more powerful than the numbers in the west. . Bitcoin was the victim of a ferocious parasite.

Blame panic sellers. Always their fault.

Panik = Panic.

Chrome gives you an automatic spellchecker, by the way.

China has a lot of People, so there are a lot of potential panik-sellers directly influenced by China-Laws and since People know that the Price goes down, when there are bad News from China, there are also a lot of panik-sellers from other countries

China has money, a lot of money. The spike in November showed us what China could do once they started gaining interest in Bitcoin and started buying like there was no tomorrow.

Some say, because China has bought a big amount of coins, they can now control the market a decent amount and they are the reason of the sudden price changes. Some say they own so many coins and want to own more for the future that they on purpose announce these "btc banned today in china" etc to make others (mostly panic sellers who daytrade) sell their coins when they think price is tanking so that the chinese can buy them off cheaper and raise the price again. Doing this several times makes them gain more and more bitcoins on a weekly basis. By "them" I don't mean all the chinese people but some of the big bagholders.

Best thing you can do with btc is to hold, in my opinion.

When prices were 1$ each, people that had bought in at 10 cents each probably sold and lost a big amount of coins, some maybe bought at 1$ and sold at 50cents cause they thought btc was dying, this way people who were controlling the market back then gained more and more coins.

BTC is a long time investment project for me, I won't be selling any time soon if at all (if btc becomes available as a use of payment for the daily basis).

Some say we have missed the "get rich quick" train a couple years ago, some say this is still the early days of btc. No one can know exactly, but I try not to look at the price from a day to day basis as it makes me stressed for no reason, since most of my coins are in a cold wallet anyway and I won't be touching them for a couple of years at least.

It's all just down to the level of panic selling involved. Obviously rumours from China seem to hold much more weight than others.

Can someone explain to me why each message has much influence on the decrease / increase of Bitcoin from China.
Indeed, there are many positive messages that do not have much influence on the value.
China has so much influence?