Bitcoin Forum

https://coinmarketcap.com/currencies/bitcoin/#markets

It is because of news that China want ban crytpo exchanges:
https://techcrunch.com/2017/09/08/bitcoin-price-drops-following-report-that-china-is-going-to-shut-down-local-exchanges/

wow, i wish i could buy it from there.

i swear if i knew this would last long enough i would have bought a plane ticket and traveled to China just to be there and buy bitcoin as much as i could and came back.

this opportunity should not be missed. it is a great discount.

I thought that this is fake news? Everybody would really love to buy from this dip and we all hope that we are in China to buy loads of bitcoin and be a bag holder. LOL. But again, they are not totally banning exchanges but rather local exchanges that supports ICO. I also read news that they are not totally banning ICO but are just putting a tighter regulations to protect its citizens. But I guess, the damaged is made already because the price plummeted to $4300.

Unfortunately I am not even registered nor allowed to trade in these exchanges :'( This could be a lovely arbitraging opportunity for those who have access to these Chinese exchanges. Currently sitting at $3900 a piece right now, but it seems that the fire has already been extinguished and momentum has been shifted to the positive.

There it goes!
We all do want to buy at that price but it seems like the investors from China will have problems selling it in this very low price.
What if they have just bought it at 4k dollars. That is a hurtful amount of dollars lost and will be hard to get it back.
I would rather get out of this country if I have lots of bitcoin.

Chinese must be unloading their shares of Bitcoin and it is about time for the whole world to get them from them. It is actually about time we KICK these Chinese out of the cryptocurrency world. We can be fine even without the Chinese money. China is not anymore the leader in terms of trading volume so I guess cryptocurrency will not die without them.

The recent plunge is indeed a very good opportunity to buy Bitcoin as we know that soon it can be back rising again...especially by next year when things can be clearer and smoother...this year is a full challenge to Bitcoin.

I don't want to lose some money for low amount selling and I will surely go to the country where bitcoins is not banned and I will sell them off to the current rate now, And if this off selling will continue I think this one can affect the price of btc and it will gain more struggle to reach for the 5k$ price if china fud's will not be eliminated.

This gap between Chinese and other exchanges should close out pretty soon, especially if they realize that the news is by no means confirmed. It is all speculation right now, and Chinese government hasn't come out and sided with anyone yet.

Currently though, BTC is selling at $3980 when the price is $4340 on Bitfinex.

I guess people want to get their coins out of these Chinese exchanges as soon as possible, that could be causing it. But as i said - if the news turned out to be false then it'll have the adverse effect and potentially lead to a huge short squeeze and pump, with China leading the way.

it has been the same, even a much bigger gap back when PBoC closed all Chinese exchanges for a couple of months. by that time the price dropped hard in CNY but it kept the USD value pretty much up. and then when the rise started in USD, the Chinese exchanges still stayed low and the gap grew big as the CNY progress was much slower than USD.

this is all proof that USD is the dominant market as it has always been. irregardless of how much noise Chinese and CNY market makes.

The period at the start of this year when the Chinese exchanges put an end to zero fee trading and closed withdrawals, should have put paid to the idea that China controls bitcoin. All their volume was fake - and what is more, during the period when their "volume" collapsed is when bitcoin went from $1000 to over $4000.

The bitcoin price is driven by western investors and people should stop panicking about what is happening in China, they are very small players in this.

Seriously? Are you nuts? What you are going to do, if the exchange close down before you could transfer your coins to your personal wallet? That is the reason why the exchange rates are low in OKCoin and Houbi. Do you think that the other users are complete idiots?

It is insane how people got affected by the current FUD caused by some people but I wouldnt be suprise to see bitcoin selling at 3600$ now at Chinese exchanges because it is China that will ban ICO's in their country. Most of those Chinese that dumps now IMO are the ones who ran or participated in ICO's dumping to get their stash out and to convert it into fiat. At least for now we will see the real volume these exchanges have.

Its not a problem honestly i am not living in china so why i care about china exchange its not the only exchange where you can convert your bitcoin into fiat or to buy bitcoins..
If there is a cheap price in the major exchange in china hope to buy bitcoins there like the other said its really cheap if we have a chance to buy there and better to hold the bitcoin and wait again that the price will increase back again and clearing the news about banning crypto exchange.
I don't see any site with $3600 i saw there around $3779.16 to $3870.22 is the cheapest..

Seems like all major exchanges in China e.g. Huobi, BTCC, and OkCoin are selling bitcoins below $4k.
But the bitcoin exchanges in U.S and Europe are selling Bitcoin above $4k e.g. Poloniex, bittrex, and Kraken.

Yes, it involves risk but that is what is called entrepreneurship, bro! Take a risk when no one is buying and make lots of profit in the end!

so why don't these chinese people send their coins to some us/eu exchange and hedge it in $/€ for the time of the insecurities?

they are panic selling from that thing about banning exchanges in china ?? I thought it was fake news

Well, they are panic selling because of a local report. There has been no word from the Chinese government yet and there has been no indication that any of the major chinese exchanges have received any sort of warning from the Chinese government.

People want to be safe, i guess. They understand the risks of all major chinese exchanges being shut down and how big of a market crash it can bring. So they want to cash it out right now, bringing the price down on chinese exchanges.

Curnently we are at another dip, i think we can expect the price to recover much quicker when in a few days time we don't see the news being confirmed by the Chinese government.

Ikr! Wish i can buy many bitcoins on that exchanges. The problem is, that news from china also makes other non chinese exchanges affected. The price of bitcoin decreasing in the last 2 days. I think it's also a good time to buy bitcoins right now because i'm sure the price will going up again like when china ban ico.

I disagree.

They are still very big players, even if they now have much less buying power due to the fact that they are not able to execute trades for free anymore, and the government seems to be putting an increasing amount of pressure on regulating the bitcoin and altcoin markets.

Now BTC is still at around $3600-3700 on Chinese exchanges, and arbitragers can't get in because of capital controls. I think that a lot of investors are pulling out because of the fact that they realize their funds may be in danger if the government actually bans all exchanges, but western investors are realizing this news may be BS and doesn't affect them anyways. I think that soon Chinese investors will realize the same thing. However if the panic continues then we may see even farther gaps in western exchanges and chinese exchanges.

This is actually good because chinese fud is not causing panic dump in international trading platform, price can go even below $3000 in chinese trading platform but in bitfinex, bitstamp and coinbase price will be over $4k. There is strong support at $4k in other trading platform, I am quite surprised right now to see a panic among chinese traders without any official announcement from government officials.

They are selling off just because of one article or there is anything more fueling the panic  ??? ::)

Unfortunately there is nothing anyone can do about how the price is completely different on Chinese exchanges compared to US or UK based exchanges. The rumours directly affect the customer's balances on the exchanges which means that a lot of people are panic selling.

I think this should stop soon, and the price back to normal as either Chinese government does ban exchanges or they don't. Right now it's speculation.

It is impossible to take advantage through arbitrage as there is a limit on how much foreign currencies one can exchange a year in china.

Meh.  The Chinese traders were always known to be quick to pump but are the quickest to dump.  Deep inside, a part of me is hoping that the rumors are true and the PBOC bans all Chinese exchanges from operating.

I hope not. The Chinese government should regulate the exchanges so that people can buy bitcoin or bitcoin cash safely.