Bitcoin Forum

The bitcoin price collapsed $400 adhering to rumors that China was intending to earn it unlawful to run a bitcoin exchange within the nation.

According to a local economic site, China will certainly declare operating a bitcoin exchange to constitute "unlawful economic tasks". Previously this year, the country's central bank started keeping an eye on bitcoin exchanges extra carefully, leading several to fear that regulatory authorities would certainly soon shut them down. Ultimately, this did not happen, although individuals's Bank of China (PBoC) mentioned it would continuously perform on-site evaluations.

Nonetheless, the PBoC has started to punish tasks within the cryptocurrency room. Just this Monday, the bank ruled that first coin offerings (ICOs) were prohibited as well as purchased startups to return all crowdsale funds to their investors.

The marketplaces had just started to recoup from the sell-off that the ICO ruling launched, yet today's reports triggered the bitcoin rate to experience a flash collision. At 13:20 UTC, the bitcoin price was trading at approximately $4,619. Within 10 mins, bitcoin dropped to $4,224. Presently, the CoinMarketCap average bitcoin cost is $4,265.
bitcoin price
https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/bitcoin-price-crash-sept8.png

BTC Price Chart from Bitfinex

On some exchanges, such as Bitfinex, the bitcoin rate has actually climbed back over $4,300. Nevertheless, BTC/CNY is obtaining pummeled on Chinese exchanges, compeling the ordinary price down. OKCoin, which accounts for greater than $90 million in day-to-day bitcoin volume, rates bitcoin at $3,815-- greater than $500 listed below BTC/USD on Bitfinex. The coin is faring even worse on Huobi, where BTC/CNY is trading at $3,794.

That is a terrific opportunity for arbitrage ...

lots of volatility good opportunity to make some trading money

translation:

once again another vague news about China came out and the English news sites started exaggerating the reality after they used google translate to translate the real news. it finally turned into FUD and caused a 8% drop. now everyone thinks the world has ended because of 8% drop :P

That's a nice opportunity to buy and possibly arbitrage before it climbs back again. The Chinese are notoriously good in creating fud without us noticing, and in turn we also buy into the drama ending losing our coins in their desired price. Currently buying some small amounts rn. It seems that it wouldn't stop bleeding in the coming days.

Cryptocurrency exchange platforms are illegal in China?So what?They were "illegal" before 2016 and that wasn`t a problem.It`s obvious that the Chinese government will sooner or later ban cryptocurrencies,but all the crypto owners and traders will move thier funds to Japan or other Asian countries.
The real problem will appear when  China bans mining.  

Wow! This is a big reality when we are in an open market as people can be reacting wildly even with unconfirmed news and just rumors. This is unique to the cryptocurrency market but also to all other markets we have all over the world. Now, maybe it is really time we learn to ignore China and refocused our attention to other countries more friendlier to Bitcoin.

China is a big contributor to the daily trading volume but it is not anymore the leader but Japan. We should be promoting Bitcoin more in Japan and other countries so that if there would really be a decision to close down in China the volume they have would not matter that much.

the thing is so far i have never seen any of them talk about "banning" bitcoin. China specifically is mostly speaking about regulating it. as in preventing the money laundering through exchanges, preventing the scammers from ripping people off using ICOs and generally things like that.
and when money is involved (CNY) any services that uses fiat (aka exchanges) needs to follow the money laws. and that means regulations like that.

Exactly. I saw someone saying that exchange in China is selling bitcoin at $3600 so its really good to arbitrage. And this dip again is a perfect timing for those new investors who want to get into the market. However, If I may add that the timing of the news coming from China is very off because we just hit ATH then they release their news and then FUD waves began to swarm us again. But I'll just prefer to hodl instead of dumping my coins. No way I'm gonna sell just because of the news from China. Bitcoin will remain standing and this bleeding will end sooner.

It seems like the case for decentralized exchanges is becoming stronger as we speak, if bitcoin and other cryptos are decentralized then we need decentralized exchanges that cannot be as easily be subject to pressure from governments, but at the end if a decentralized exchange wants to allow withdrawals in fiat then they are going to follow the rules of governments.

It's not confirmed news as i've said.

It's only a media outlet in China, only one. So the chances of the source being incorrect is quite high, honestly. But China definitely is taking this seriously and having a major panic dump right now, we've recovered to $4300+ on bitfinex before going down to $4200 now.

Chinese exchanges are at $3600, which is a nice $600 arbitrage if anyone takes advantage of it(hard because of capital controls in China). I think that the gap will close in the next few days though and bitcoin will recover to around $4400 at least.

Price may go down, Maybe $3000 or near. I will start buying BTC's again then  :-* But china may affect more so confused as well too.

And once again the china make sensation and caused the price to plummed, but dont worry the reputation of Bitcoin as investment already good, so if the china dont want any bitcoin another user will gladly buy it, the plummed price will be consider as "discount" price for us

I was expecting that governments will attack bitcoin as soon as it will become more famous.

However, if running a bitcoin exchange within the nation is unlawful, Chinese people can purchase bitcoin abroad or is there a bank transfer restriction?

At least if will not good if there will be a lot of FUD will come to attack the bitcoin. Because this not about generate a bunch of money worth in crypto currency.
Bitcoin will be back a lot of chinese will migrate to another place.

The ones doing the killing with arbitrage are the ones with inside trading information, in other words... china itself, which are the only ones that knew the news would come out.

The rest of the people are just gambling hoping that they can get in and out of their trades while multiplying them with leverage. A lot of shorts lost money when BTC recovered, then they bought and it went down back to $4000, now it's recovering again...

There's no other way to win but buy every dip and hold long term, that's +5 years. Then you will really have life changing money.

I think there will be more of this coming from China. It is not good but good news is, even with this kind of news swirling around, bitcoin is still recovering when it "crashed". This just means there is strong support coming outside of China. Let it crash some more, opens up a lot of opportunities from people outside of China.

These false news always make Bitcoin tumble from time to time but on everyone of those occasions it bounces back up again and so I'm optimistic Bitcoin prices will recover anytime soon.

china panicked us all different countries were also concerned with what is mentioned by china government the panic of chinese citizens feel brother in china regrets this

Bitcoin is always bouncing back because they know the present price is cheap and bitcoin will increase more back after china and those who panic selling that selling bitcoin is not a good idea they are just losing opportunity to make a good profit this following weeks or months.
They are just heard about the news that only ICO will be affected not bitcoin and official altcoin..
For now better to maintain the price at $4k level.

Even if the Chinese completely abandoned cryptos, the market would recover and carry on upward.

I agree, the timing is extremely suspicious is like they are trying to make the price of bitcoin crash with their news but even if the price can be affected by it, bitcoin is still holding strong and I have no doubts that the price may go back to normal in a few days, I think they do this in order to scare people away from bitcoin and try to slow down adoption as much as possible.

OP, I think you should change the title and add "CASH" after bitcoin. My heart did a flip when I saw the title, thinking bitcoin had crashed. That said, sub $400 for bitcoin cash is a fantastic opportunity to buy. Only a few weeks ago it was trading above $700. It is  value @ the current price and will surely gain ground in the coming weeks.

If they abandone cryptos, Russia will be the new China, V.P. loves cryptocurrencies. Chinese should buy and hold before the bad news

China won't completely ban crypto, then they will lose their power to fud in the future.

This is nothing but a scam they run to scare peons into dumping coin into their wallets.

they just cashed out their entire bitcoin and it's good, atleast china have no major control over the market and hardly manipulate it again. thanksfully to the fud that cause this outcome.
it's time for another big countries to take over the position of china, expecting big win at the end.

I do not think that is what it happened, with the increment in regulations in China there is no doubt that this will cause some people to let go of their bitcoin, but some people will keep holding their bitcoin no matter what, but the influence of China is slowly diminishing and with the recent adoption of Japan I will not be surprised if Japan became the most dominant country in bitcoin in the next 5 years.

Not really, Russia seems to have a plan to regulate the cryptocurrency sphere completely and make it centralized instead of decentralized. So even if Putin loves cryptocurrencies all he's going to do is create centralized cryptos that are useless and worthless.

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BTC is down quite a lot again today, perhaps because the recovery went too well yesterday(almost +$700 in one day).

I think that most likely price will stabilize at $3000-3500 for the month, before adjusting down to $2500-3000 next month.

If complete ban from a major country can only cause -400USD to BTC, I would say it's very impressive and admirable how people are believe in it.

Come on, from ATH 5000USD to lowest dip 3000USD it's only a -40%, you can check back to 2013's drop, and BTC still recovered from that one which was much worse.