Bitcoin Forum

Two major Crypto-Currencies, Bitcoin and Ethereum both dropped 20%+ in the last 24 hours. I think China and JP Morgan had planned this for a long time, but we never see it coming so soon. Nevertheless, we should also ride with tides to stay on top. Big whales will take this as an advantage and so do us. What do you think you might add to this?

Would be hard to see it coming if there are people doing insider trading with it, right. The Chinese didn't do anything to confirm or contradict the rumors that they are closing exchanges. That silence speaks volumes.

I don't believe they'd close exchanges, the result of that would be chaotic for the common Chinese folk investing in BTC. I wouldn't be surprised if the government is just allowing this to be able to buy coins for cheap though

I do believe it is not over yet. I'm not familiar with the technical side but it seems we'd still see another scare come November.

What might happen after this? If the rumor about China closing down exchanges is really just a rumor, then the price would recover as more and more of the cheap coins get snagged up. If it indeed happen, then they would be a chaotic 2 weeks or so as the industry adapts.

A lot of people seem to be thinking this way right now. It just is uncanny that we have JP Morgan releasing so and so statement while China banned ICOs. On top of that are rumors about eventual exchange shutdown that the Chinese government is mum about. They are definitely feeding of the people's uncertainty.

As many of us here say... HODL.

Chinese government wanted these exchanges to comply with their regulations and rules.  I think those exchanges that shutdown do not have licence to operate since one of the exchanges stated that they do not need a license to operate when they started.  And now that the government of China tightens its rules, they have to shutdown first before complying.  I believe they will be reopen their services once they had all the necessary documents for the operation.

bitcoindusts, I haven't heard that information before. But this one would have very optimistic impact on markets.
I just read and articles and it's truth the CHINA's law is so strict for example the requirements like:

 "Customers must complete the video verification process to comply with China’s AML laws."

all stuff like that lead to improve their anti fraud system. The worse thing is that usually people only see the negative headline(s) and they hurry up not due to get stuck in article(to understand the issue) but sell great part of their coins immediatly...  ???

China didn't close down those exchanges or force them to close, China just release a new regulation following the ICO and tighten the rules. Many exchanges aren't be able to stay because of this rules and the only way is to close down their service.
I'm pretty much sure that this chaotic time of cryptocurrency will soon gone and we'll come back to normal crypto life again.

Something tells me this is either the crash, or a middle-point where it will continue rising to over $7,000 and then crash. It really is hard to tell at this point, but we will just need to wait and see.

Well there still isn't any definite announcent about the chinese debacle but btc recovered decently after a nerve wracking plunge to 3k in less than a day. Until it gets sorted out i think we'll see the price go up and down betweem 3.5k to 3.9k

It's pure market manipulation. Welcome to the wild west. Anything goes here. Ceos of major businesses just pretty much say whatever the want, even if they can't define a word that their business is based on. It must suck to be so heavily regulated when your biggest competition can't be hahaha. How frustrating for the silly turd.

Not only bitcoin and ethereum but other altcoins also dropped too. Well, i don't know and not sure about that china and jp morgan conspiracy to makes the bitcoin price crashed. The thing is that news from China is really success to makes the price of bitcoin crashed and it's time for the bitcoin price increase back to normal.

Every company they plan what ever thing will come to be. If that cryptocurrencies drop for sure sooner it will raise up. Traders and earners waiting for that time. I also wait for that it has to be big help for everyone that used the service.

I don't think they planned it for a long time, they maybe have talked about it just a few weeks ago. And I also believe whales and big traders is also guilty on this catastrophe. They will be the one benefiting in the massive decrease of bitcoin price to gain or to acquire more bitcoins and altcoins for the possible huge increased next year. After the 4900$ price last week they might have sold most of they're coins.

This happens to Bitcoin very often, If this is the case yes we should just ride on the tide whenever the Bitcoin will go. We stayed faithful to Bitcoin and that will be what we should do in a scenario like this. Stay, Hold and do not panic.

The only thing that we can do is to patiently wait and Hold onto our Bitcoin. It is indeed a loss for Bitcoin, losing a big investor that resulted to sudden and continuous backdrops to all cryptocurrency. Gladly, Bitcoin is slowly making things better and is climbing its way up again. Hoping that this thing will continue and Bitcoin's market value will be back to 'normal'.

Yeah, it don't make sense to just leave the business. I'm more concerned for those people that have some coins in there. I read about 4 exchanges that are supposed to close but I still don't know if they already did. When things like this happen, are the exchanges give enough time to allow their clients to withdraw their funds?

They have given closure order up to the end of the month and beginning October so I believed that they have given ample time to let their customers withdraw their funds or moved it somewhere. Those 4 exchanges can't do anything but to follow the Chinese government. Some of them even voluntarily shuts down its operation. As I see it though, they are not totally shutting down those exchange but rather would like them to follow a more stricter policy that they are going to put up in the coming weeks. So let's assume that they can go back and be operational once they comply.