Bitcoin Forum

Chinese government has been making moves to control the influence of bitcoin on its economy but bitcoin keep rearing on international market. I think the decentralized system of bitcoin make it impossible  for any government to binned its activities. We should also know that the fake news site are just promoting lie in other to create panic in other for amateurs traders to sell at lose and blame China regulatory agency for their woo.

I especially find it very funny how news works, especially when it comes to bitcoin. It's a very common trend to see this exact path of news articles:

1) When bitcoin drops, the negatives of bitcoin is highlighted in articles. More articles come out saying that bitcoin is in a bubble, that it's going to fail, and that it's worth nothing. These types of articles are highlighted even though people say this stuff all the time, regardless of how bitcoin is doing.

2) When bitcoin goes up, there are articles that talk about how it's the future and how blockchain technology can change the world, etc.

News companies are so confused by BTC's volatility that they just can't stick to one side of supporting or opposing it.

Yes, the so-called "trading forecasts" sites keep promoting their lie to create panic and hoping the market to fall
But I think crypto-traders getting smarter too everyday

Here is the chart of BTC prices:

https://i.imgur.com/z2uwFFK.png

exactly they really cant assess where to place their minds about crypto currency more news coming out from nowhere and trying to distract  people attentions
as we seen that in which ways news have its own version whether its good or bad publicity will still help the community to be informed people who also not been
to this system to be aware and start to take responds.

You are spot on OP. Yes the world now knows that China, though it has a tremendous economic power, can not put an end to the global use of Bitcoin as that attempt has shown. This also shows how truly decentralized Bitcoin is. However, the irony being that at the time China banned Bitcoin was when Japan made a public show of solidarity to the use of it. And both countries are technologically advanced. Now we know it is China to lose, not Bitcoin.

This is an indication that no government in the world can single handedly ban bitcoin and it will have a significant on bitcoin or crypto currency in general. Fake news site has nothing to offer rather than looking for mere trafic to their site, but it is unfortunate for them because so many bitcoin holders are aware of the potential in bitcoin and that made many of us not to sell at lost during panic. 

The world has always known. It's not possible for a single country to obstruct the global usage of a digital currency (or anything really).
China is trying to block Bitcoin altogether apparently but whether they can accomplish that is questionable. It's uncertain whether they can block every single Bitcoin node.

The more money in crypto, the less significant and individual, corporation or country is on Bitcoin. With that said, however, countries can still have a major influence on Bitcoin prices even at this large market cap. A country like the US could buy all Bitcoins in existence 10 times over and barely notice a difference.

Yup, definitely. True there are plunges but not really drastic enough to reverse most of the growth bitcoin has achieved. People have wizened up and more prefer to hold rather than sell during these panics. Even the closing of the exchanges will not affect it much. At least 4 exchanges will close in China but considering that people still believe in bitcoins, new one would pop in place provided that the Chinese government only provide regulation rather than an outright ban.

here I think about the fake newsmaker is what profit they get, I think this thousands of times they can trade or not, what they can't trade of cheating by making false news?

You cannot really say that just by looking at the current price. Who knows, if the Chinese government hadn't acted against Bitcoin, we could have seen $8000 or even more. The Chinese are the most populous nation on earth and you can't ignore them.

Ya Chines government  has been making moves to control the influence of bitcoin on it's  economy  .You cannot say really that just by looking at a current price .We should also know that fake news are just promoting  lie in the creat panic and Chines government hadn't acted against bitcoin.we can seen $8000 or even more and Chinas influence on bitcoin is becoming insignificant.

If China did this, or if China did that, then things would look like this or that - if has zero value. China is known for interrupting the growth of certain sites and services (doesn't just relate to crypto) by using their ban hammer. Bitcoin offers one, actually two, very important features; 1) It allows people to lock their wealth outside the reach of their government. 2) People can use Bitcoin to move their wealth from their country, to another one, and that in a matter of seconds. These two aspects of Bitcoin are what the Chinese government fears the most, and that's pretty well known in general.

China will always have an influence due to how largely populated the country is, however it is inevitable that given time their control as well as others will diminish as the crypto population begin to understand the ways in which the market can be influenced and thus not reacting to it as much.

That is quite true. Whenever the bitcoin price falls, numerous negative and false news come along with it. There are a lot who say bad things about bitcoin on a normal basis. It as if whenever the bitcoin price experiences a drastic change, the news would follow suit. These news may or may not have an effect on the bitcoin price but because of its volatility, its bound to go up and down.

From what I heard, China has a lot of bitcoin users in its country so I'm guessing that they have some influence over bitcoin but there's a lot more that influence bitcoin. China's influence may have turned out to be insignificant now because of the other dominant factors that are at play, such as the speculators and whales.

China have great power in BTC mining and Chinese people like BTC. Lets hope for all the best

People are quick to judge and react emotionally that's why so many of us lose money via trading.
When news like the ones from China come out they panic and sell, but as it keeps slowly going down and they digest it, the news don't seem to be that grim. They start thinking about going back in and rebuying and the price goes back to normal levels. IMO China is going to stay with BTC, it was simply a move to show who the boss is. They did what they wanted, scared the investors, maybe bought some cheap coins, life goes on.

Its possible the socialist mentality of china's ruling body is conflicting with bitcoin/crypto.

Socialists have the mentality that governments solve problems. They also believe the government is the best solver of all issues which plague society.

Crypto having the potential to solve some problems better than a government could undermine the belief that the government is the best solver of problems which isn't a concept that is likely appeal to socialists.

Like it or not china still got influence in crypto currencies world, most of the mining is coming from that country and there are a lot of investor coming from China, but bitcoin will still alive without china, there will be a set back but in the end we will survive

Maybe because their share in cryptocurrency is just 10 - 15 %... IF you remove them, that percentage can easily be patched-up.  So come to think of it.  Every moment, more and more countries are adopting the cryptocurrency because it is the trend nowadays... It is just like social media... When social media was introduced, mixed emotions were felt, some were excited, some were afraid because of the "PRIVACY" thing.   Now that many people/countries are accepting or using it... CHINA will eventually succumb to the trend.  I bet not for long, they will start to use this currency again....

Just shows the bitcoin is really uncontrollable by anyone. Just imagine China, who has so much influence on the market has little effect now as time goes by. Initially it cause a lot of nervousness amongst us, but we have crossed that barrier already and now the price has recovered by all the shenanigans coming from them. Just so sad that they are the movers of crypto's, however their Government has perceived its bad effect to their economy that's why they made their move to somewhat limit its influenced on their citizens. Let's see about mining then. They will target it as well but Japan and other countries will just take over and it will be good that it will be distributed in a global scale and not just monopolized by the Chinese.

now it's a lot of people who want to destabilize the bitcoin strength that exists today.
they do it so that people who wear bitcoin feel panicked and sell mass.
a lot of people like that but we can not immediately believe the issue.
 if we believe in issues that are not yet clear the truth will certainly harm ourselves

That can be summed up in one word: sensationalism. What they're saying isn't necessarily incorrect, because most pieces on Bitcoins are speculative in nature. They can't sell boring stuff though, so they have to exaggerate a tiny (a lot lol) bit.

Bitcoins are hard for entities such as China because it was designed to be anonymous and decentralized. These same entities, however, can still manipulate Bitcoin to an extent because of its dependence in public perception. Bitcoin value is entirely up to the users and their demand, so negative press can send it crashing. No system is perfect, I guess.

nobody can control what is decentralized.
and we as bitcoin users will keep it decentralized as long as we can or give up using it if someday it was no longer decentralized.

but to that day, no matter what the FUD says or what the governments actually do, it won't matter. they can not affect bitcoin in the long run. there will always be hard fluctuations in the short term with big swings from time to time because people panic easily but they always fade away and become a fun part of history.

right now I am laughing my ass off about lots of these FUDs throughout the years. like back when price was $400 and Mike Hearn called bitcoin a failed and soon to be dead thing and people panicked to $300 drop. I enjoyed their panic as much as today I am enjoying the new panic on 10x the same numbers.

I think by now we should already know that China is really rearing a war against bitcoin. Banning ICO, closing local exchanges and I'm sure the next target will be the bitcoin mining farm. But we already proven that bitcoin is not tied to anyone not even to China. The panic that they cause really shake the weak hands, specially newbies and amateur traders who are at lost at to what just transpired in the last 2 weeks or so. But if China wants to distance itself from bitcoin by shutting down all activities related to bitcoin, so be it. Maybe they think that bitcoin is the enemy and threat to them financially, we can't do anything about it. And now, we are all still standing and the market is still going strong despite China's getting out of the market. They are the sore losers here not bitcoin.

The first thing is the decentralized and the second thing was the trick already repeated by the china makes me  bored, Because they are attacking the crypto  related companies in their country. But they already did it in 2013 till now. What's the difference?

I wouldn't say it's influence is insignificant, but it's definitely getting weaker as they slowly continue these series of steps that no one really knows if it will end in a permanent ban on BTC, or just some sort of regulation. I think they are testing the waters, and see how the market and the rest of the world reacts. Their plans on creating a sovereign cryptocurrency seems to be legit right now, but it just can't compete with bitcoin because it's still centralized and can be inflated by desire.
Of course that if they do this, they will try to ban bitcoin mining, and that will probably have some temporary influence on the price. But I guess that the rest of the world is already getting prepared for that, as Japan, Hong Kong, South Korea and Russia are investing in BTC and BTC mining.
So whatever the decision from the Chinese government is, it will probably influence the price temporary, but it will pass, and BTC will only get stronger.

The issue of the Chinese government to ban bitcoin is just a hoax and just being used to create panic just like what you said.  Panic that will let people sell their bitcoins thus, making its price goes down.  That would be the time for investors to buy more shares or buy more bitcoins and then its price would goes up again.  And let us admit it, even when Chinese banned bitcoin, its price goes down not really well, it is still high and many are still trusting bitcoins.

yeah right seems that they are just trying to be notice and with their moves they really make some impact to those newbies who doesn't know and who didn't
tried to review some history of this action, china is just another portions of crypto world even without them crypto will move forward slowly but surely it will bring nice gains.

Bitcoin is decentralized and regulations free. Their is no center authority monitoring your activity. Thus rumour spreaders are just doing what can profit them. The problem lies with those dumb investors who without researching anything believe in such news and panic sell. If such people don't trust Bitcoin and its potential it's better they stay away. Whatever dump they brought in price will ultimately recover. But the crypto market don't need such investors for sure.

it is not very significant but at the beginning of the announcement is indeed the impact of china big enough. in china rotation bitcoinya is 20% of the bitcoin circulation in the world

There are rumors they will ban mining. IF/WHEN they do that, it WILL be significant.

I will want to disagree that the influence of China on bitcoin is insignificant because if a mere rumor like some people have argued could cause a damage that it does not seems recovery is in sight, I wonder what will happen if it's the news is being confirmed and spread across board.

Being insignificant would mean nonexistent but in this case no. Even with the good news from Japan, Philippines and a host of other countries could not do the magic of returning the lost confidence, it then points to how much influence the Chinese have on bitcoin which to me, is not in any where close to insignificant.

Until when we are fully away from this red zone, I can then admit that the influence is minute.

The influence of China is going down but this is because other countries are adopting bitcoin too, and the more hurdles the Chinese government creates for people to adopt bitcoin then the influence of Chinese investors is going to go down, then we need to remember that many other countries are also developing their mining technology so that is another field in which China is dominant, but that could change in the next 10 years.

Chinese investors will not take too long to find a way to invest again in cryptos, maybe Chinese Government is eyeing to have their own crypto that's why their banning it chinese is for businesses they will soon find their ways.

You really do have a point there mate. It has been a norm for China to always try their best to want to manipulate everything but I guess they have been able to find out by now that trying to manipulate bitcoin isn't just going to work the way they want. I am in China today, if you ban bitcoin, I will definitely move to another country that accepts bitcoin. Moreover, it is not like they will wake up one day and just have a right over my wallet. After all, this is one of the value of bitcoin in the first place... having a currency that cannot be controlled or manipulated by any government or body.

when you try to use bitcoin you must trust with  it  we see how fake news make many sell bitcoins and loss a lot so only trust with bitcoin

When did China tried to put an end to global use of bitcoin?
They didn't even try to put an end on BTC usage in China let alone the world.

All they care is yuans getting transformed in BTC and running away in US and EU.
They don't care it is bitcoin or any other altcoin of it or other form of transferring money.
They want control over the finances in their country. They don't give a damn what the US or UK does with cryptos.

well bitcoin is not just a money thing
it has become a mind battle to bitcoin investors
FUD is actually pros versus the amateurs ...

China's influence might be fading, but it seems like they triggered a reaction all over the world, as some smaller governments also throw their voices against Bitcoin and banksters recently also joined the hate train - first Jamie Dimon, the CEO of JP Morgan and now other banks, finance firms and economists. It's not a coincidence that it started happening after Bitcoin reached all time high of $5,000 - some people realized that the threat of decentralized currency is real and they try to suppress it while they can.

Any crisis will not last forever and bitcoin is strong enough now to go over crisis.
Traders, most of them, know that and they will not sell their Bitcoins but will buy more.
Chinease government or any other government can't ban bitcoin forever since it's a world wide concept and banning it is a stupid move and they have to find another way to control and monitor their local cryptocurrency investors.
After every crisis Bitcoin become stronger.

True JP CEO even called bitcoin a fraud. This is something that is better for US and Europe to control rather then China. They already ban ICO and ban bitcoin as well so i dont see any point that China will control something again. This is just some bad vibe at least this is how I see this for the moment.

Why do you think so? What will happen if all the countries unite and strengthen the monitoring of online exchange offices? If cryptocurrency is to deny the possibility of exchanging for Fiat, they may rapidly lose its appeal. Exchange for Fiat's most vulnerable spot.

But it is not as simple, governments love social media since people expose their complete lives there and governments can keep track of their citizens that way, bitcoin is the complete opposite of social media, bitcoin allows someone to hide their income in plain sight without the possibility of freezing or confiscating that money and that is going to drive governments crazy and some may even ban bitcoin because of it.

It's impossible for China to significantly influence bitcoin. The only thing they can do is to spread FUD and 'ban' things to stimulate people to sell their bitcoins.

Demands sways the market and china have a high trading volume not to mention, lots of miners are also there so why shouldn't it make

a significant influence on bitcoin? Don't forget that whales are still powerful. Just to be clear this doesn't mean that they can control

bitcoin completely where most fake news states e.g. china is ending bitcoin etc. because they are not the only whales or users rather.

I think that this banning stuff is inevitable because we all know that most governments is strictly monitoring bitcoin in short they are

not fond of it so sooner or later a time like this will come.its not always good times you know

You have rightly said. I will definitely agree to what all you have said. I think Bitcoin has got this much of popularity and fame because it is something more than just a money like paper money. It is like a very good opportunity for the investors to invest in and earn a good amount of profit as well.

Can not be that China's influence was negligible. And it does not depend on the wishes or prohibitions of the Chinese government. Chinese very much. They will not abandon bitcoin, even after the ban (I still think it's fake). They will transfer their coins to other jurisdictions. If their actions are coordinated, then sell every Chinese a few Satoshi can cause a real price collapse and panic.

I agree, China wanted to control Bitcoin and maybe wants to regulate the usage upon entering their country, that was why they wanted to ban ICO's and exchanges but I know for sure they will go back and still invest in cryptocurrencies. Time will only tell and they'll be back for more.

What they do not realize is that by doing that we are going to probably see one of the biggest known cases of the Streisand effect, in which the more they try to ban something the more people are going to be aware of it and will begin to look into it, some old friends told me something similar happened with heavy metal music back in the day, when they put a Parent Advisory stickers to warn listeners about the content of the music, my friend told me that if they saw that a record had that seal they bought it immediately since they knew it was a good record, so in a way the seal that tried to warn people became a seal of approval.

You can always bring some possitives out of a negative sittuation. That is true.

My opinion on the whole issue is sad one for the bitcoin. The use bitcoin in China was always abused from the begining (for example by stealing the electricity). And I can not agree with the financial abuse and be fine with the involvment with corruption and China government, just because it had increased the price of bitcoin. It is good that we have most of the China effect behind but stain and the smell in the image of bitcoin will stay there forever.

Hmm... Bro, this your line of thought got me thinking -"
bitcoin allows someone to hide their income in plain sight without the possibility of freezing or confiscating that money and that is going to drive governments crazy and some may even ban bitcoin because of it."

This is exactly true. When government realizes that some crooks in illegal business or politicians starch money in bitcoin, they might go after them, thus leading to a debacle in bitcoin. This could lead the government to start looking for means to stop the looting and this could affect bitcoin. You could be "hearing "a death penalty for operating a bitcoin / icos account .

As far as privacy of property is considered then monero does way better job in hiding trails than bitcoin. That is why monero is so popular in high-privacy circuit. Primary focus of bitcoin was not the privacy but making currency concept powerful. Tracking bitcoin transaction is indeed a tedious process.
Coming back to China influence issue, chinese effect on bitcoin market has been rendered to less   significant. Proof -> China has banned trading of bitcoin since last year and more effectively february this year. See the price trend since that time. Not much of effect. In fact countries like Japan have accepted the bitcoin and other countries are also following the trend.
Thus those days are back when china was the force to reckon with in the bitcoin market.
New powerhouses have been established and major financial players are entering in the lucrative market called bitcoin.

It's pure market manipulation combined with an attempt to buy time in order to come up with even more controlling/stricter regulations. I am quite confident that we'll see Chinese exchanges return their operations back to normal at some point. After exchanges, the speculation around miners in China having to shut down as well are starting to boil - it's obvious that the first attempt to crash the market hasn't resulted in success for the entities behind all this. If people stop focusing only on China and finally disconnect themselves from that country, then everything they come up with won't have any affect on the market anymore. Let them force through whatever regulations that they feel is necessary, let them ban crypto entirely, we shouldn't give a damn about this.

It's true that Chinese regulatory actions and any kinds of actions are overblown - however, I doubt that we should wish for such draconian measures, either on their people or the overall effect on bitcoin.  You are suggesting that there is either no effect or a reverse effect; however, I still don't think it is a good model for other countries to emulate such draconian measures.

But this is the issue they may go after them but they are not going to get a cent out of it, and if the penalties get that heavy people will just move out to other countries where there are no penalties or the penalties are less severe, besides there is always going to be some incentive for people to use bitcoin, look at countries where the taxes are very low, other countries wants them to raise their taxes but if they do it their financial sector will be ruined, so they keep their taxes at zero or very low and something similar is going to happen to bitcoin, even if bitcoin gets banned all over the world, some other countries are going to accept bitcoin and make a fortune that way.

This is available for the owners of small amounts of cryptocurrency, but for the big bosses who has a big pice of pie, they are not affected, they can simply move with theyr business from China to India for example, or Vietnam. Time will tell what will become China in this cryptoworld. Cans such a gigantic country like China become a small one in cryptoworld?

China is just a country and bitcoin is spread throughout the world, it is consider to be a global currency so I think even China control the entering of bitcoin in their country it will not affect the market of bitcoin beside I don't think that after they had banned bitcoin their people were realky stop working to earn bitcoin we all know it only takes having internet connection to access crypto currencies and they could use other stuff to save their bitcoin and convert into dollars.

Time will show

Yes I  agree with you. Amateur  bitcoiners will likely  the one that goes panic selling  during the fall but the smart people are going to take that fall or dip as an opportunity  to buy more bitcoin. That's  why during the dip, bitcoin believers pump more bitcoin so investors from china who dump their bitcoins were just replaced by another bitcoiners. And today yes, China's influence are insignificant afterall.

No country has the power to kill bitcoin and anyone who will ban it is going to suffer. At most, bitcoin price will just get reduced. I think China is trying to regulate bitcoin and want to control this currency as it understands the true strength of bitcoin but whatever the Chinese government did apparently hurt bitcoin and the holders. Now Russia is going to make the same mistake.

Day by day many people are getting to know more about bitcoin. many mall in south Africa are now considering taking bitcoin as payment processors. generally the cryptocurrency market is growing daily due to more usage. when china announce that they will be regulating the use of bitcoin it causes alot of uproar many people thinking this will kill bitcoin growth but here we are today bitcoin is still doing wonderfully well and China influence is truely insignificant any more

Russia can't do anything in the cryptocurrency market. There is a large area but few residents. I think attempts to come up with laws on the regulation of cryptocurrencies will be relevant only for Russian. The world will not notice. China has a very large population and therefore has a big impact on the market, but as the events of September even they can have a decisive influence on the cryptocurrency.

This was suppose to happen primarily with china. They were just being little secured about the economy and fraud ICO so I don't think that they have made any mistakes. They are right at their position and we are right at ours.

Anyhow the china is out of the race now and they are not gonna get any fruits for the same. The one who is in, is in now and they are just licking the morning bread with rates of bitcoin @5.5k plus. That's just cool though.

Bitcoin is a decentralized virtual currency it cannot be controlled by any governmental policies, Chinese clamped down on major exchanges has just  a minimal impact on bitcoin which indicates that bitcoin holders cut across the globe.
Bitcoin has shrugged off China influence and is already heading to $6K price trademark which is influenced by the upcoming SigWit2x in Oct 25.

If China really wanted to kill Bitcoin, I believe they could. Even though the currency is decentralized it's value can be deminished by reducing the trust of the users. By making a continuous effort to steal bitcoin from accounts, exchanges and wherever they are, they can put fear into the market. If the users can't feel pretty safe with putting their money in a digital currency, they won't. A large enough amount of stolen bitcoins every day would give it a increasingly bad name. That's the thing about items with no intrinsic value: the only value it has is the value people give it.

A crypto currency like bitcoin is controlled (at least ideologically) by the users. But users normally have to respect laws in the country they reside. So if a government shuts down exchanges residents of that particular country won't be able to access them. In that case the government has some sort of influence of crypto currency. But can't control it in any way. When we start to see mare decentralized exchanges the little influence the government has will become obsolete.

I think so too. Back when i was reading few pages in this thread, its really funny that most of articles and news have common trends or i don't know if they are bias or not, because as what i have even read from those news and articles, they are almost supporting both sides of the coin, the positive and negative of prices, i don't also know if they are just spreading false news or just taking advantage to it.

Fortunately now there is the Internet. If the government closes the stock exchange in your state that can prevent me to use the services of the exchange in another country? Even banning the use of cryptocurrency government will never agree to prohibit the transfer of currency into the country. We will swap bitcoins for and receive Bank transfers. What will change?

China showed its impact last month and left  a month long effect on its value but now it is back to track and it clearly shows that on the long run Bitcoin is not entirely dependent upon one factor, no matter if it is one of the main hub of Bitcoin, still it cannot stop its growth. But all this clearly shows that China has great influence on Bitcoin, due to which they are also lifting the ban from ICO after regulations which was discovered in the recent news. But right now more than China what is influencing Bitcoin is Bitcoin Gold which can clearly be seen by the value of Bitcoin at this time.

At this time a lot of us are quite happy that we have put China behind us and that bitcoin can do without China but for me, I would say its not over yet because a lot of people that are rejoicing now will be the first to dump in the case there is some downward trend in price. Chinese government to me still have a lot grip on bitcoin its just not going to be that easy for a market leader be cut off with price reaching an all time high. I dont see how practicable this is. It means the Chinese market is passively still involved in bitcoin.

I would suggest everyone should brace up because another impact is coming that I am sure of. Never put what you cannot afford to lose into bitcoin.

The free market will always find its way around things, that's the beaty of it. If they ban crypto currencies like bitcoin or ban access to the stock market, people will still find ways to access the market anyway. They can use mediums like VPN's or trade on forums or specific groups on social media. It's very hard, perhaps even impossible for governments to shut down the free market.

Yes,china has almost lost its dominant place in bitcoin market completely.Now,whatever actions it takes against bitcoin,it would have no impact over bitcoin price.Bitcoin has been accepted globally now.Even the FUD spreaders would have to find new hot topics to make new investors panic.

in fact we have to accept that china really affect the price in the world of crypto, so many miners in china because the cost of electricity there is very cheap, a lot of investors come from china and so many tradings in china that able to increase the bitcoin’s price . but eventually the price has recovered since then.

but it has been proven that china completely shut the ICO off in china, and it can’t be regretted that the Chinese government act against bitcoin because they no longer able to control ICO of bitcoin in china, if they let it any further Chinese Yuan will be endangered.
Even without china bitcoin’s price has recovered, we must accept that china was really making bitcoin’s price dropped a few weeks ago

Aside from mining it, and selling it, China had no influence whatsoever on Bitcoin.
They had influence on the hashrate, they still have. China has developed an industry around Bitcoin, but it's just impossible to "control" a cryptocurrency: if they hold everything, they will gain nothing because all the trades are done internally.
Since they are stopping to mine Bitcoin since it's not so worth anymore, I'd rather say... "China's profits on Bitcoin is becoming insignificant"

Actually it’s the basic rules that bitcoin’s price is influenced by market ratio, demand and supply, and china can affect it because many trades in there can make bitcoin’s price increased. then finally the government could no longer manage the bitcoin trading and closed all of the trading in china en masse which made bitcoin’s price dropped to $ 3000.

The chinese can´t control BTC, and i don´t believe they want to. They control a significant part of the hash power and the GOVERNMENT (people running the country) just found a way to get a piece of the pie without doing shit for it. Just told the exchanges, do you want to close or do you want to pay? basically thats it.