Bitcoin Forum

In a recent statement, the People's Bank of China (PBoC) said that illegal crypto exchanges in China would not have a living land.

Specifically, the PBoC warned that it would take specific action against illegal crypto exchanges in the country and review all transactions involving cryptocurrencies and bitcoin.
 
PBoC is committed to handling and controlling cryptocurrency trading activities in China. Indicate that individuals and organizations who have illegal cryptocurrency trading activities will be handled according to the law.

The move by the PBoC is thought to be in response to the wave of strong investment in cryptocurrencies in the past few days in China, since Chinese President Xi Jinping voiced support for Blockchain making the delivery operations Cryptocurrency outbreak in China is booming.

In addition, to avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".

Perhaps this is the explanation for the sharp decline in Bitcoin prices in recent days.

Do people have any comments on this?

China has been banning Crypto, Bitcoin, Mining, Exchanges and whatnot for years. Every one of these so called "bans" is usually followed by a uptrend in Bitcoin, some positive news gets released. This in turn is followed by a huge dump, followed by a "Choina bans something"
I guess this one was so effective because they had been quiet for so long.

why can a country like China trigger a price change that is so contradictory to the year-end forecast?
any movement made by China can always trigger a significant decrease or increase.
sometimes I think whether this is the name of price manipulation to make a profit quickly?

OP, why not include the word "illegal" in the title? That is a very important part there.

I'm pretty sure some people here will not even bother to read the content of your post and make their own comment  ;D

As for the topic, I don't see anything wrong with banning illegal exchanges. Every country has the right to do that.
News about Binance and Bithumb being closed down in China were also denied.

By the way, where is your source of this news?

Well this was a severe blow to bitcoin since its been long that something like this happened last but alas we are talking about bitcoin here, a digital currency that have die many times already, it always finds its way back to its feet in a matter of time

With nearly 1.4 billion people, any change coming from China could affect the whole world and the cryptocurrency market is no exception.
I firmly believe that there is manipulation of shark news here, they will inflate the news to achieve their goals. The good news will be used when they want to raise prices and vice versa the bad news will be used when they want prices to go down.

I think the market reacts to the current situation in china, specially in the information about crackdown of illegal cryptocurrency exchange in its territory, the investors are worrying about the situation that's why they are dumping its cryptocurrency holdings for that reason. But i believe it was just temporary i'm sure it will recover soon.

I think it's pretty normal to take down illegalities within their jurisdiction. Whether it will be crypto exchanges or any business that operates on their land. With that announcement, I don't see that it's the reason why the market plummeted.
There must be some reason why it's plummeting.

In crypto space we've been through this alot before, none was able to stop bitcoin than just making it lose part of its value, i am surprised that some weak investors thinks this is a bad news for bitcoin, yes price is shaken off a bit but even if bitcoin goes down to 4k its going to rise again, come to think of it that is a good time to buy

Exactly even first China exchange ban , then mining ban every ban after market increased even bitcoin reached its peak till 20000 when China keep on banning. I think China is not contributing much to crypto space so these Chinese news doesn’t effect market . Now it’s bearish market get some good coins forget about these Chinese news .

This is completely normal because everyone knows that the crypto market is manipulating. The Chinese government only supports blockchain technology but in addition does not support cryptocurrencies. It seems that the market is declining sharply and tends to decrease when the sellers still have not given up. The daily chart shows that bitcoin still needs to retest the critical support of $ 6k8 before the pump or dump is strong. so now we should not buy or sell because the indicators are unknown.

We have been hearing different news from China, ban this, ban that, slash this, slash that yet here we are still pushing forward, although not fast but slow and steady they say wins the race. Yes it affect Bitcoin price, in fact the whole market but does that mean we are going down flat? No, but it will only make us more stronger and better. We will live through this, that's for sure. I think it's a matter of time and all these news will be seen as nothing..

This is not a new rhetoric from the Chinese government but became one of the main reason for the bearish run. China has officially outlawed crypto exchange yet a lot of trading volumes still comes from mainland China. The population is so fluid that the officials have to dictate simple instructions so that they don't go crazy for a trend. They needed to take an action as the market misinterpreted Xi's worlds as a support for crypto trading.

Bad news has greatly affected this market and China is proving that they are people who can control the value of Bitcoin at any time. I think this is really dangerous because if the government starts checking crypto transactions then investors will be very scared. Hopefully, this country will have better strategies to protect investors and this is what everyone needs in this time.

I just read that it was Google announcement and on this thread it's China's announcement, people are looking for the cause of Bitcoin dropping maybe both of them impacted Bitcoin's price, but any impact that they bring, are going to be nonsense, as the price will eventually recover, the buy support is now going stronger, the believers will support the price, until we get the price back again, probably next week. 

The irony of china, don't they own the majority of Bitcoin through their collective effort in mining? I guess the plans for China to start issuing it's on state backed cryptocurrency just might have fallen through. What about cryptocurrency exchanges such as Binance, will it be affected by the crackdown. I thought it was because all of those pesky ICO's that kept cropping up but now China is talking about seeking action against on-shore and off-shore based exchanges or institutions that utilize crypto fin exchange & trade.

While I don't think China is been the reason in everything in crypto, they keep bugging and creating news whenever there is hype or dump. How long will they get themselves into crypto when in fact they just don't want to really engaged. Once they fully accept crypto I will just laugh on how mess they think crypto is.

Hopefully, this thing with Binance was just a mistake and it was really unnecessary. Cannot understand their vision by creating a government based crypto, investing billions of dollars into blockchain and banning crypto exchanges at the same time.

There is a big mining industry within China, but that doesn't mean they own it in whatever shape or form. They can subject mining to harsher regulations, but that still doesn't mean they own any of it. They never will.

Not really. I think one of the reasons they have been open to the blockchain space (not to be confused with the crypto space) is to understand the workings better so that they can implement these features themselves.

It's kinda interesting to see how this ends up working out because when China manages to get it working properly, other governments might follow because the one main similarity they share is total control of finances and so their people.

Customers participating in China's cryptocurrency market are very crowded and their money is huge. China is creating its own crypto and its next goal is to create one of their exchanges and list their country's crypto projects. There they can do anything with their money. They will tax users and control cash flow not to be diverted to any country other than China.

It's a very sad thing to see especially after we have spent so much time hailing China as visionaries saw the potential of Blockchain technology and Cryptocurrencies considering the fact that they plan to release their own, so the last thing I was expecting was to see something like this happening, even with the FUD of Binance office being raided, I don't know if this is all market manipulation but the way things are now, it's very bad and things needs to settle down.

I am not really surprised because this has become a regular occurrence now. China has been regularly crashing the Bitcoin prices, once or twice every year since 2013. After a few months, the government will once again relax whatever restrictions they had placed earlier and the prices will recover. And then after a few months, they will once again come up with some statement and crash the exchange rates.

Today there was another strong plunge in prices to land. This happened after very frequent promises that Bitcoin is about to rise. I knew that there would be a collapse, since everyone again started talking about him well. And so it happened. But China is a very smart nation. We’ll wait and see what happens.

Yes, bitcoin markets have been defeating all those stints so far and we had lots of discussions about China's hand into crypto currency world. There could be a lot of possibilities for the bitcoin prices' recent decline was actually triggered from China but definitely it will not sustain as per what history says. China's cheap labor and all other resources are the reason why they are dominating in crypto space but that alone will not decide all the things in this crypto space.

I'm sure a lot of other countries also will be taking steps against crypto exchanges and crypto miners but I believe market will not react the same way like it had done for China's. For example, SEC's rejection is no longer having impact into bitcoin prices.

And what will happen to price when China will ban it? Going to zero?

oh man, this we probably should have seen coming, China likes to have their own controlled versions of everything it seems : /
I still really want to see this go thru tho, i think China could be a great PoC for everyone else :) 
A gold backed crypto would imo be perfect for any major country, and imagine if the chain was public, WOW, that would be groundbreaking in government transparency :O
interesting times for crypto and especially BTC in 2020 i think!

For me I am tired of the significance China has on the space, and the earlier the better we start looking for way to be less reliant of China.  I was told there are many fake exchanges in China and also there are some like Huobi that are regulated in China so exchanges has come to stay

Blockchain and crypto has come to stay let them do their worst. Year in year out they look for ways to cause a downturn in the market but yet it didn't or have ever changed the nature of Bitcoin but instead keeps giving more significant to Bitcoin. This phase will pass like previous ones because people are getting wiser and understanding the value and possiblities within the blockchain space.

Such news from a crypto enthusiast countries is enough for change of price direction. Coming up with news to go against illegal outfit is a positive news because it means your investment would be safe with the surviving exchanges. This is a kind of regulation for the exchanges there and fake volume will be reduced too. So is a good one and China has population, we are going to expect more increase in price.

Was also asking the same thing but since the time they were producing ASIC devices to mine BTC, it only means more mining farms are benefiting from the industrialized China. Right now we can now consider them like a global leader of the future. They are also the heavy investors in these industry which is why slight changes of the law involving the cruptocurrencies can affect the price of BTC when the Chinese government says something.

There's news that came out that the news about Binance office taking down on China is a fake news.

https://micky.com.au/furious-cz-from-binance-suing-the-block-over-market-tanking-fake-news/
https://cryptopotato.com/cz-binance-fake-news-is-the-reason-for-yesterdays-bitcoin-price-crash-to-6700/
https://ihodl.com/topnews/2019-11-23/binance-ceo-will-sue-block-due-fake-news/

Bitcoinprice was plummeted. But Chinese government action is responsible for that crash or not is different story. This kind of crash is not new for crypto in the recent past.

It's *possible* that an announcement like this could have had an effect on the price, but I really don't think it could account for what was a decrease from $9000 to $7200 or whatever it amounted to.  Bitcoin lost a few hundred dollars in value in the past 3 days alone, and even tho China is a huge player in the crypto scene this hasn't changed anything really.  It's just words, and these are shady exchanges we're talking about.

I swear I thought China had already cracked down on exchanges.  I thought I remember reading about that quite a while ago.  But in any case, even if all the exchanges in China go out of business, there are still plenty left globally for people to use.  Even when a big one gets hacked and loses their customers' funds it usually doesn't have a big effect on bitcoin's price.

So no, I don't think this news accounts for what the market did in the past couple of days.  Not at all.

The news that the exchanges ban reduce the price of bitcoin had been denied on every front but sadly the news on internet spread faster and cant be easily controlled. China is just trying get the best of these space with its population. They are planning to move new coin and more fund into space in few months but we dont understand how it could benefit the whole market.

I think the Chinese government is very confused. While talking about the benefits of cryptocurrencies on the one hand, they are talking about the effect of control and so on. It is not difficult to understand that decentralized Bitcoin disturbs them.

All this recent China news first causing the pump and now causing this latest dump seems familiar. In 2017 also there was all kind of news and FUD of China crackdown on miners and exchanges and market rallied big later in the year. Hope the same happens after current FUD is over.

This is FUD news that crashed the market price of Bitcoin, however, according to TA charts, Bitcoin was always going to dip around this time of the year

It's funny, because everyone seemed to rejoice when China came out earlier to endorse crypto, and the markets reacted very strongly by rebounding from the $7k lows up to nearly $10k again where the resistance again proved to be too strong.

China's stance on crypto isn't likely to change - it's likely to continue to be restrictive, whether it is towards crypto based businesses, or exchanges.

This is a classic panic dump. I do expect further losses in the near term future, but it shouldn't be anything major that would cripple the entire market.

The market really reacts very sharply to such news.But such news can scare only beginners, crypto gurus know that it is impossible to ban cryptocurrencies.

This is what I expected China will do, especially because of the nature of their government. They like business, but only if they are the ones who controls it. What they said that they support blockchain does not mean they support all cryptocurrencies. And with their advancement in technology and monitoring their citizens, I think that they have the chance to successfully regulate crypto in their country.

It is maybe true that bitcoin always be dumped every the end of the year but this news also contribute to further decrease the price of bitcoin as well as making people afraid of holding cryptos specially in China.

Definitely not going to zero. China has announced to ban it twice and the last time they say to ban it the price instead getting pumped. The market will just adapt and get used to it. Majority of crypto trader in China will probably move their money to japanese exchange or some sort just like in the past.

Last month, their President gave a positive remark towards blockchain.

https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain
https://www.scmp.com/comment/opinion/article/3035812/china-course-reap-rewards-blockchain-push-xi-jinping

And so they are saying, the increase of price was partially owed to this remark.
I don't think this current development from them made the bitcoin plummet.
There are various factors that contributed such decrease but this one is not really the one that gave the negative push.

I love how the media confuses the public about that China supports blockchain and equate it to support for cryptocurrency. China might most likely want to control and regulate all crypto activities in their country and make a lot of business out of it. The prices of cryptocurrencies there are expected to drop and have an impact in the global scale. FUD spreads where new news about crypto rises

There are a lot of people who missunderstanding against chinese. They are suppose that chinese who accept blockchain will be automstically accept bitcoin, but it is not and even long from their mind. Chinese is stll remain firm in their view that crypto is illegal and they remain not to adopt crypto. Moreover, the big media's in chinese was also created an article about their perspective again crypto/bitcoin which, of course, exacerbated the high expectations of crypto users.

News except China is a big influence on our cryptocurrency market. Many major cryptocurrency exchanges are based in this country. Do you think the market is too dependent on China?

Actually I also feel very afraid of this news because it affects the psychology of investors and if you do not keep calm, you can panic sell at any time. I think China is starting to strictly control investors participating in this market and making it difficulties for the market. Hopefully this bad news will end soon because I have spent a lot of assets investing in Bitcoin.

Yesterday, Bitcoin cost me more than 20% and it was the most disappointing day for me in the past year.  I don't know what will happen next but I hope everything will return to the most stable development stage.

News such as this isn't the only factor contributing to price movements, but it sure does present a great opportunity to pick up good quality assets at great value so ignore the FUD and just invest wisely and you'll be able to benefit from these types of situations

It's amazing too see such news managed to move the prices as they wanted to. Few weeks ago they gave us a good news and the price went quite high and was quite stable for a period of time. And now after such news been released, you could see how much it affect the prices of the market. I don't know if it's really because of the news or some other aspects also took part in the prices. China's been trying to ban Bitcoin and everything related to it since years ago, and every little thing they do, give quite the impact on the market.

Bad news like this is what makes the impact of Bitcoin down. It cannot be in the undeniable again the fact that China has already banned bitcoin and other cryptocurrencies so that their digital currency can be better sold and used by local people. His strange is the same, they use a blockchain that is made to innovate from Crypto instead they prohibit. And I'm sure that's why Bitcoin is down now.

I don't think this is something that should be taken too seriously. Because bitcoin has its own market where demand is built naturally and artificially. In the sense that the issue of China's blockchain, DCEP, indirectly makes the Chinese ordinary people especially more open to the crypto world. Which of course they gradually began to open their eyes to try investing in bitcoin or altcoin.

Responding to the statement above, I am of the opinion that China really wants to develop blockchain technology, but they don't want to use cryptocurrency (Altcoin). Kemudin China like things generally always want to master all things like economy, etc., do not cover cryptocurrency. And certainly China will not allow people to manage, using crypto in China itself, China has always wanted to monopolize it all. So it is appropriate that China will ban all users who already use BTC and altcoin there. China indirectly forces and wants all Chinese people to use their own blockchain technology and products. But I don't think that's possible, however, however sophisticated. no matter how smart the Chinese make a comparative project for btc and crypto it still won't make this crypto fall into their hands, it's OK to speak that most investors come from china, but it must be remembered that in addition to seeking profits China usually always wants to copy from crypto.

China has scared a lot of people here and if you are not prepared for the next bad thing, this market will tend to fall even more. Recently a lot of bad news has caused some investors to panic and if this is not resolved, 2020 will continue to be a difficult year for all investors participating.  I don't want the market to decline any more because I have spent more than 90% of my assets investing in this market and am going through a very difficult time.

To avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".
This statement shows China's tough stance on cryptocurrencies, they support Blockchain technology but they do not support cryptocurrencies. It is also very understandable, the government does not want a currency they cannot manage development in their country.

Bitcoin is a decentralized asset and as such it is not too dependent on any single market. But the political developments in major markets such as China, United States, Japan.etc can have a large impact on the exchange rates. Also, there is another factor that chips in. The other markets may be having more long-term holders, but a large part of the day traders come from China.

I think this move by China is a moves towards regulating cryprocurrency exchanging and by extension the cryptocurrency market in China. This is because only exchanges they choose to leave in operation will continue to offer their services to the Chinese populace, and there is no guarantee that there won't be a requirement for being eligible to do so.  China is taking serious strides in regulating it cryptocurrency market.

This is a news that has also affected the cryptocurrency market, causing the price of Bitcoin to drop sharply in recent days, if the post title is bad news for everyone when China has dominated the market. This, but Bitcoin is still there and will come up later.

This news is not a reality, there is no source that this can be proven.
The former announcement by the Chinese president was everywhere for us to read but this one can not be found, i searched google for this news but it is an unfounded truth.
Anyone with a source link should post it here.

I am very familiar with this news because in the last 2 years a lot of bad news has appeared in China. I think there won't be any problems if you choose to invest now because maybe the market will recover in December and Bitcoin will return to the highest price soon. Currently, Bitcoin is at $7200 and this is really a very cheap price for investors so I encourage you to buy now.

However, if you are afraid and worried, you should just sit still because crypto market is in a volatile period and will certainly affect the profit of investors.

There's nothing we can do it, we cannot pressure them, they are a powerful country, but there's a fake report that they close Binance office in China which is not new, maybe because they are going to launch their own coin and they have a plan to get it listed in Binance, this impact is jsut temporary, the report that they do not want Bitcoin has been existing for so many years and yet it has no impact on Bitcoin.

China is not really looking to "slash" all crypto exchanges, they are just going for a more formal and legal way of crypto and that includes the miners and exchanges that are working illegally in their nation. It is only understandable that they want exchanges to pay the taxes (they have huge taxes) and they want to be able to be in control of those places as well like a true dictatorship.

Even the smallest of business' in china is in control of the government and can't do anything the government doesn't allow so they want the same from exchanges and if you are not going to do that then the government will shut you down. This is not an attack towards crypto or any exchange, it is an attack towards companies who do not follow their own rules and that is understandable, horribly bad but understandable.

yes , i saw that news too , and i am quite sure that why market got REKT suddenly, and also in this cases we clearly see a effect from China’s President, Xi Jinping, endorsed blockchain technologies in a speech a month ago , has gone soo sudden.
but what the interest thing on this cases is , @PeterSchiff say a different fact.
"Schiff claims in his most recent Twitter spiel against Bitcoin that the market is showing clear signs of manipulation."
source (https://twitter.com/PeterSchiff/status/1197552725929709568?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1197552725929709568&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F11%2F21%2Fright-on-cue-schiff-resurfaces-to-celebrate-bitcoin-price-drop%2F)

and now, it depends what you think about it.

so far i just found this news (https://www.newsbtc.com/2019/11/21/right-on-cue-schiff-resurfaces-to-celebrate-bitcoin-price-drop/)

China just wants to stay the hot topic. It has no consistency in words and actions. At times, it admires the blockchain technology and crypto currencies, then takes actions that will harm the digital coin market. It is always so unpredictable with this country. To be very honest, China admires everything about bitcoin and digital currencies. In my opinion, it is looking to take control of this market too.

If this is the reason why the price dropped then those people are truly morons and I am glad they have sold. I hope they never return. Make bitcoin illegal and take it all from their people. I fully support this since it takes bitcoin away from the Chinese who we all now have most of the control of the miners seeing as they are made therein mass and that electricity is cheap there. People think this is a bad thing because bitcoin went down. Nope is a good thing. Think of it a sift sifting out the weak. Take the short term to lose and smile since you know bitcoin will slowly creep back up without the support of China. So go ahead China arrest people make ridiculous laws and ban bitcoin. It won't affect us. I mean hell if you so hard to throw your own people into jail then so be it.

It's frustrating how the Chinese Government seem not to know what they even want but the annoying part is that these decisions they make tend to affect the Cryptocurrency market depending on if the news is positive or negative, their initial stance was hatred for Cryptocurrency, then they suddenly fell in love with it and even want to make their own coin, and then suddenly they want to ban all Cryptocurrency exchanges, I just don't see the logic in this move at all.

The Chinese government said that they were going after illegal exchanges and I really doubt that those exchanges have the kind of power and volume that an exchange like binance has, so I find very unlikely that the current decrease in the price of bitcoin is the result of this announcement, at the end I don't think that we will ever know what was the cause for the crash in the price that we have seen during the last days I only expect that at some point the price stops crashing.

I think such a cleaning should be arranged for the entire market. Too many exchanges with inflated volumes simply do not allow normal development.

this movement makes sense if you know that they are only want to adopt the blockchain system and not the cryptocurrency. they've always been like this and people are forgetting the fact that cryptocurrency is different with blockchain while blockchain is just a system that is beneficial and crypto is its product.

In the long run, in addition to accepting blockchain, it will also be necessary to accept cryptocurrencies in any case, because many services and services using blockchain technology also use cryptocurrencies.

This is not the first time Chinese government worked against cryptocurrency but in the end cryptocurrency always prevail against them. I think there are people within China government that have interest in crypto and they always used their influence to manipulate market for their advantage

Then, you must learn how blockchain was helping the first commodity transaction between china and singapore in a few years before. Blockchain is not crypto but crypto needs blockchain. You must look at the reality rather than spraeding your non sense words about that. Look at some service who has created side chain.

I guess we should already learnt our lessons in 2017 where China made a U-turn on BTC.

They are really anti crypto or at least anti bitcoin and they would do everything in their power to create a lot of chaos and fake news regarding bitcoin and cause the price to crash again.

The good thing is that bitcoin is very resilient which this kind of attacks, we have proven it already, so I guess we shouldn't be affected by any news coming from China because we know that they have every intention to destroy bitcoin. They don't want their people to invest on it because they will lose all their control and they don't want their money to go out somewhere.

Exactly. I think this is an opportunity for some whales to buy cheaply and certainly the government already knows this. In my opinion this problem occurs every year and China has a great influence on the entire crypto market. Almost any news that appears in this country will cause the price of Bitcoin to fluctuate so it's best to wait for the better phase to invest again.

And what exchanges will they be slashing in this implementation of a stupid decision? There are no large exchanges in their country in the first place because they are not friendly to cryptocurrency even before. What company would risk building an office in this country or operating from there when the pronouncements and decisions made in the past are nothing but negative to crypto? There will be small local exchanges though. Let them slash their own businesses then.

The Chinese government may seem to be bipolar in their decisions but this is a concerted strategy, every few years or so they begin to give signs that they may open to cryptocurrencies and this creates a positive outlook in the market for the possibility of having one of the biggest economies in the world to accept cryptocurrencies but then they take back their statements making the price to go down and they do this to try to identify anyone that is doing business with cryptocurrencies.

Blockchain and Cryptocurrency is very synonymous, you don't take the one to the other, if they support blockchain they support its main product and make Bitcoin valid in the eyes of their holders coming from their citizens,  their people will find a way to hodl Bitcoin even to the point of transferring or migrating to other countries.

It seems that the Chinese government wants to control BTC and this crypto market. We can see a lot of bans from them, but the truth is that the biggest mining companies, exchanges, and projects are from this country. They banned crypto, but invested a lot of money in it. It was strange.

It is not strange at all when we think about what it is at stake for them, the Chinese economy while being very successful during the last decades it is also one of the most controled ones around the world, they do not want to lose that control and they are realizing that bitcoin is a real threat to them and their government so they want to take control of bitcoin but we know that no matter what they do they are going to fail which is not good at all if you are the Chinese government.