Bitcoin Forum

China has delivered its toughest blow yet to the crypto industry by declaring that all crypto-related transactions will be considered illicit – including services provided to offshore exchanges.
Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website on Friday.
China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry.

Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.

Bitcoin slumped in the wake of the announcement, falling 8% to about $41,000 as of 9 a.m. in New York.

Chinese officials are going further to stamp out crypto trading for its ties to fraud, money laundering and excessive energy usage. China already has rules that bar banks from offering crypto-related services. To get around such rules, traders have moved to over-the-counter platforms and offshore exchanges.
Crypto mining’s massive energy consumption is also part of the reason the industry is coming under scruntiny. In a separate statement, China’s economic planning agency said it’s an urgent task to root out crypto mining and the crackdown is important to meet carbon goals.

China is facing a severe power crisis that’s already roiled commodities from aluminum to steel, and several industries have seen their power supplies curbed in the last few weeks.

The country is home to a large concentration of the world’s crypto miners and as recently as April had a 46% share of the global hash rate, a measure of computing power used in mining and processing, according to the Cambridge Bitcoin Electricity Consumption Index.

“The Chinese regulators have always been extreme in their views and these comments are not new,” said Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore.

“The interesting part is also why they continue making these statements. Its probably because they sense continued unabated activity in China and hence having to go on an overdrive,” he added.

China’s renewed crackdown against crypto mining and trading activity started in May. That was the first time top officials had singled out crypto mining at the national level since dropping it in 2019 from a proposed list of dirty industries to be eliminated.

The move caused a collapse in crypto prices, with Bitcoin losing about half its value between April and July this year. While the market has since recovered some ground, it’s still far below the all-time high of $63,000.

https://www.aljazeera.com/economy/2021/9/24/bbbitcoin-slumps-as-china-bans-all-cryptocurrency-transactions

China has been against the existence of cryptocurrency for the recent time making the market to ranging with cost. No matter what happens now, I believe Bitcoin and the crypto market will still surge ahead the track. Bitcoin had been having similar attacks for the past years now and these had been making the crypto market more strong every single time the market recovers.

China seems to have its own policy that does not support the global crypto market. maybe china has a different view of the global market or has a specific goal towards bitcoin. But what China is doing is very detrimental to the global market and disrupts the market. China should be able to think more about its policies so that the global crypto market can continue to run

Just when you thought the price will recover faster after the dip, China wants to push it down. They have done this before and they know BTC won't die that way.
The government clearly doesn't want cryptocurrency mining, in general, that's very clear at least.

But regulations about Bitcoin and owning cryptocurrencies have different rules for this country and I think the same is happening in most countries even in the US the regulations is not very clear.

I hope China's government don't pressing their citizens too much. In my point of view, if China continue to make their citizens stress then it just create a time bomb. When the time is come then china government will have very big trouble. All people have their right for limited freedom but if they feel that they don't get any freedom in their country they will try to escape, if they can't then maybe they will fight. Many countries trying to surpass China's domination in bitcoin now so we don't need to worry about that. That's my opinion.

Toughest Blow my foot.

China throwing out miners is the best thing that can happen for decentralization of mining. The rest of the world is anyways tired of the Chinese copying everything and then claiming technological superiority over the world. The earlier the crypto world is rid of the deceitful and opportunistic Chinese community and government, the better it'd be for the free people of the world who see crypto as an innovation, an opportunity and a revolution in how we transact and manage finances.

Most Chinese community I am aware of are anyways just meme-scammers pumping their bags with bots and shilling. Even if they try to build something, it always has some sort of underlying deceit that is controlled by the Chinese. The upbringing and conditioning within a regime that you cannot question and where you cannot follow the natural human urge of freedom has ensured that most Chinese products are a result of the sole pursuit of money. Lets be done with their hypocrisy, atleast in the crypto world.

China is showing its position in all areas, the recent news has made the market a bit scared. I see that a lot of major exchanges are under a lot of control by the Chinese government.
However, looking back at this FUD, it is not too bad for the market as we also have other good news. So for the developments around news to control the market, I find it mostly panics new investors.

But the bad news this time seems to be less powerful than before. Not even below 40,000 this time.

There are many cryptocurrency enthusiasts in China. If China announces a ban on Bitcoin, they will panic and sell their Bitcoin, causing the market to fall. Now the altcoin market is also falling because of the fall in the price of Bitcoin. After experiencing this decline, China's influence on Bitcoin will become smaller and smaller.

I've already seen threads about it on Bitcointalk. I gotta say that Bitcoin is actually doing remarkably well in light of such news. I remember a time when South Korea setting harsh exchange regulations triggered the main drop from $20k to $10k in 2018, and I think news about restrictions of some crypto-related things in China pushed the price down at least 15% in the past a few times. This time we had both things happen within a few days from each other, but Bitcoin is only down 10% over the last 7 days. Maybe the panic selling is still coming a bit later, but if it isn't, it means Bitcoin is way stronger than it used to be.

It did slump like this in 2016, 2017, 2018, 2019 and 2020, I don't think there's anything new, only newbies panic over this kind of thing because they don't know enough that there's a tug of war between China and bitcoin for a long time.

China can only do the best that they can do and like other countries too that have expressed hate in different ways have not succeeded. China in 2017 had a kind of what ban for ico nothing came out from it and bitcoin rose to $64,000, they restricted mining yet bitcoin still going stronger with countries coming to use bitcoin. We can't be surprised if China turns around to promote bitcoin.

Didn't China ban bitcoin mining or was that law rescinded?  I don't keep up with what China is doing as far as cryptocurrency goes, and I'm not sure that I could even if I tried. 

In any case, the Bloomberg article I read yesterday about this story in this thread (https://bitcointalk.org/index.php?topic=5361664.0) said that China's goal in banning its citizens from trading crypto is to reduce the country's carbon emissions or some such thing.  I have a feeling that's not the whole truth, and I don't trust anything the Chinese government says anyway.  Hell, I don't even trust anything my government says, either.

I do think the China news was responsible for bitcoin's dip in the past few days, because there were probably a lot of Chinese traders/investors who sold their coins in anticipation of the law being enacted or enforced.  And even though China accounts for a large number of bitcoin users, I don't think this will be a long-lasting price depression.  Bitcoin has bounced back from worse news before, and it's proven to be resilient over the years.  Buy on the cheap!

This news has been around for a long time, and it affects the market as soon as it is announced. The human psyche is unchanged, the collapse has occurred. There were two bans this year, in May and September. I feel compared to the ban in May, the fallout seems to have been softer as people didn't sell off their cryptos like crazy.

Sir, for how long will China news create headlines and affect the market?
In some cases they use energy consumption to front the blow. Then, can the Bitcoin communities move to renewable source of energy. I just feel like the news, speculations and fight from government are just the factors that keep Bitcoin going. There must be something to create a dip in order to re-start the market. Bitcoin is more than a decade old. It should look for a way to protect herself against her enemies, then it will be taken more seriously. It should not always be at the receiving side.

Not long ago it's the miners and now banned all cryptocurrency transactions. I wonder what will be the next the government of china will do. Whatever their reason is I don't think it's just that. There must be something that they are hiding. About the miners in china I think they make mining illegal and whoever is caught mining cryptocurrency then they will face a consequences if I remember correctly.

I'm sorry but I didn't see any slump on the prices. The article just overblown the China ban, but who cares, every year they have like banning crypto since it exploded in their country in 2017. Most of the them this mainstream media really likes to make headlines with bitcoin in front and claim this and that. But if you are a crypto enthusiast, you will just laugh it off because you know that the China news now doesn't have significant effect on investors.

Bitcoin is a decentralized network, it isn't an organization/corporation, neither is it run by a government, thus there is absolutely nothing that can be done about any negative news published about Bitcoin in the media or on social media. Users are their own bank in the Bitcoin network, meaning that they have freedom of their funds and their governments can't control the network, thus they are reluctant to adopt and accept it, reason for all the regulations/sanctions/bans, and there is nothing that can be done about that as well. Governments fabricate things and decides what to make legal or illegal, notwithstanding if it's true or if it is beneficial for their citizens, what comes first for them is their control. But that being said, Bitcoin is by all means a long time project, thus all this are just temporary hiccups that'll mean nothing in the long term.

Gotta love this "quality" journalism when they take two events that happened in the same timeframe and say the one event caused the other, totally ignoring all the other factors. And Bitcoin is currently at 66% of the ATH price, not 50%, and it even recovered to 5/6 of the ATH price recently.

And just recently Bitcoin only lost $2k as the reaction to China ban, which is really nothing and can be recovered very quickly if the bull market will resume.

No need to worry about China's bitcoin ban. Of course, I understand that we can get angry because sometimes it happens when one least expects it.
The best we can do is keep calm, if we have a diversified portfolio we will not have major problems.

In this position what we do is practice and execute our best trading strategies.

We are fortunate that bitcoin does not get a scratch if we look at it in a funny way.

I would recommend that you consider adding AVAX to your portfolio as it is struggling to rank in the top 10, my view is that it has enormous potential as an altcoin.

https://www.coingecko.com/en/coins/avalanche (https://www.coingecko.com/en/coins/avalanche)

Countries have generally not outlawed bitcoin, so not sure what you mean by bitcoin having similar types of attacks for years.  China has never been bitcoin-friendly, but they've only very recently been this hostile about it.  It stems from their need to make the digital yuan an integral part of the economy.  They can't have a digital currency they can't control competing with it if they want a digital yuan to work, and they very much want this.

They've never been friendly ever since it did exist because its never been appealing to the government about being decentralized.How much more in a country like China? On where they do really love to control things up

or would really be following on what they do really have in mind.Yeah it could slump or do make out some significant effect but we know that the market could really make out some recovery sooner or later.

Which does prove out that bitcoin doesnt really always tied up nor greatly affect whatever sentiments or fundamentals around.

China is exerting increasing levels of control over many aspects of their society, banning bitcoin is just another example.  China has also implemented strict video game bans for children, limiting them to 3 hours per week and only 1 hour per day on the weekends at a nationally set time; exerted control over tech companies, both on levels of profitability and the offering of services in the country; and continues to exert tight control over the press in the country, among many other ways they control everyday society.  In short, it's a hellhole.

This kind of FUD has certainly been published frequently by China and the latest news is currently less affected by the decline in bitcoin price, as experienced bitcoin investors have realized that the Chinese government will do anything to destroy bitcoin when the price starts to rise to high levels.

The FUD issued by the Chinese government last time caused the price of Bitcoin to fall below 30,000, and when more favorable documents were issued, Bitcoin steadily defended the $40,000 line of defense. I am very happy to see that the de-Chineseization of Bitcoin has been successful.

Trying to see it on general perspective it could really be that beneficial because some restrictions could really make avoid specially on that video game addiction on the youth.The thing i dont like is that they are trying to choke up their citizens with those regulations been set or simply shows up that there's no really freedom on what are things you should gonna do but the government do knows on what
are the things that they do need to do for progress.They might have banned crypto but its their choice, it is indeed no surprising that they dont like on things that they cant control.

Too early to say that, Until now Bitcoin is on indecision phase that's why the current price action is sideways which is very scary. Retail investors are still holding despite the continuous news about exchange being affected by the China campaign which verifies that there recent statement is true. As you said this happened before so it will take only a few whales to dump the price to make this retail investors that still holding to follow. The chart too is very bearish so its better to trade safe and wait for reversal confirmation before we assume that FUD is over.

They would definitely increase the control because when you are ruling with a dictatorship then there is no chance that you would be able to give people a bit of democracy or a bit of freedom. If people get a taste of it a little bit then you are going to have a big problem.

How could you tell people "I am going to let you be free and not be involved in your life but also I would be your dictator and you are forced to do whatever I say"? You can't do those two things together, you are either a dictator or you are not and when you are one then you can't let people do whatever they want.

Crypto is freeing, it is freeing in every nation and not just in NK or China, which means that there is no chance we could end up with a good result for the parties ruling those nations when people are so free. You can do it in USA, there is a fake democracy there (two parties, basically same people) but in China you can never do that, not in NK neither.

I don't see how China plans to stop people from buying/selling Bitcoin. People will always find a way. This is demonstrated greatly by the big useless firewall of China. People still find functional VPNS to sidestep any ridiculous rules set by some older, corrupt party officials who ridiculous only care about themselves. China is headed towards a collapse and they know it.

Such a sweep of China makes us very vague about their intentions and unable to officially declare that they want to destroy bitcoin, all their status is just prevention like an epidemic and it can be said that after many sweeping efforts with many such movements, the country of China is gradually clean and polished again, there is no longer a black spot called bitcoin. Bitcoin being passive and receiving such intense news will have negative but purified and pure from China, bitcoin will escape the range of miners here and will reduce many bad rumors from this scandalous country

Never trust China at all even if they adopt crypto though. There is no mercy in the economic business of communism, which spearheads their principle to become a superpower. This is all inseparable in order to make China a country to be reckoned with. See the growth of crypto and China is interested in learning all about how to create crypto based on its version. First they launched Yuan, then they had the crazy intention of duplicating the Chinese version of Bitcoin that they had studied for a long time, when the legality of mining was opened. Furthermore they block and spread bad FUD against crypto by destroying crypto prices in the market.

These are just stupid moves. How they are going to make sure that the children play video games only for 3 hours per week? They can just login with someone else's account and play as much as they want. I don't understand the urge from authoritarian regimes to dictate personal life of its citizens. If they go beyond a certain limit, then the best citizens are going to emigrate abroad. China is already having a brain drain problem, but if the government goes on like this, then it will get much worse in the coming years.

China has always been trying to rule with iron fist and then claim they are doing great. If any nation in the world ever managed to rule with iron fist and use their own citizens as slaves and then steal IP from all other nations, then they would become great as well. Whatever helped China so far has always been unethical and immoral, they have not done a single thing that helped their nation but also helped their citizens.

So, who cares if they banned miners or banned transactions, I wish all of them just cut out from rest of the world and live all by themselves because I have not seen one good thing come out of that nation ever. I hope that we would see China losing all its power.

That's why people rely more and more on browsers like TOR. BTW, in normal cases a VPN ensures your anonymity. It assigns you a new IP address, which makes it near impossible for the government agencies to track you. But in case of China, they have technologically advanced surveillance tools, so the safety can't be guaranteed. The problem here is that the ISP provider will be knowledgeable about your VPN usage. If the police request them about the details, then they will forced to share it. The catch here is that the police needs a court order to make such a request. I guess in China getting a court order is relatively easy.

And if they are suspecting some illegal activities, they can easily get the nod from their government agencies to collect necessary information. I don't think crypto users from their country will be comfortable using VPN or other techniques how to go around this new protocol. I think, it is more on, they will request relatives or colleagues who are residing overseas to do some of their crypto transactions. But will this be permanent approach on crypto? Or just for the moment, I think, in the future, they will change their mind.

It is not surprising that any opposition from a major country will cause the price of Bitcoin to fall. For Chinese citizens, selling Bitcoin to avoid breaking the law is their only option. In fact, short-term ups and downs do not have reference value. Bitcoin represents a more advanced idea and will not be affected by national policies.

China always does things that shock the world, two years ago corona, now crypto/Bitcoin, for me it's no longer surprising China's behavior towards crypto, I actually hope that what China Bitcoin does can hit the lowest level again like it did in 2016, I will buy and save more, I know these are all Chinese tricks to be able to control Bitcoin like they control corona, this is what they do, but wait they don't work on this one, do as they please Bitcoin never shakes.

You need to know that chinese people are spread all over the world, they have access to crypto/bitcoin in other countries, china is cunning and smart, remember 1000 people who trade crypto/bitcoin in their country, 5000 other people trade crypto/Bitcoin in other countries, some think that way, no, what many know China is closing access to crypto in their country, outsiders/other countries, Chinese people trade/invest in crypto, who knows, so take it easy, there are more chinese people in other countries than their own country, try you go to singapore, majority chinese 80% they are involved with bitcoin, then who forbid them, nothing.

Bitcoin price went down after China made a statement like they banned cryptocurrencies and the transactions related to it. But it was not a very big drop in the price. The price just went down to $41k and after a little time passed, it recovered to a level around $43k again. As far as I see, the price isn't affected highly by these FUDs anymore. And this shows that Bitcoin is getting stronger than ever.

I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.

Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.

We will see what their reason of accepting it again after few weeks or months, there’s always a news of banning from China almost every year, may it be in doing transactions or for miners. We can say that it’s still affect the market due to number of users from China but we’re already aware that after the restrictions dump then recovery will follow. Those who already in the market since 2016 will know how many countries announce banning yet the crypto market still able to survive so there’s no need to worry now just take advantage of the chance to buy or study coins we are eyeing.

I saw another news that claims that this is just a rumor and I think that is true, this news is just another rumor. By the way the bitcoin market is up again after falling below $40,000 and now it is headed for $45,000 and might as well get pass that. This is just the same news that came around 2017 when China talked about banning Bitcoin, so the media are just digging up something that already happened in the past to create panic in the market. Nobody should be believing all these news, before you believe something like this you should first of all think and do a research before accepting it.

You can't use TOR in China without worrying about death. In other nations it is still not accepted, depends on which website you go to of course, if it is just google and facebook or something then I doubt you would be in trouble.

However in China, you would be in a big big trouble if you used TOR and did something against the governments wishes. It is not even just "you will go to jail" when you are in China, it is literally just a huge concentration camp there and you would either be forced to do free labor forever, or you will be executed if it is too bad. All in all I would say that it is smarter to end up doing something legal and not go against CCP at all.

China doesn't want people using other alternative monetary system other than the Renminbi. The government knows it can't destroy Bitcoin, so it's targeting centralized exchanges and miners in order to prevent as much people from using it. The more restrictions there are against Bitcoin, the more people will be forced to use the Chinese Yuan (Renminbi). With the Digital Yuan soon to become a reality, we should expect more opposition against Bitcoin.

At least, Bitcoin will survive thanks to its decentralized and censorship-resistant nature. China may be able to prevent people from gaining access to Bitcoin through centralized services, but that's it. People will eventually find other ways to use Bitcoin in secret. TOR, VPNs, and even decentralized exchanges make it possible for anyone to access Bitcoin regardless of government restrictions. Regulations can be imposed, but the rule of law cannot be enforced because of the way Bitcoin was designed. We should take advantage of the recent dip in price in order to accumulate as much Bitcoin as possible. I have a feeling it'll bounce back, as the FUD fades away into oblivion. Just my thoughts ;D

Unfortunately, China is not a country that has quite the compassion you'd like. We couldn't have hoped for more about the things China had already done. The price drop was especially apparent after China started an attack on social media and declared a complete ban on cryptocurrency. China will continue to try to make reforms from the economic sector that makes it seem as if China can control the global market.

The level of losses caused by China has a wide impact, that's because they have a number of large companies. Even if the Chinese themselves don't agree with their country's rules and he still insists on investing in Bitcoin then what Chinese citizens can do is invest in Microstrategy shares which are one of the stocks that hold Bitcoin (Michael Saylor).

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

BTC usually falls in price at around this time of the year and rises rapidly before the year ends based on historical data. The Chinese government continue to highlight the fact that they fear the rising power of BTC and other popular cryptocurrencies.

They are probably trying to secure their own centralized digital currency by implementing these pathetic restrictions.

LOL.. if the situation is this bad, then I would just advice the local cryptocurrency users to stop doing transactions until there is a policy change, or till the time they are able to secure a foreign passport. Even if the user travels to some other country (say South Korea or Japan) and do cryptocurrency transactions in these countries, I don't think that they will be 100% safe. I am sure that the CCP surveillance will follow them wherever they go. If you get a US or Canadian passport, at least they will think twice before targeting you.

Regardless of the China ban, Bitcoin will move on thanks to its decentralized and censorship-resistant nature. An event like this will only affect prices temporarily. China knows it can't beat Bitcoin so it's trying to prevent people from accessing it as much as possible. This is nothing more than an agenda to force the use of the new Digital Yuan. Miners won't be able to continue operations on China, but they can flock to other countries to stay ahead in the game.

I believe El Salvador will become the next Bitcoin mining hub, due to recent laws supporting the cryptocurrency. You can bet Chinese people will gain access to Bitcoin through other means (TOR, VPN, DEXs, etc) in order to continue enjoying financial freedom. To take down Bitcoin, the whole Internet must be stopped. And we all know this is practically impossible to achieve. With or without China's support, Bitcoin will be here to stay for a long, long time. Just my thoughts ;D

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Ban news caused a little red trend to be honest but in no time the trend reversed and now back on track hope the 50K resistance will break and the price will continuw to grow. What else China can do because they tried everything as they can to stop the decentralization but nothing really worked in long term.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then  bannings from China will never be relevant at all.

Really curious what are the thoughts of Chinese officials here? Are they expecting that they will greatly influence the bitcoin or crypto market because of their move? Because if they are, sorry but they are not successful. Clearly, this market can't be manipulated even with the world's most populous country in the world. But unfortunately, the action of their government is not favorable to its citizens. Now, they will be finding other routes, maybe even underground network that can provide crypto services.

This has happened before so for others, it may be bad news, but for others hell, this is an opportunity. Nevertheless, a lot of FUDs have been recently posted from different platforms, trying to manipulate the market as well as create chaos. China seems to be repeating history again, but for sure it is also for their gain. They have known what has happened before, probably they so they saw this coming and a lot of them surely benefited from this one.

To say that it had slumped is a bit of an exaggeration since it barely dumped Bitcoin's value, and to top it all off, for only a short matter of time. Goes to show that people have become smarter and learned to pick which news to focus on and which to shrug off. That being said this is a taste of the things to come and would signify that bitcoin will not be fazed by any negative news coming from China moving forward. Exactly. Bitcoin bounced back a few days prior to the said news and the dump following it so it means that neither was the news that impactful nor was it a slump. If it were a slump we would've seen a much disastrous drop in price. Regardless if it were a dump or a slump, good investors will see opportunity in red situations like these.

And....the slump has reversed itself, and bitcoin is climbing back toward $50k as I write this.

The China news was pretty big, but I figured it wouldn't affect the price long-term.  Bitcoin has survived and thrived through pretty bad news events in the past, from exchange hacks to EFT rejection to strong governmental regulation changes.  I never expect it to move upward in a straight line, but I've come to expect that bad news doesn't keep it down for long.

This has happened a lot of times where big news come to affect bitcoin negatively but after a couple of days, bitcoin's value starts to recover again as if nothing has happened. It is only a proof that no matter how big or small the impact is, bitcoin might get slump but will always get up and move up again. And with this recent FUD made by China, i have seen that bitcoin has experienced a minor dump but it does not stay long because i know bitcoin won't really stay in dips. It's trend will always come up rising no matter how many times its value falls back. And as of this moment, bitcoin is already $48,726 which means its now close reaching its new ATH.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

What I see is that China hates when it sees bitcoin's price higher than 47K USD. After the Elon Musk's statement, the price was rebounding but when China made an announcement, bitcoin was higher than 40K at that moment if I am correct and it felt as low as 30K that day. Then bitcoin reach 50K and somehow quickly dropped, it surpassed 47K lately and China immediately announced something.

What we can learn from these is that China's announcement has immediate serious effect but it vanishes in a days. I think if USA or any major European country makes an announcements similar of Chinas, then there will be a serious dip that won't be fixed in a days.

If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.

actually, we have been seeing this early that china's move doesn't have much impact. so i don't think we are looking at months here because it seems the market already move forward in just few days. there are too many involved already, and it seems the community ignored what china had to say. even some of their miners already did their exodus months ago. so from what it sits, we have nothing to worry anymore whatever china will say to crypto.
instead of going down, we again surpassed the 50k level. curious what china's thoughts now?

Bitcoin price actually has started increasing very sharply these days. It is really interesting to see after witnessing the China FUD that is to ban cryptocurrencies. The price is even around $51k now. Bitcoin price is just really unexpected that we can see any kind of movements at any time. I wonder if there is a reason behind the current rise. Or is it just a usual volatility thing of Bitcoin?

It seems that my predictions and yours are right, that FUD from China is not able to dump Bitcoin prices. If we look at the current Bitcoin price,
where the Bitcoin price has risen above the $50k price, this has proven that whatever China does is not able to stop the movement of Bitcoin.
I'm sure the Chinese government is quite annoyed with the increase in the price of Bitcoin, because the FUD it spreads has no effect. After all,
the Chinese government has spread FUD many times and it always ends in failure, because the price of Bitcoin is increasing every year.
Hopefully the Chinese government soon realizes its mistake and can accept Bitcoin. Because I do believe there will be many countries that are
starting to consider legalizing Bitcoin.

Do you know that when you become to tough for a child, you keep repeating the same pattern, no re-strategizing how to change their Habit, they become dominant and anything you say doesn't really have much/zero effect, that's what is happening right now, China has done more harm to bitcoin and it's a good sign that we don't keep doing this Chinese bitcoin plunge festival.
You don't want to wake up every day and seeing China always making a headlines about bitcoin ban here and there including the miners contributions, the wider spread of bitcoin across different nations, the more decentralized we become.

I don't see any current news that influenced bitcoin price to surge high, maybe its more of a volatility thing. Let's just say after those minor dumps caused by the communist party of China, its time now for bitcoin to reach another new ATH. We are fastly heading into the last month of the year and if history repeats itself, we might witness bullish season any moment from now.

However, China might be desperate for sure seeing bitcoin more bullish now after the FUD. It's just means that bitcoin is no longer affected with whatever the communist government of China plans to do.

There is no price surge as such. What is happening is that the prices are recovering after FUD from China (as happened multiple times before). Anyway, the prices should go up if no other issue is there. It is very simple - the supply is limited and the number of users go up by anywhere from 2% to 5% each month. So naturally it creates an increase in demand and the mined output is not enough to make up for this. The prices have increased by 25% or so during the last couple of weeks, and for me a new ATH looks possible in the horizon.

From year to year, China continues to carry out anti-bitcoin campaigns in the country and the most recent FUD is when they prohibit mining and crypto transactions in the country, resulting in a decrease in bitcoin prices, but so far the fud carried out by China has not lasted too long and gradually Fud will disappear by itself, I personally am very optimistic that the price of bitcoin will rise again along with the loss of the negative news, because as Elon musk said a few days ago at an event in california: It is impossible for a country  can to destroy cryptocurrencies but they only could just slow down the progress.

If it's slumping then it's probably the best time to get into the market and buy as much as you can afford to lose amounts of money to buy bitcoin because this is an opportunity to get into the market at a lower price because this slumps are always followed by big pumps.

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

Every country is on crisis, China no exception, but we all know how self reliant this government is, for sure they are going to survived. Perhaps the local Chinese market have been saturated, houses, apartment complex are being build in the country for the last 10 years. So it could be just a bubble and we all know that at some point, it has to burst. Yes, you are right no one can save China, but they have been in worst situation, trades are still there, and they are trying to reduce capital flight by shutting down all bitcoin activity. They want all their money to just flush out in their local economy.

In this case, the situation is much more complicated, I mean the Chinese economy. The problem is not the collapse of 2 or 5 construction companies, albeit the largest ones. The problem is much broader and deeper. For many years, China has been creating "visibility" in the real estate market, building both liquid real estate and entire ghost towns. And the problem is not that now millions of people will be left without work, thousands of companies will go bankrupt after losing large regular customers. The problem is that it has been hiding from the public and the outside world for many years. This is the problem of a huge NEGATIVE balance of local budgets. I will not describe here the full scheme of how the "financing" of such projects took place, but the point is that the money was essentially airy, and the debts were quite real. And now large Chinese entire regions need to understand how to survive with zero cash and huge debts, against the backdrop of a crisis in the energy sector, and the expected gigantic unemployment, and the growth of social tension in the country.

things like this always happen, indeed even though China always creates a controversy with its policies but things like this are strangely always effective.
China has even repeatedly banned and re-legalized bitcoin but it has always had a real impact on the market.
but it's true especially now that i've seen bitcoin back up even when i saw the last chart bitcoin will reach resistance at $59k and this is a very good thing.

They do really love on making moments like these but look at on what happened? Bitcoin instead make out some good movement and now it did break 50k instead of this situation.

They can ban all they want they can prohibit all they want.They can say all negative things that they want, doesnt only limit out on China but also in other countries as well.

Bitcoin wouldnt bulge out on situations like these.It might have some significant effect for some time but recovery is inevitable and instead it could reach up some good gains or increase.

China's impact over Bitcoin's prominence in the mainstream world should be minimal. Other countries will eventually embrace the cryptocurrency, making it grow towards new heights. If China "bans" Bitcoin, miners can simply flock to another country. Individuals can also move to another country or simply use Bitcoin in China through other means (VPN, TOR, DEXs, etc.). Young people will be the ones that will fully embrace Bitcoin, as they're quite fond of technology. I can see a new generation that will interact with digital payments on a daily basis.

China's decision will sink prices for a while, making it a great opportunity to accumulate as much Bitcoin as possible before it goes all the way to the moon. Right now, Bitcoin is bullish, so we can safely say that China's efforts to destroy Bitcoin have been in vain. Just my opinion :)

I wouldn't go to the extent of saying that the impact would be "minimal". China is one of the largest markets for cryptocurrency and therefore any ban in that country may have an impact on the exchange rates (when the news came out, it immediately crashed the Bitcoin rates by almost 20%). And using TOR/VPN is not safe in China, because of the wide surveillance by the government. If the government finds out that an individual is using these services, then he will be at the risk of getting arrested.

I'm not going to believe that the declines we've experienced in the past few days are the result of banning all crypto transactions in China. It never finds significant as the market was just about to recover at this time, it was only a price correction that we normally experience almost every day.

People are already aware bout their actions and the fact that they are doing this for how many times, that is something to think that was just a FUD only. People will just read it and move on, there is no string attached from China - crypto that is why we never saw such a huge impact unlike in the early days while China has contributed a lot.

Price declined of bitcoin is a natural phenomenon in crypto and even if China doesn't ban all cryptocurrency transactions for sure we will going to see unexpected price corrections in bitcoin or in any cryptocurrency. Though, at some point any negative news related to bitcoin or related to any  cryptocurrency will going to affect the market of the crypto but it wouldn't affect that much especially bitcoin. Now, as we can see the market price of bitcoin is recovering and going strong to market value of $50k+.

True,whether there are events or fundamentals which are happening or doesnt really have any happenings at all then this market is always volatile.It could really move without any reason which would really be ending

up for us to have those questions on mind on how the heck it did move without any news of adoptions or fuds or fomo's happening around.It could slump without Chinas involvement.

I dont know on why some people are really afraid whenever there are countries that do ban crypto without realizing or thinking that it could make out some effects but that would be only temporal.

apart from that of course they have their own goals for this and what is now the main focus is CDBC which is always predicted by china to be better than btc.
What's weird is why everyone, especially many beginners, panicked when there was news about China banning bitcoin.
even though when they are all relaxed it actually won't be such a big problem because it's only banned specifically for China and not with others.
and it's true that now it has entered the resistance figure at $50k and the longer bitcoin continues to move to where it should be.

How show are you that the decrease in price was caused due to China ban on cryptocurrency? And moreover this news is becoming old and so annoying, I don’t know why we keep seeing this news about China banning cryptocurrency every single year.

Every year I’m always going to see a news that talking about China banning cryptocurrency and it’s now to the point that I’m confused whether or not cryptocurrency is truly banned in China, because if it’s truly has been banned all this years that we have been talking about this, then we wouldn't keep talking about it till now. Or is it just a tactics to be bringing down the price?

Bitcoin is decentralized, right? So anything happening on a single region or country will have little to no impact over its prominence in the mainstream world. Of course, China is one of the largest markets for crypto. But a full government ban will only affect prices within a short time period. Eventually, the market will recover as people from other countries take advantage of the dip. There's strong support from developed countries (and some developing countries) into Bitcoin, so a China ban will only encourage miners and companies to move their operations there. For the average person living on China, that's another story. It'll be difficult to use Bitcoin when there's widespread surveillance by the government. The risks aren't simply worth it in the long run.

I'm afraid Bitcoin's adoption in China will decline massively, due to government restrictions. As long as there are countries with friendly legislation towards Bitcoin, nothing else matters. Just my thoughts ;D

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

Lol, what you do mean? They are under communist regimes since the 60's so of course it's a dictatorship or a government being run by only a few. They revered themselves so high, in the last 20 years they have made a lot of strides specially in the globally finance and economics and now being considered as superpowers. What they said are the rules and the people have no authority to question is. So it's either the Chinese miners or investors move out of the country and remain but they will be somewhat curb the the government. As far as FUD, we should be mature enough not to get affected negatively by any news coming from them.

The dictatorship of the Chinese government is unavoidable, because they hold a communist system, and of course the people must obey it. on the other hand, in terms of society, of course they want freedom for themselves, and indeed there are many ways they do it. By being the largest mining country, the influence is more or less in the hands of China, but what needs to be noted is that this is a decentralized area, not only those who have power, and FUD is only temporary in the end.

China has been a dictatorship for quite a long time. The government doesn't want anything that would strip away their power from the people. Something they cannot control, would be considered as a threat to their existence. Bitcoin is decentralized, so it's normal to see opposition from a communist government like China's. The country was the largest Bitcoin mining hub, mainly because of low energy and labor costs. A full government crackdown will be a huge blow to Bitcoin's hashrate, although the effects will only be temporary. Miners will simply expand to other countries to help keep Bitcoin afloat. It would've been another story if Bitcoin was a centralized coin. Thankfully, the community has kept it decentralized making governments' efforts futile. I wouldn't worry about China as long as there are other countries supporting it every step of the way. Just my thoughts ;D

I would agree with you in this statement, China cannot beat us if the majority of the world will adopt bitcoin, their people will continue to be under dictatorship but we bitcoin users who live in a country that is bitcoin-friendly will be able to enjoy the new technology as a payment system and most especially as a store of value for our money.

I don't anymore expect that they'll unban bitcoin, I consider their announcement to be final.

Yeah, bitcoin has been growing ever since the time they announced that they’re going to ban cryptocurrency  from their country. Even after the announcement, we all saw Bitcoin increase till it reaches another all time high price. Right now Bitcoin is currently at $62,000 in price , and we are all looking forward to more of the increase. And also in the case of Bitcoin mining, a lot of people feared that China’s ban on Bitcoin is going to affect the mining industry, but that never happened instead a lot of money companies has now relocated to other countries such as US, Kazakhstan, and other countries where it is legal for them to mine Bitcoin.

I believe that China assumed if they make every manufacturing very cheap there and let other nations use them for building stuff, they would become the world power. However, just because you are "owed" money doesn't mean that you have money, those are very different things. Can you imagine how richer banks would be if all of the loans they gave out suddenly all gets paid in a single day? China can ban crypto as much as they want, and rule with dictatorship and concentration camps and torture, as long as they keep doing that then people will slowly get away from it.

Even the biggest companies who really need Chinese cheap manufacturing are moving to other nations now because they do not want their name to be associated with them. When you make your nation a stigma and people start not buying stuff just because it is from your nation and you can't get paid what you are owed, the future looks horrible for them. Meanwhile we are out here doubling and tripling our money every year in crypto :D.

They no longer has the control and power of bitcoin mining, as they obviously ban it.

And many countries would love to take over of it, and some has started it's own in the US and other parts fo the globe like in Russia. FUD will be part of the ecosystem, no matter if we are in a bearish or bullish scenario. There will be individuals who will come will negative news to cause chaos. But I do agree that we have been maturing now as compare to like 4 years ago.

So, has that done anything  to stop the cryptocurrency market? As long as there are countries where cryptocurrency is still legal to make use of and also for the companies to operate, there's always going to be a way out.

Immediately the Chinese government issued a statement to ban cryptocurrency in the country, there were news that crypto mining companies in China quickly relocated to other countries and continued their mining business. so I don’t think that this is a heavy blow at all to the market, because it never stopped the market , rather the market kept going strong. Did I mention that analysis has proven that the market will still increase in value before the year runs out?

Market wasnt really similar into those previous years on where a small news or events/sentiments could really make out some big effect in the market but now we are seeing on it that it does have strong support which the price couldnt really crash down  despite of these hacking,banning, regulation news it do able to withstand and able to handle it out.
Recovery was really fast which is really much saying that we arent the same into those years where crash could really happen specially if China do make
out some move.

It seems that China has added fuel to Bitcoin's growth rather than destroying it completely. You just can't beat something that it's decentralized and censorship-resistant. Miners will eventually flock to other countries with a friendly stance towards Bitcoin. It looks like El Salvador will become the next Bitcoin mining hub, leaving China and other oppressive countries behind in the dust. Russia is also joining the game, so there's that.

I think China's decision to "ban" Bitcoin is nothing more than a move to promote the use of its own digital currency. There's no need for Chinese people to worry about this, since there are other means to get access to Bitcoin. What matters is that Bitcoin remains decentralized and censorship-resistant in order to stand the test of time. As long as it stays that way, no government will be able to curb its growth in the mainstream world. Just my thoughts ;D