Bitcoin Forum

What are the main drivers of BTC price change in China?

What are the trends?
 

USDCNY atm.

coiners there buy when it goes up. this takes BTCUSD with it.
always when BTCUSD goes up, look for the reason in CHina lol

china is giving the big part of bitcoin trading and of course with the price and we all know about this, anything goes with bitcoin, then we should take a look with china market exchange, its happen with up and down price. if traders from china decide to make the price is down, then the other market will be follow.

51% hash attack in my mind.
But the main drive still holds by Chinese miner.


The demand was increasing and which mean will boost the price of bitcoin.

 ;D

50% of bitcoin mining is done in China and because of this bitcoin technology and advance software are developed there. I noticed, bitcoin market move in trend during Chinese trading session. Am a wise trading should take advantage of this in other to make profit on margin trade.

Along with china holding majority of mining power or atleast china based company are behind manufacturing bitcoin mining devices as well as mining farms, you can check http://fiatleak.com/ which shows most of the bitcoin trading volume comes from china (either from manual or bot trading). This is why the devaluation of yuan shows strong pump in bitcoin as well as small news regarding Chinese economy influences bitcoin market.

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

the answer is volume: https://exchangewar.info/

The is volume not completely true because most Chinese exchanges are using trading bot to create volume and make profit from it.

sure but still we can safly say that way over 50% of volume is in China.

I agree on that. Most bitcoin holders are chinese. Since in their country all of people them dream not to be a employee but to be a businessman, they would invest on a business that they know they would earn. I like to mindset of their country, sooner they could be the most influenced country in terms of trading.

I still think that main factor is fact tht Chinese citizens have no faith in their own currency yuan renminbi.
This FIAT is totally controlled and steered to always have low value compared to USD.
They do this to make sure export will always be profitable even at cost of undermining their own FIAT.
That is why Chinese speculators/investors/normal people buy large amounts of bitcoin.

Here is old news presenting this situation: http://www.zerohedge.com/news/2015-11-02/bitcoin-more-doubles-2015-lows-chinese-ignore-easing-capital-controls (http://www.zerohedge.com/news/2015-11-02/bitcoin-more-doubles-2015-lows-chinese-ignore-easing-capital-controls)

It's not that they have no faith in their currency. I'm no China expert, but they generaly love their semi-dictatorship. this includes that they trust in it. it's just that they see advantage in buying BTC when USDCNY goes down. They are not like westerns who see those moves of their currency as bad. they just react. and we talk about those "few" Chineses who can speculate. "few" in this case are many many....but few in the sense of the whole population,

you are forgetting about the 0 fees on their biggest exchange platform. that is why the volume is through the roof there. because simply put you can make profit even with 1 CNY change in price because there is absolutely no fees there to trade.

Mostly people of China are traders, enterpreneur or businessman, in my opinion they make investment into bitcoins for long term strategy and the price on there always more higher than other markets. And The trend is goes up of course, they can be control price of bitcoin.

Look at Huobi's volume. It has trading fees. The "0 fee explains all"-theory is an excuse of western Bitcoiners who don't want to realize that BTC is in China's hands

Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!

to me i think it cannot be so. as bitcoin is a decentralized universal crypto currency and not a regional, therefore it is really difficult to manipulate the price of bitcoin by a single country.

you just make a random speculation right?
but based on my limited knowledge china have a big impact on the world economy ,
there a lot of ways for china to have a big influence on global economy ,
inlcude bitcoin where there a lot of mining farm owned by chinese bitcoin miner more than any other bitcoin miner arond the world.

Its hard to tell how much volume/infulence china is actually affecting the markets, but if I had to take a guess, they have very large volume.

Seems USD/CNY is currently the biggest driver for Bitcoin Price.

The trends seem to also be attached to psychological monetary walls (E.G -- 5000 CNY, 6000CNY) in a similiar manner to USD (700) (800) USD, when such a wall is broken the majority of the time there is a large dump (if falling) or a large pump (if breaking the wall upwards rather than downwards).

https://blockchain.info/pools

and according to

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Was being a real evidence if Chinese has held over 50%
51% hash attack is real.

The bold is sad.

- mining pool hash rate has nothing to do with exchange volumes
- 51+% is not owned by one mining farm, there are mining farms then there are mining pools which people also connect to,...
- things weren't always like this not so long ago GHASH.IO (based in US i believe) had 60% of hashrate

p.s. Huoboi is rumored to have fake volume besides you should check the real china exclusive exchange called OKCoin.cn for the biggest volume with 0 fees.

You are right, Chinese may manipulate BTC prices to pump and dump but never will be able to influence on bitcoin prices without reasons.

But, we need to remember that those large number of bitcoin mining farms and production of mining equipments might get Chinese people more awareness on bitcoin ecosystem. When more Chinese adopt bitcoins then obviously they will influence bitcoin prices.

but they are also many more that play in the market, 1 billion of chinese against 100M of eurpean or american or other, their influence is at least on par with their network mining superiority, so 70%

Yes - and the upcoming Fed rate rise will be interesting. The dollar will strengthen against the yuan, and while US buyers will likely stay in dollars, the Chinese buyers will rush into bitcoin to preserve the value of their money. It really depends on which group is stronger, and at the moment there seem to be more chinese buyers as they try to get money out of their country.

Not just mining, but they can manipulate their markets hard whenever they want to.
This is what is making the difference currently, but then we need to be precautious because if they get a hold on these European or American markets too, then the worst markets drive will be visible. Major factors that's helping them is their interest and money that they have, involved in bitcoins, they got a big hold on the markets through mining and money.

They don't have fees on the chinese exchanges, and many of those exchanges run bots mindlessly buying and selling at no fee, to create an illusion of volume.

The only true volume is on the fee-based exchanges, because it's too expensive to have fake trades.

It all has to do with the miners that they are operating in their part of the world.
The mine so much that they hold most of the mined bitcoins being available.
The price most definitely is driven by that factor of the bitcoin ecosystem.

A good way to measure popularity of bitcoin in certain countries is to monitor Google trends data for the search term "Bitcoin".
https://www.google.com/trends/explore?date=today%2012-m&q=bitcoin (https://www.google.com/trends/explore?date=today%2012-m&q=bitcoin) It is normally true for the whole world...
But unfortunately it is very hard to do it with China - because google is blocked there, they use their own Chinese search engine.

The main drivers are speculative pumping followed be profit taking then a sell down, aka the dump. There is also blatant price manipulation and coercive practices with the use of mass media.

What do you mean by trends?

I believe as well that bitcoin price is driven by the bitcoin ecosystem.
Chine is the country with the highest number of people.
I think that when the number of bitcoin users in China grows, their influence on the bitcoin ecosystem grows as well.
In the future Asia, especially China will have a much bigger influence on bitcoin than it has today. Not because of the miners, but because of the people who use bitcoin.