[2014-04-11] Coinbuzz: Bitcoin price falls amid China’s banking blocks

[b!z]

http://www.coinbuzz.com/2014/04/11/bitcoin-price-falls-amid-chinas-banking-blocks/

Bitcoin prices fell sharply yesterday as several Chinese exchanges announced that they could no longer process Yuan due to having their bank accounts cancelled or frozen. Interestingly, there is still no official guidance from the People’s Bank of China (PBOC).

How do you think this will affect the Bitcoin price in the long run?

[bryant.coleman]

The Chinese incidents were literally the last straw. Bitcoin market was already over the edge, after the Mt Gox collapse. But then, there is good news as well. If you look at the exchange rates, there is a slight recovery from $340 to $420. 

[notthematrix]

http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/

[byt411]

I don't think it's a problem. Just a bump on the road.

[b!z]

I don't think it's a problem. Just a bump on the road.

China did play a large role in taking the price up to $1k, though.

[byt411]

I don't think it's a problem. Just a bump on the road.

China did play a large role in taking the price up to $1k, though.

That could be a bad or a good thing. People can sell and make a huge profit, but the common public will get scared by something which has a price that fluctuates so much.

[bryant.coleman]

China did play a large role in taking the price up to $1k, though.

I want to make this clear. At no point of time did the Chinese accounted for more than 50% (or even 1/3rd) of the Bitcoin buyers, as evident from the BTC-China data. China did played its role, but the Chinese were not the only ones who took the prices to 1K. 

[bitbouillion]

For any price action there is always news that fits. Such reasoning can become a very time consuming hobby, or even a big business like CNBC.