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BitAurum (OP)
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September 05, 2016, 08:37:37 AM |
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More Chinese investors might start to take bitcoin more seriously after the recent devaluation in the Yuan.
How will the bitcoin price react in regard to this?
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philiveyjr
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September 05, 2016, 09:14:42 AM |
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Why do you think the whole China will only look into buying bitcoin during Yuan's devaluation ? I would assume they would increase their holdings in other currencies, which are not as volatile as Bitcoin because they will obviously be investing a large amount of their money.
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1Referee
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September 05, 2016, 09:20:30 AM |
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Why do you think the whole China will only look into buying bitcoin during Yuan's devaluation ? I would assume they would increase their holdings in other currencies, which are not as volatile as Bitcoin because they will obviously be investing a large amount of their money.
I agree that Bitcoin isn't at the top of the list of traditional investors when it comes to moving their wealth to another currency for example. But Chinese people do like challenges as their investment style can be seen as very risky, which to a certain extend can even be seen as gambling. OP; It won't make people jump into Bitcoin, but I hope at least they have Bitcoin in their mind as a serious option. They don't have to put everything into Bitcoin, even 10% would be enough to give Bitcoin a massive rocket boost. |
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asriloni
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September 05, 2016, 11:17:18 AM |
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then if demand>supply the price will be rising immediately but I guess rich Chinese would prefer a currency that not so volatile so they would prefer dollar or Yen so they could save their wealth without worrying about the volatility instead of using bitcoin but even like that there's always still a minor rich people would trying to save up in form of bitcoin so I guess it would affect even a little
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maku
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September 05, 2016, 12:10:56 PM |
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Do we have any proof what stand behind recent price rise to $600+? And I don't expect any price shift.
US banks are closed for the Labor Holiday today so if price will shift dramatically then Chinese traders are behind this.
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safari88
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September 05, 2016, 12:20:28 PM |
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after yesterday news of Devaluation the price increase from $570 to $600 more.
I believe it will have a higher reaction again at that price, I hope the end of september able to penetrate $700.
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talks_cheep
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September 05, 2016, 01:33:27 PM |
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Do we have any proof what stand behind recent price rise to $600+? And I don't expect any price shift.
US banks are closed for the Labor Holiday today so if price will shift dramatically then Chinese traders are behind this.
I see you have doubts about China's ability to affect the btc price. Rest assured they (People's Republic of China) have the most number of Bitcoins, they have the most number of bitcoin miners, they have the most number of bitcoin traders, they have the most number of everything related to bitcoins, Do you understand now? Chinese started buying up right after the Chinese Communist Government announced a new round of yuan devaluation. Which drove up the price of btc immediately to 600+ territory. If you have any googlefu, you can verify yourself, no need to ask others for proof. It doesn't matter US banks are closed today. What matters is if Chinese continue to buy, if they decide to sell or if they decide to do nothing. Really. The fate of btc is in the hands of the Chinese, not America. |
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BTCLovingDude
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September 05, 2016, 02:37:15 PM |
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More Chinese investors might start to take bitcoin more seriously after the recent devaluation in the Yuan.
this has been happening for some time now, and even if the value of Yuan falls drastically not all Chinese will look for investment and also from those people who do not all of them look into bitcoin and from those not all will act on it. How will the bitcoin price react in regard to this?
those Chinese who wanted to invest in bitcoin has been doing it for a long time now and i don't think it can change things now. although this may be considered a good news and cause a rise regardless of what i said. |
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MingLee
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September 05, 2016, 03:43:21 PM |
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More Chinese investors might start to take bitcoin more seriously after the recent devaluation in the Yuan.
How will the bitcoin price react in regard to this?
China buying always technically helps the price of Bitcoin, and I wouldn't be surprised if there were some investors dipping out of the Yuan to buy Bitcoin due to the devaluation, so it is entirely possible some of the value was pumped due to people buying to get out of their local currency. |
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Ayers
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September 05, 2016, 05:14:10 PM |
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yes and yes chinese are the one behind bitcoin, they always just the outcome in some way, they were causing the last dump and now they are causing the recover, the next pump will be lead once again from chinese Do we have any proof what stand behind recent price rise to $600+? And I don't expect any price shift.
US banks are closed for the Labor Holiday today so if price will shift dramatically then Chinese traders are behind this.
there are many investors in china this is known , so i suspect they are behind the recent rise |
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randy8777
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September 05, 2016, 07:10:55 PM |
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after yesterday news of Devaluation the price increase from $570 to $600 more.
I believe it will have a higher reaction again at that price, I hope the end of september able to penetrate $700.
that might just be coincidence. or maybe a whale making use of that news to make people think the price is rising because of traders moving fiat to bitcoin. we can only guess. for now the increase has come to an end, and now it's waiting for will happen in the coming days. |
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amacar2
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September 05, 2016, 07:16:57 PM |
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I think chinese will always remain behind bitcoin pump and i suspect the recent pump of 5% yesterday was also came from china.
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var53
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September 05, 2016, 09:36:34 PM |
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after yesterday news of Devaluation the price increase from $570 to $600 more.
I believe it will have a higher reaction again at that price, I hope the end of september able to penetrate $700.
that might just be coincidence. or maybe a whale making use of that news to make people think the price is rising because of traders moving fiat to bitcoin. we can only guess. for now the increase has come to an end, and now it's waiting for will happen in the coming days. The Chinese are all sleeping now, when they wake up in a few hours they could start buying again. The volume of Bitcoins traded has dropped significantly since China went to sleep. When China wakes and the volume picks up the price might pick up. The rise is not necessarily a whale making use of that news. |
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Sontoloyo
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September 06, 2016, 01:07:48 AM |
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The Chinese are all sleeping now, when they wake up in a few hours they could start buying again. The volume of Bitcoins traded has dropped significantly since China went to sleep. When China wakes and the volume picks up the price might pick up. The rise is not necessarily a whale making use of that news.
For Bitcoin maybe yes, I hear that China Bitcoin users also save with Altcoin like Etherium, Dash, and some Altcoin. I still optimistic that China users will wake up again and can increase for Bitcoin price. |
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Doms
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September 06, 2016, 02:00:41 AM |
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Whatever China does affect the market one way or another. They are such influencers because of the volume of Chinese who are investing. And it is not as if the price right now is too low. We are still at a good price compared to four months ago. These buying done by the Chinese could help stabilize the price above $600 or even $650 in the short term.
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BitAurum (OP)
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September 06, 2016, 04:24:55 AM |
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Whatever China does affect the market one way or another. They are such influencers because of the volume of Chinese who are investing. And it is not as if the price right now is too low. We are still at a good price compared to four months ago. These buying done by the Chinese could help stabilize the price above $600 or even $650 in the short term.
The reward for each bitcoin block used to be higher a few months ago so there used to be a higher supply too. Also the price was better 1 month ago. |
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Yakamoto
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September 06, 2016, 05:02:20 AM |
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More Chinese investors might start to take bitcoin more seriously after the recent devaluation in the Yuan.
How will the bitcoin price react in regard to this?
China buying always moves the value of Bitcoin up a bit more, but China is typically edged onwards by other markets starting to buy first, unless some good news comes out of China or everyone is asleep when it happens. Every single market has an effect on the market, some, like China, just have a bit more of one. China will more than likely keep the value stable for a while if anything. |
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milewilda
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September 06, 2016, 05:28:30 AM |
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The Chinese are all sleeping now, when they wake up in a few hours they could start buying again. The volume of Bitcoins traded has dropped significantly since China went to sleep. When China wakes and the volume picks up the price might pick up. The rise is not necessarily a whale making use of that news.
For Bitcoin maybe yes, I hear that China Bitcoin users also save with Altcoin like Etherium, Dash, and some Altcoin. I still optimistic that China users will wake up again and can increase for Bitcoin price. For sure they are also buying some other cryptocurrencies because they saw that it has also the potential to increase like what bitcoin did in previous years. Thats why investments have been diversify to other thats why it doesnt affect too much because they cant buy on huge volume unlike before that bitcoin was the only crypto that exist. |
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BitAurum (OP)
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September 06, 2016, 10:35:06 AM |
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More Chinese investors might start to take bitcoin more seriously after the recent devaluation in the Yuan.
How will the bitcoin price react in regard to this?
China buying always moves the value of Bitcoin up a bit more, but China is typically edged onwards by other markets starting to buy first, unless some good news comes out of China or everyone is asleep when it happens. Every single market has an effect on the market, some, like China, just have a bit more of one. China will more than likely keep the value stable for a while if anything. Chinese buying has helped the bitcoin price go to great heights. Is there any market comparable to China? |
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reb0rn21
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September 06, 2016, 02:16:06 PM |
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Its not only China for sure, but they are the ones that try to pump it hardest, the rest of traders tried to dump the price for years, not most are out of BTC or they lost a lot, usual trader was in a bear mode for too long, and I am happy most are now negative, on decline with mtgox fall sure they made some profit, but now they lost it all, maybe not all but most and thats what they deserve for dumping all the time and talking FUD
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