Reports of China Banning Bitcoin Are Greatly Exaggerated

[Posternut]

On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.

https://news.bitcoin.com/reports-china-bitcoin-exaggerated/

[richardsNY]

It doesn't really matter if the reports are fake, exaggerated, or just empty rumors. Some people believe everything at first glance. That pathethic are they. It's the same old trap that people don't seem to learn from time on time again. Always when the price goes up in a solid manner, something pops up that will cause the price to go down. Why do things like these still come as a surprise for people? Either benefit by using that situation in your advantage, or don't moan about it.

[cpfreeplz]

Well that males a hell of a lot of sense. I couldn't find anything actually showing where the news came from. Lol why do people always try to screw with bitcoin? In the end the truth comes out every single time.

[LFC_Bitcoin]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

[franky1]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

its called speculation.

if you can use speculation to make 1% a day.. thats 365% a year
if you know speculation can change a price from $745-$675 ~9%
then you can make one dump grab the 9% and take the rest of the week off still able to make 365% a year

[Shiroslullaby]

If someone had the right connections, they could definitely spread a rumor like this and profit heavily off the FUD.
Moving the price of Bitcoin by $20-50 can make a ton of profit for someone with millions to invest in the Bitcoin market.
I do not doubt that people would use such tactics.

It does concern me a bit that the market would move so much on a baseless rumor.

[LFC_Bitcoin]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

its called speculation.

if you can use speculation to make 1% a day.. thats 365% a year
if you know speculation can change a price from $745-$675 ~9%
then you can make one dump grab the 9% and take the rest of the week off still able to make 365% a year

Hmmm true! I can see that you could make huge money especially if you're a big player in this game with a lot of coins & are able to move the market.

I suppose I was questioning the people with a small stash who follow what the big guys are doing.

I simply HODL my stash, waiting for a point in the future when the price is hopefully a hell of a lot higher than now.

[Milkduds]

It a great time to spread some fud if you are into that thing,people freak and sell,you buy and they jump back in and the price continues to climb.
Winning as Sheen would say and it just happens to be so easy to stimulate by using this forum or facebook.
Chase the carrot.

[Yakamoto]

If someone had the right connections, they could definitely spread a rumor like this and profit heavily off the FUD.
Moving the price of Bitcoin by $20-50 can make a ton of profit for someone with millions to invest in the Bitcoin market.
I do not doubt that people would use such tactics.

It does concern me a bit that the market would move so much on a baseless rumor.

Welcome to the Bitcoin market lol. Everyone will buy or sell at the slightest mention of something, and a lot of the time those patterns can be exploited and you can make a lot of money off of shorting Bitcoin and spreading those rumors. I doubt it's uncommon to be honest, knowing the community.

Keep in mind a lot of minor rumors have been revealed to be true in the past...

[mrcash02]

People shouldn't believe anything they hear. Some people start saying that Bitcoin is dead now (again), bla bla bla! China will impose some limits there for Bitcoin transactions but won't ban it from the country. No reason for fear, just buy Bitcoins now and make some profit soon, when the coin price increases again.

[lionheart78]

People shouldn't believe anything they hear. Some people start saying that Bitcoin is dead now (again), bla bla bla! China will impose some limits there for Bitcoin transactions but won't ban it from the country. No reason for fear, just buy Bitcoins now and make some profit soon, when the coin price increases again.

It is peoples fault for not researching, and yes they should have confirmed the news and not believing what they heard.  I was a bit surprised when I heard from a friend that China is banning bitcoin again so I made a  search on the net, there is no news from China that they are banning bitcoins again instead they are considering  imposing capital control on bitcoin.  This is far from banning let alone it is still in the process of thinking.  

[outatime1]

I used the drop as a way to buy a little more bitcoin. I'm not sure who is looking at news like that closely enough to react to it. Maybe since there is relatively little news out there, they jump on anything they read.

[DimensionZ]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

Panic sellers that's who. And there are a lot of them in the Bitcoin community. But we shouldn't blame them for bringing the price down because fear mongers are artfully manipulating the market to their hearts desire and people follow them around like sheep. It just so happens that Bitcoin's price is very susceptible to the slightest of manipulations  

[neochiny]

I doubt that particular article was really the cause for this recent dive. People couldn't possibly be that stupid to believe such baseless, exaggerated, and practically nonsense "news". Probably just one of all the many factors, if it even had any effect at all.

I'd be more inclined to believe that some "major" group/holder of bitcoin started the hype to pump up the price, then finally sold. Of course, people would keep following suit afraid of missing out on either or both.

[Hugroll]

I doubt that particular article was really the cause for this recent dive. People couldn't possibly be that stupid to believe such baseless, exaggerated, and practically nonsense "news". Probably just one of all the many factors, if it even had any effect at all.

I share the same opinion about this speculation. First i noticed the dive, i checked reddit to find a possible explanation and saw the whole "CHINA BANS" fiasco and went to sleep thinking when i wake up the price would be back to normal.

But a day later now and the price is still around 695, meaning the false ban claim had little or nothing to do with this dip in the price.

[Doamader]

This is just the market readjusting the price, at the last year on a similiar time bitcoin growed around 50-100 dollars, i dont know but the only reason for me is big miners or holders does wanna to buy gifts with bitcoin and soo they pump a bit bitcoin, its wizzard to see it loosing value, but those fake news might had affected some people that dumped their coins.

[calkob]

Probalbly put there by some whale to manipulte the price it would not surprise me at all , 

[shinratensei_]

On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.

https://news.bitcoin.com/reports-china-bitcoin-exaggerated/

Nope, but I just caught it about the rumors yesterday, Somehow the people are overly given any feedback for that news.

[Wind_FURY]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

This is my theory. The news has supposedly caused a minor sell down but due to that sell down trading bots' stop losses were hit on the way down causing the price to go down further and then causing more trading bots' stop losses getting hit and it moves the price down again causing another cycle. Look how fast it recovered after that and Bitcoin is now at or above $700 again.

[arransiv]

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

This is my theory. The news has supposedly caused a minor sell down but due to that sell down trading bots' stop losses were hit on the way down causing the price to go down further and then causing more trading bots' stop losses getting hit and it moves the price down again causing another cycle. Look how fast it recovered after that and Bitcoin is now at or above $700 again.

Naturally people will sell if they think it have a good price however to the price drop 5% it's a lot of sellers over there, maybe some big miner or crowdfunding selling their coins? Well, don't know how much was selled to the price goes down.