Another Bubble Bursts – Bitcoin China Crashes Over 30%

[farhaan]

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

[davis196]

First it was Chinese stocks, then Chinese real estate (twice), then Chinese commodities (twice), and now Chinese Bitcoin’s bubble has burst as a massive short squeeze on the offshore Yuan combined with comments on ‘virtual’ capital controls has sparked a bloodbath in the cryptocurrency from 8,896 yuan to 6,101 yuan in the last few hours…a 31% collapse.

Despute the collapse – BTC China is only back at 2 week lows…

For those chasers, don’t say we did not warn you, as we noted previously, for those buying into bitcoin here on the momentum, most of which originates in China, we urge readers to be cautious as by now the PBOC has certainly noticed that the digital currency remains one of the final, and most successful, means of bypassing capital controls in China. Should Beijing mandate that bitcoin no longer be a means to illegally transfer capital offshore, there is risk of a dramatic, and sharp, drop in its price.

Source : http://www.zerohedge.com/news/2017-01-05/another-bubble-bursts-bitcoin-china-crashes-over-30

China has a problem with speculation bubbles and China controls bitcoin even more than before.

I quess that bitcoin needs to be liberated from China`s control in order to grow worldwide.

[Amph]

you are really naive or delusional if you think this will end up like the last time with a dump to $200 usd, it will not go in that way that is guaranteed

the increase from 200 to this current price has nothing to do with the last one, this is just a correction for me

there was an increase of almost $500 from $700 to $1160 and now a retreat to $1000, there is a consolidation going on on the 950-1000 range

one thing interesting to note is the step of "$200" at which bitcoin is increase, first from $300 to $500 then to $700 now to $900...

[rissicay]

I think this is the next big crash for bitcoin... I see prices of $500 USD by end of 2017

[Zadicar]

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

I really dont know whats the true reason behind this pullback on bitcoins price and we saw almost 20% crash on yesterdays price and now it tends to move up again and stabilizing again on $980- 1k price. We wont see again those epic crashes happen on previous years because we saw theres a good support on bitcoins price as of now.

[Blitzboy]

This is the result in sharp increasing in the past few day. I know that it would come but It appeared sooner than I expect. I decide to sell my Bitcoin when it reached $1100 but due to some issues, I can not make any selling on that day. The bitcoin prices will definitely rise again but it will take about 2 to 3 more months for it to recover from this big bubble burst

[Quietman]

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

that is right. the price crash means I can buy more bitcoin.

[pinoycash]

The bitcoin price will recover... it went up too fast and in too short time. it still up a lot compared to 2 months ago. So it is not that bad. Once the price stabilizes, it will resume the up trend.

it goes down by $100 in just few minutes and sunk to $817 and bounce back to $1000 in just 3 hours.. somebody loose alot of money and someone make a a big pacheck on yesterday price

[BillyBobZorton]

Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

But we have seen what happens when the chinese government makes an anti bitcoin statement, as soon as they spoke about further regulating bitcoin, the price dipped hard... this leads me to think that the chinese are either really scared of the government finding out that they are moving bitcoins, or that they dont fully trust it yet as a safe haven. It's yet to be seen what will happen when/if china fully bans it... we may see a big crash or we may see an huge moon.

[RealBitcoin]

Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

But we have seen what happens when the chinese government makes an anti bitcoin statement, as soon as they spoke about further regulating bitcoin, the price dipped hard... this leads me to think that the chinese are either really scared of the government finding out that they are moving bitcoins, or that they dont fully trust it yet as a safe haven. It's yet to be seen what will happen when/if china fully bans it... we may see a big crash or we may see an huge moon.

It's really a shame isn't it.

China is a great culture with one of the most ancient cultures out there in the planet.

They built the great wall, they invented gunpowder, they invented paper and paper currency (thousands of years ago), they had a magnificent culture.

Not to mention chinese people have high IQ, are very productive, very close to nature (buddhism,etc), and very good inventors.


And now they basically have submitted to communism? How did that happen?

[alyssa85]

Don't worry, bubbles are normal for bitcoin. My fave table illustrating this is the following:



It comes from the following article:

https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.lc6fzjqyu

I guess we can pencil in $1195 as the peak of the current bubble with date 4th Jan 2017

[bitbunnny]

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

[GMPoison]

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

Compared to 2013, I wouldn't call it a crash either, lol.

[Quietman]

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

Compared to 2013, I wouldn't call it a crash either, lol.

The rising is also not as fast.