The plunge isn't about bitcoin

[tabnloz]

It's about the Yuan.

The strengthening of the CNH / CNY (some of the biggest moves for years) seems to have been a catalyst that coincided with the run up to ATH's.

Interest for overnight Yuan borrowing has hit over 105%.

Seems the PBOC was attacking the Yuan shorters and this flows into bitcoin (which seems to rise each time the Yuan devalues).

Dangerous game and much bigger than bitcoin.

[1714612852]

1714612852

[1714612852]

1714612852

[1714612852]

1714612852

[Hunyadi]

It's about the Yuan.

The strengthening of the CNH / CNY (some of the biggest moves for years) seems to have been a catalyst that coincided with the run up to ATH's.

Interest for overnight Yuan borrowing has hit over 105%.

Seems the PBOC was attacking the Yuan shorters and this flows into bitcoin (which seems to rise each time the Yuan devalues).

Dangerous game and much bigger than bitcoin.

Yep, 105% overnight interest is not sustainable 

[sgbett]

Consider that is what it took to make people choose to move out of bitcoin.

How fast do we think that capital is going to come back once the party is over.

I would hate to be short at that point

[Biodom]

Consider that is what it took to make people choose to move out of bitcoin.

How fast do we think that capital is going to come back once the party is over.

I would hate to be short at that point

Economic crashes are inevitable as a long term perspective as it happened to EVERY fast growing economy:

US in 1929-1933 and 2007-2009
Japan in 1989-2009 (they spread it over 20 years to reduce the pain!)
Korea, etc (Asia) in 1997
Russia in 1998, 2008 and 2014

China would need to purge it's bad debts, mostly corporate, like US did during the Great Depression.

[LabaDaba]

Time to buy up coins, then

[tabnloz]

Consider that is what it took to make people choose to move out of bitcoin.

How fast do we think that capital is going to come back once the party is over.

I would hate to be short at that point

Yep, PBOC has rekt the Yuan shorters but it can't be defended at this level forever. If the USD continues its strength especially.

[kwukduck]

Time to buy up coins, then

Maybe wait a bit, we're about to fall under $800

[HarryKPeters]

It's about the Yuan.

The strengthening of the CNH / CNY (some of the biggest moves for years) seems to have been a catalyst that coincided with the run up to ATH's.

Interest for overnight Yuan borrowing has hit over 105%.

Seems the PBOC was attacking the Yuan shorters and this flows into bitcoin (which seems to rise each time the Yuan devalues).

Dangerous game and much bigger than bitcoin.

I think it is very coincidential that the day before the national chinese bank announced certain measures  a very large dump occures. A pump and dump a lot of parties could enjoye and benefit from, investors, traders, but only a few really benefit from.  Parties like bitmain and the chinese exchanges. IF they had this knowledge, they have made a fortune.

[MatDerKater]

U are all totally fucking deluded.

What both the pump, and the plunge is about.....


.....is shady Chinese bastards making a fucking killing in a market they got stitched up for themselves quite some time ago.

[r0ach]

U are all totally fucking deluded.

What both the pump, and the plunge is about.....


.....is shady Chinese bastards making a fucking killing in a market they got stitched up for themselves quite some time ago.

[amacar2]

It's about the Yuan.

The strengthening of the CNH / CNY (some of the biggest moves for years) seems to have been a catalyst that coincided with the run up to ATH's.

Interest for overnight Yuan borrowing has hit over 105%.

But this will also get dumped really soon, chinese economy is not that much strong which in turn will pump bitcoin price. Nothing to worry about right now if you believe in holding bitcoin for long term. This pullback can't keep bitcoin under $1000 for long time.