Chinese Bitcoin Exchange Inspections Cause Price Drop and FUD

[Slim2017]

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

[1715061986]

1715061986

[BitcoinHodler]

these days traders are so fragile and FUDsters are using this to their advantage. someone in China sneezes and they start spreading FUD that bitcoin is dead

i just want this period passes because i am really sick and tired of opening bitcointalk, reddit,... and see another topic about price and China.

[franky1]

to explain the FUD

"chinese" exchanges have been in constant communication with PBOC for years.

this [FUD] is exaggerating a 'routine' inspection by regulators* into something sounding more like a raid.
it is not a raid. its just a routine inspection

seems like [speculators] wants to cause drama to cause some speculation and another discount day to buy in cheap.
and when people wise up to the truth and price then recovers, the [speculators] can sell for profit.

*(yep many finance firms in fiat, asset and commodities get these as something treated as normal processes)

The operation is focused on checking whether the company is operating beyond its scope

BTCC for example has a regulatory agreement of what its business will do (scope of business).
the regulators are just doing a routine inspection to check

drama over

tip: this is temporary speculation drama. do not consider it a panic moment to cry about losses, consider it a discount day to increase holdings cheaply

[chesatochi]

I read this news lately this morning, we see a correlation with the bitcoin price today. The essence of the message is the FUD will investigate 3 bitcoin exchange in China. It's unbelievable that the market react so strongly and the price decrease for a story of this kind.

We can use this story and do some fundamental analysis

[aso118]

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

Well, we didn't complain when the price went up due to speculation and rumours. Now we are just seeing the other side of the coin. Atleast, this time it is based on a kernel of truth.

[isoneguy]

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

Well, we didn't complain when the price went up due to speculation and rumours. Now we are just seeing the other side of the coin. Atleast, this time it is based on a kernel of truth.

This low is merely the other side of your multiplying chance.

[franky1]

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

Well, we didn't complain when the price went up due to speculation and rumours. Now we are just seeing the other side of the coin. Atleast, this time it is based on a kernel of truth.

This low is merely the other side of your multiplying chance.

tip: this is temporary speculation drama. do not consider it a panic moment to cry about losses, consider it a discount day to increase holdings cheaply

[digaran]

Who cares? the same way of thinking got us here with rises and hard drops to think that bitcoin is all about china but bitcoin is not really about one country or two and good thing about it is every one can contribute and have a profit in the process.

[franky1]

being racist about a country is like:
blaming texas for the NY bitlicence
blaming california for the parking ticket prices in NYC

try walking up to someone in a non new york state and tell them they are to blame for issues in new york
then repeat it 1.3billion times until it sinks in that its not about america

then realise that 1.3billion chinese are not to blame for just a few chinese individuals living hundreds-thousands of miles apart from eachother

[Kprawn]

If people start dumping coins like that, when governments gets involved.. it raise some awkward questions. How much of this money is legal

or are they cautious because they think the government might seize these coins? In any way, EVERY time they shit their pants, and start

selling, the price drops and we pick up CHEAP coins. Seize the opportunity in every situation..... or you will miss out.  

[Mometaskers]

being racist about a country is like:
blaming texas for the NY bitlicence
blaming california for the parking ticket prices in NYC

try walking up to someone in a non new york state and tell them they are to blame for issues in new york
then repeat it 1.3billion times until it sinks in that its not about america

then realise that 1.3billion chinese are not to blame for just a few chinese individuals living hundreds-thousands of miles apart from eachother

I think I've seen this exact comment before.



Anyway, if they keep doing this that the price drops then more people would be able to buy it, at least those that believe that it's not still dead. Which could then drop prices back up again. If you exchanged fiat for bitcoin there's really no need to worry unless the price dropped way below the price you bought it. If that's the case then might as well just leave it in.

[Mometaskers]

If people start dumping coins like that, when governments gets involved.. it raise some awkward questions. How much of this money is legal

or are they cautious because they think the government might seize these coins? In any way, EVERY time they shit their pants, and start

selling, the price drops and we pick up CHEAP coins. Seize the opportunity in every situation..... or you will miss out.  

Oh yes, the "buy low, sell high" mantra everyone knows.    A single bitcoin costs double the monthly salary in my country. If it would drop even further, I might be able to manage to buy a few bits that I can hold on to.

[franky1]

Oh yes, the "buy low, sell high" mantra everyone knows.   A single bitcoin costs double the monthly salary in my country. If it would drop even further, I might be able to manage to buy a few bits that I can hold on to.

so buy a few bits now.. bits= 0.00000100 btc

if 1btc is 2 months wage. then 0.003125btc= 1 hours wage.
you can buy 3125bits for an hours wage

[jacaf01]

I think there should be  a way to limit the influence of Chinese market on Bitcoin, they control the mining business and also the exchanges. This is bound to happen especially if the exchanges actually has something to hide.

[manselr]

these days traders are so fragile and FUDsters are using this to their advantage. someone in China sneezes and they start spreading FUD that bitcoin is dead

i just want this period passes because i am really sick and tired of opening bitcointalk, reddit,... and see another topic about price and China.

All of the oficial chinese statements from the government are always used by fudsters to make rumors out of it. So no matter what they say there will always be people that make tons of rumors out of it and turn good news into terrible fud news like we have been seeing lately. Some people have interests in making bitcoin a mess so they can short, its as simple as that.

[countryfree]

these days traders are so fragile and FUDsters are using this to their advantage. someone in China sneezes and they start spreading FUD that bitcoin is dead

i just want this period passes because i am really sick and tired of opening bitcointalk, reddit,... and see another topic about price and China.

Sometimes, I think BTC is run by fudsters.
I bet their next trick will be to tell that using BTC will make you deaf.

[wmabern]

I feel kinda sorry for the first-time buyer who may have made their first BTC purchase when BTC was $1,000-$1,140 after New Year and they thought it would just keep going up and up.
I hope many of those who purchased at that price don't panic-sell as the price continues to drop. Alas, that has probably contributed to the steady continued price decline.

I don't purchase coins anymore. I just mine. So it's not like I'm going to pick up any cheap coins. 

[Fityan]

News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.

https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/

i'm not doubt with that,china alwyas the first to control or make bitcoin seem like their toy. 15% and now going more down,its make some people mad.

[~Bitcoin~]

Chinese pump the bitcoin from $700+ region to $1100+ within few weeks before new year
Chinese traders/Exchange owner sold bitcoin at $1100+
They made contact with PBOC to start investigation, to create panic so that they can buy back cheap bitcoin again at same $700+ level.

Now they will start buying back, all panic traders have given their hard earned money to those chinese whales.
BULL TRAP

[bamboylee]

I feel kinda sorry for the first-time buyer who may have made their first BTC purchase when BTC was $1,000-$1,140 after New Year and they thought it would just keep going up and up.
I hope many of those who purchased at that price don't panic-sell as the price continues to drop. Alas, that has probably contributed to the steady continued price decline.

I don't purchase coins anymore. I just mine. So it's not like I'm going to pick up any cheap coins. 

The newbies are the one who gets affected with this kind of news. They scare easily and panic sell. Seasoned bitcoiners know that this dip happens (kind of normal with bitcoin) and they take this as an opportunity to buy more.