Bitcoin price drops as PBOC continues inspections

[warwar]

This dumps doesn't look like gonna last, price is already recovering and may touch $900 soon. The one who will dump on this type of fud are just noobs, there is good buy support right now.

We shouldn't be easy about it we should be aware also we cant really predict if they can really dump a lot of the price of the bitcoin but I do agree it will pump soon and hit the price . Well if it dumps then we should be used to it to earn profits

[alyssa85]

It seems that a second round of Bitcoin price crash just started after PBOC said that they will continue inspection of Chinese Bitcoin exchanges.

https://www.cryptocoinsnews.com/breaking-pboc-says-site-inspections-bitcoin-exchanges-will-continue/ 

It is discouraging to see the price of bitcoin fluctuating but if the inspection was to get rid of hoax volumes of bitcoin and can control and stop the market manipulation then its good for bitcoins and to the bitcoin users. Market manipulation and fake volumes was no longer a theory I guess but its more of a reality. The chinese government will not investigate these things if there are no problems on that area.

This is just speculation on my part, but I think the main aim of these inspections is to prevent shadow banking happening.

Here is what I think was happening on the Chinese exchanges: they were operating a bank, where they were lending money. They pretended that they were really lending for margin trading, when the loans were actually going to shadowy parts of the Chinese economy, and the fake volume bots were there to give the impression that lots of margin based trading was taking place.

The PBOC clamped down on the lending, so the only way they can make money is trading fees, and we now see the real level of trading that was happening on those exchanges - which is pretty small.

[olubams]

It seems that a second round of Bitcoin price crash just started after PBOC said that they will continue inspection of Chinese Bitcoin exchanges.

https://www.cryptocoinsnews.com/breaking-pboc-says-site-inspections-bitcoin-exchanges-will-continue/ 

I will only say that its their problem as i have stop concerning myself with anything that relates to the price of bitcoin especially if its coming from that angle of the world because following the trend when they are ready to make sure the price of bitcoin tilt to some specific area then they come up with some investigations and the likes. But, I have hope bitcoin will become strong and not be affected by news like this.

[sportis]

It seems that a second round of Bitcoin price crash just started after PBOC said that they will continue inspection of Chinese Bitcoin exchanges.

https://www.cryptocoinsnews.com/breaking-pboc-says-site-inspections-

bitcoin-exchanges-will-continue/ 

I really cannot understand why anytime there is a rumor or the chinese government decides to do something relates to bitcoin or if a country is not bitcoin friendly or some traders they sell their coins because they want to make profit always the first word is "crush" and not a drop or something similar. How many times bitcoin has crashed like many people claimed, and how many times has recovered? Personally speaking I consider the OP's opinion excessive enough. We must wait and see. 

[JayJuanGee]

It seems that a second round of Bitcoin price crash just started after PBOC said that they will continue inspection of Chinese Bitcoin exchanges.

https://www.cryptocoinsnews.com/breaking-pboc-says-site-inspections-

bitcoin-exchanges-will-continue/ 

I really cannot understand why anytime there is a rumor or the chinese government decides to do something relates to bitcoin or if a country is not bitcoin friendly or some traders they sell their coins because they want to make profit always the first word is "crush" and not a drop or something similar. How many times bitcoin has crashed like many people claimed, and how many times has recovered? Personally speaking I consider the OP's opinion excessive enough. We must wait and see. 

Yep..


Seems to be way too much weight given to various developments in China.  Sure they are factors, and overall some of the recent changes seem to be good things, especially to get their exchange volumes more in line with reality and to discontinue some of the extreme margin trading that was taking place and likely causing too much volatility, especially when there were questions regarding whether the coins were real or fake (which concerns have not been completely alleviated, yet).

[Przemax]

Those price drops when officials from pboc states anything might show you what kind of people are dealing with chineese exchanges. Those are some guys that have to hide themselfs from any controls. Mafia? Scammers? Cowards? Money defrauders? And such.

[LegendaryMiner]

This dumps doesn't look like gonna last, price is already recovering and may touch $900 soon. The one who will dump on this type of fud are just noobs, there is good buy support right now.

It will probably not be too long before the price goes back to the previous levels. This is an event that, in my opinion, should not have much negative impact on price, as the only people who will have problems with this will be those that use bots. And they will probably find new ways to continue using it, but I think it will not be as profitable as before.

[franky1]

this top is over hyped out of context and exaggerating..

put it this way.. imagine its a fast food location..

health regulators do a visit once a year. if they see rat droppings or food not cooked at a certain safe temperature. the health regulators set a action plan for the business to clean up and sort out the issues and they would return in a month to reinspect.

if after a month they pass. they are informed there will be a random inspection in X months. if that passes they then dont return for a year.
going back to the usual expected and standard yearly inspections..

now.. if the chinese exchanges did do things that while handling fiat, required them to follow fiat regulations. and did follow it correctly.. they would only be inspected once a year.
but because issues were found there will be a couple inspections before next year until regulators are happy the fiat accepting exchanges are following fiat regulations..

in short.. the exchanges should not have done more then regulations allowed if they intend to continue handling fiat.

this has nothing to do with bitcoin.

[hl5460]

"The blockchain integration on digital currency relies on solving the defects like network security, transaction processing performance and transaction consistency.”

http://news.8btc.com/blockchain-integration-into-pboc-digital-currency-is-uncertain

[ASHLIUSZ]

During the past, the decrease in price happened due to the inspection of the PBOC. This time such impact won't make changes in the bitcoin price as the price increase is continuing. This time the price might sustain above $1000 for a long time.

[szpalata]

It seems that a second round of Bitcoin price crash just started after PBOC said that they will continue inspection of Chinese Bitcoin exchanges.

https://www.cryptocoinsnews.com/breaking-pboc-says-site-inspections-bitcoin-exchanges-will-continue/ 

I guess the story is different now as the prices has begun soaring up higher and higher. No amount of inspections and closing down of mines will be able to shut down Bitcoin unless they close down access to Internet worldwide.

[20kevin20]

It will only fall a little bit until the operation is done. Just like anything else that is being inspected, you need to slow down until the inspection is done. Now the price rose over $1k again and will have a few spikes in the future, but it only has to keep rising.

[Xester]

It will only fall a little bit until the operation is done. Just like anything else that is being inspected, you need to slow down until the inspection is done. Now the price rose over $1k again and will have a few spikes in the future, but it only has to keep rising.

Now after PBOC made its investigation Chinese exchangers will no longer do its market manipulation and making hoax volumes. Though the price of bitcoin dwindles after the inspection the price at this moment is on the rise again and finally it has reached 1000 $ each. This just shows that bitcoin has a strong market and will continue to grow and increase its price.

[wavespump]

During the past, the decrease in price happened due to the inspection of the PBOC. This time such impact won't make changes in the bitcoin price as the price increase is continuing. This time the price might sustain above $1000 for a long time.

Because bitcoin price was dumped by the news twice, if they inspect for third time in the recent days, it won't impact the price very much any more, traders are immune to that kind of news. Unless PBOC decides to ban bitcoin again, but China has banned bitcoin since 2013 for many times, bitcoin price is long term bullish regardless of multiple bans.

[Barbut]

And why we are above 1000 again? PBOC finished inspection and they didn`t find any illegal things? And PBOC can investigate their part of the world but with the rest they have nothing.
Like others I also think that this has nothing with bitcoin, PBOC is fiat bank, they care only about their currency. What ever they find it will be for their yuan.

[mobnepal]

And why we are above 1000 again? PBOC finished inspection and they didn`t find any illegal things? And PBOC can investigate their part of the world but with the rest they have nothing.
Like others I also think that this has nothing with bitcoin, PBOC is fiat bank, they care only about their currency. What ever they find it will be for their yuan.

- Because all panic traders sold their coins under $900 to whales and now whales are pumping price for profit.

- PBOC haven't published any report regarding their investigation, they have only stated it will be on-going investigation.

- PBOC are investigating for money laundering using bitcoin which is directly linked with devaluation of yuan, so yes they care about their fiat that's why they are trying to tighten the rules against bitcoin trading platform.

[talkbitcoin]

it is funny to see this topic be bumped again.
everyone has forgotten about this news specially the shitthy news sites such as cryptocoinnews!
PBOC has never stopped investigating Chinese exchanges and right now they are investigating them even more. but as we can all see price is rising non stop and everyone is trying to sweep news like this under the rug because it is not in their favor right now that they are all buying.

but after they bought and wanted to shake out the weak hands PBOC news becomes big again, but nothing really changes they will continue like yesterday and today and tomorrow.

[boybugs18]

And why we are above 1000 again? PBOC finished inspection and they didn`t find any illegal things? And PBOC can investigate their part of the world but with the rest they have nothing.
Like others I also think that this has nothing with bitcoin, PBOC is fiat bank, they care only about their currency. What ever they find it will be for their yuan.

- Because all panic traders sold their coins under $900 to whales and now whales are pumping price for profit.

Do you have any proofs for this assumption? or any blogs that saying that this is happening at the moment, I'm studying trading and I want to research deep before I use my money for trading. Any threads you have been bookmarked about those assumption might help my understanding about trading.

[Sirtho]

The three major Chinese stock exchanges decided to take the transaction fee from the purchase and sale transactions with the common decision they took in the past week. This is why the new regulations of the Chinese government regarding BTC. Huobi, Okcoin, BTTC are quieter because they can not manipulate the system like the old user anymore. I know there are a few Chinese stock exchanges that still do not get paid, so they should be expected to join this train soon.

[freebutcaged]

You had to bump this thread? bring it on, lets see if you could succeed to devalue bitcoins again.