After the usual PBOC bullshit routine. Uptrend continues.

[DRaGoN RaNTaRo]

China is old news now. nobody cares about them anymore.
there was a time when people still thought the billion dollar daily volume they reported were real, but now we know how fake it was.
there was a time when people still thought all the mining power came from China, but we have been seeing more and more hashrate from other places.

and with all these changes, i don't think there is anybody naive enough to believe FUD like that and make the price go down. it is time for the FUDsters to find better and newer things

If that is the case the price wont go down with the news about the meeting ,China is still relevant and any news coming out of China will make a difference in the price of bitcoin and the good part is the price didn't go down below $1000 and now i am pretty confident that we have a good resistance around that value.Majority of the hash rate are still coming from China compared to the rest of the world.

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[cengsuwuei]

about PBOC not big affect, affect only china trader in speculation to dump coin and can get buy low price
PBOC only give regulation about trading fee

[Pab]

Chinese exchanges still have the biggest volumes, China is still the biggest BTC market

No they dont.

No its not.



Thats the latest extrapolation after PBoC forced chinese exchanges to drop their pants down.

Interesting chart,i have theory that the reason of current price is Trump imigration ban. It is cearly against mousli,many of them is leaving,working learning in USA legally.Now thay have to move away and left everything,people can be worry that banks will suspend his accounts so thay are going for btc

[e-coinomist]

about PBOC not big affect, affect only china trader in speculation to dump coin and can get buy low price
PBOC only give regulation about trading fee

There's a lill devil sitting on my shoulder asking right into my twitching ears how the slashback from other trade sites against formerly oh so zero fee superior competition might form out. Japan got mentioned in this thread. 0.2% is conquerable. Interesting perspective, since BTC can travel fast.

[shapeshiftscam]

Uptrend continues, +1, no government can prevent bitcoin growing.

China has no more tricks against bitcoin organic growth, during first meeting, the price was dumped from 8888 CNY to 4900 CNY, last meeting only caused the price dumped from 7500 CNY to 6900 CNY. People are not panic like before, unless they shut down major 3 bitcoin exchanges(I see no reason, if they comply PBOC's requirements), or even cut the Internet(impossible to do this extreme action).

[Herbert2020]

Chinese exchanges still have the biggest volumes, China is still the biggest BTC market

No they dont.

No its not.

[i m g]https://btcoins.files.wordpress.com/2017/01/china-new-curr-3.png[/img]

Thats the latest extrapolation after PBoC forced chinese exchanges to drop their pants down.

Come on - this chart lumps all USD exchanges together. Today OKCoin has had so far 20K volume - which exchange had more? Maybe the Japanese ones - but those are again zero-fees unreliable data. The same thing with the market share - CNY is pretty much only used in China - USD is used in all national markets.

well first of all who is to say Chinese exchanges aren't still reporting fake volumes? they were reporting billion dollar daily volumes not so long ago!
also you have to consider that many countries don't yet have an established and good exchange service and they trade bitcoin either on USD/EUR markets which we can see on the charts and a very big volume goes into localbitcoins and off the charts which we can never see on any chart here or anywhere else.

i my self have bought a lot of bitcoins using local currency and nobody knows because it was p2p since there is no exchange here.

[Snorek]

Chinese exchanges still have the biggest volumes, China is still the biggest BTC market

No they dont.

No its not.



Thats the latest extrapolation after PBoC forced chinese exchanges to drop their pants down.

It's nice to know that Chinese volume was totally fake, I was able to get my hands of older version of the volume charts (30 days old to be exact).
For your viewing pleasure, witness the full extent of manipulation produced by Chinese exchanges in the past:

https://bitcoincharts.com/charts/volumepie/

[Raimonn]

Another time bitcoin prices down because the Central Bank of China, why they have interest on dumping bitcoin prices? They want to buy them more cheap?

[mikenz]

I think they see the upside potential and want to make sure to get these exchanges compliant with AML before they handle substantial cash flows. Will be good for BTC in the long run - if they are not overreacting. But cancelling BTC / LTC withdrawals for 1 month? You have to consider the customer side. If you are chinese and your exchange proofs unreliable in terms of withdrawals, what would you do? You send your BTC to any other exchange for trading or to your private wallet for holding - and only use the chinese exchange for cash out in CNY.

Might turn out that PBoC cut their own flesh with this. If Chinese citizen do not trade their BTC on chinese exchanges anymore, they can regulate them just as much as they want..

[d@nte]

Is today's price drop related to this? There are people spreading FUD about it on reddit. Yesterday the price was in the range of $ 1060, currently it is in the range of $ 975. It is impressive how the price drops significantly and we only know the reasons long after.

[mikenz]

in this case the reason is pretty clear. chinese exchanges have to stop btc withdrawal until AML implementation.

https://twitter.com/cnLedger

[jakelyson]

in this case the reason is pretty clear. chinese exchanges have to stop btc withdrawal until AML implementation.

https://twitter.com/cnLedger

This really got them. In just two hours they manage to bring down the price to sub 900. They dumped their coins, I buy them cheap. Lucky for us.
I just do not get it why do they have to dump their coins? Can't they just transfer it to another exchange?

[royalfestus]

PBOC seems to be bothered when ever the price starts to go up as it trying to avoid been put under the knife from the international community for not regulating btc  that's why it needs exchangers to be  in check with the currency.
I believe with all this publicity bitcoin is getting a platform to grow MORE!!

This is why I hate decentralization,this is not yuan that can be devalued any time to suit their market exchange. My concern is that this market manipulation will continue as long as china holds the large share of the currency.

[NeuroticFish]

in this case the reason is pretty clear. chinese exchanges have to stop btc withdrawal until AML implementation.

https://twitter.com/cnLedger

This really got them. In just two hours they manage to bring down the price to sub 900. They dumped their coins, I buy them cheap. Lucky for us.
I just do not get it why do they have to dump their coins? Can't they just transfer it to another exchange?

I think that they cannot touch now neither BTC, nor CNY deposited in the exchanges.
And the estimated time for making the systems AML compliant is .. 1 month (!)
"Estimated 1 month but can be significantly ahead of schedule if it went well", meaning they leave enough room for speculation.

Edit: however, markets already recovered some 20$

[alyssa85]

in this case the reason is pretty clear. chinese exchanges have to stop btc withdrawal until AML implementation.

https://twitter.com/cnLedger

This really got them. In just two hours they manage to bring down the price to sub 900. They dumped their coins, I buy them cheap. Lucky for us.
I just do not get it why do they have to dump their coins? Can't they just transfer it to another exchange?

I think that they cannot touch now neither BTC, nor CNY deposited in the exchanges.
And the estimated time for making the systems AML compliant is .. 1 month (!)
"Estimated 1 month but can be significantly ahead of schedule if it went well", meaning they leave enough room for speculation.

Edit: however, markets already recovered some 20$

It is a pity they didn't do this ages ago, when the price was lower and the fallout less. I feel sorry for the Chinese who have money trapped on the exchanges.

[ipanks]

in an hour ago, we are getting down too deep than before but for now, the price is getting to back and still trying to reach the high price and now the price is on $976. i hope the price soon will be reach in up to $1k like before and i hope that the down price is only correction for PBOC and it would make any negative affect with the price.

[CloudStrife]

It is a bad thing for Bitcoin that the price is so affected by such events. If the Chinese government interferes too much in the functioning of the exchanges, I think it's only a matter of time before users start using decentralized exchanges. I know there are already some, such as Bitsquare, OpenLedger, not so popular, but exchanges able to attract a larger number of users will probably be created after such events.

[cellard]

It is a bad thing for Bitcoin that the price is so affected by such events. If the Chinese government interferes too much in the functioning of the exchanges, I think it's only a matter of time before users start using decentralized exchanges. I know there are already some, such as Bitsquare, OpenLedger, not so popular, but exchanges able to attract a larger number of users will probably be created after such events.

It is a free market, they are going to keep doing it and since noobs have weak hands, they will keep panic selling when the chinese gov statements happen, then some will try to trade the market, some will win, some will lose, but the ones that always win are the chinese gov with the insider trading.

They cant stop bitcoin, they can only profit from it.

[DRaGoN RaNTaRo]

The so called bullshit routine continued and the price is falling because the major exchanges in china suspended withdrawals which is really a bad thing for the entire echo system and it will remain suspended for atleast a month to comply the local regulations.

[Raimonn]

The so called bullshit routine continued and the price is falling because the major exchanges in china suspended withdrawals which is really a bad thing for the entire echo system and it will remain suspended for atleast a month to comply the local regulations.

They need one month to comply the local regulations? I think that they can do with less time, I have read that BTCC didn't suspend withdrawals they only delayed withdrawls 72 hours (I suppose that they have enough time with 72 h. to be sure that the user that want to withdraw comply all the local regulations).