Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[HI-TEC99]

It's only midnight there and they were awake 3h ago when this happened
Why would they sell more, and why would they sell at all?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

Well, maybe the whole point is to make Chinese volume less frenetic.
less volume, less influence.
their volume will probably go from 40% to 10-20% shortly
It is better for us in the west.
Thanks, China!

The PBOC claims its actions are intended to make Bitcoin price less volatile. Ironically every action it's recently taken has created a huge short term dump.

However, who's going to deposit Bitcoins to an exchange that's frozen withdrawals for the next month? If nobody deposits that's less Bitcoins China can dump to suppress the price.

Bullish.

[bitcoinvest]

by the way Error 502 on Kraken .... there is nothing more annoying when the party is on the move to be outside of the exchange.....

 

Too many people trying to login and buy cheap bitcoins. There won't be enough for all of them at current price.

Well, can be people who want buy or people who want to sell. This we don't know. The point is, i was already connected and my session not timed out.. so maybe there is a hand behind?
What happened with my order for example? when i clicked the order next screen was the error 502....i am really angry...this is the moment that matters the most for us, i don't care how many want to login to buy or sale. i need be able to use the exchange...

[JimboToronto]

Good morning Bitcoinland. Damn, I wish I'd woken up earlier.

More shenanigans from the PBOC, more panicking by fools... currently $988USD (Bitcoinaverage).

At least the world isn't freaking out quite as much as a month ago. That was when mere rumors took the price from over $1100 down to $750. This time an actual freeze on Bitcoin withdrawals only dropped it by $150 and it's already halfway back. Maybe people are finally learning not to take China quite so seriously.

No time for coffee. Gotta run out and buy some coins while the price is under $1000. Might be the last chance. Luckily I got some fiat yesterday.

[Ibian]

Still the effect of real news is not bigger than the January fall to $800 and lower that happened for no concrete reason, at least until now

I guess the chinese are getting less power in the price, what their next move will be?

Next step would obv be to close a small exchange. Then, after several smaller ones, proceed with the bigger ones.

Then go after the miners. Then go after every retailer that accepts BTC.

oh, please, just cut it. If they wanted this, they would have done it long time ago.
high price as a threat? To what exactly? Sometimes communists have such idiotic notions.

Bitcoin is a threat to banking in general and to fiat manipulation by our noble overlords. The chinks are intelligent.

[RayX12]

It's only midnight there and they were awake 3h ago when this happened
Why would they sell more, and why would they sell at all?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

Well, maybe the whole point is to make Chinese volume less frenetic.
less volume, less influence.
their volume will probably go from 40% to 10-20% shortly
It is better for us in the west.
Thanks, China!

The PBOC claims its actions are intended to make Bitcoin price less volatile. Ironically every action it's recently taken has created a huge short term dump.

However, who's going to deposit Bitcoins to an exchange that's frozen withdrawals for the next month? If nobody deposits that's less Bitcoins China can dump to suppress the price.

Bullish.

Too many coincidences just before ETF gets approved..
This way manipulators could buy cheap coins and when ETF gets approved sell a x factor..
Bullish..

[MinermanNC]

Good morning Bitcoinland. Damn, I wish I'd woken up earlier.

More shenanigans from the PBOC, more panicking by fools... currently $988USD (Bitcoinaverage).

At least the world isn't freaking out quite as much as a month ago. That was when mere rumors took the price from over $1100 down to $750. This time an actual freeze on Bitcoin withdrawals only dropped it by $150 and it's already halfway back. Maybe people are finally learning not to take China quite so seriously.

No time for coffee. Gotta run out and buy some coins. Luckily I got some fiat yesterday.

Ya I think more people are saying screw china, I am keeping my coins! 

[becoin]

It's only midnight there and they were awake 3h ago when this happened
Why would they sell more, and why would they sell at all?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

Well, maybe the whole point is to make Chinese volume less frenetic.
less volume, less influence.
their volume will probably go from 40% to 10-20% shortly
It is better for us in the west.
Thanks, China!

The PBOC claims its actions are intended to make Bitcoin price less volatile. Ironically every action it's recently taken has created a huge short term dump.

However, who's going to deposit Bitcoins to an exchange that's frozen withdrawals for the next month? If nobody deposits that's less Bitcoins China can dump to suppress the price.

Bullish.

Here is what have happened.

During first meeting, one month ago, Chinese bitcoin exchanges were forced by PBoC directly or indirectly to sell part of customer bitcoins to suppress price. Of course, they were assured that the bank will financially compensate them if price moves in the opposite direction. Surprise, surprise, but not really. Price moved in the opposite direction! PBoC took huge loss and worst of all the exchanges now don't have enough bitcoin liquidity to meet customer withdrawals. So, the only logical step forward is to block bitcoin withdrawals under pretext that it was ordered by the bank for AML issues. If bitcoin price stays  above $800 Chinese bitcoin exchanges are toast. PBoC will never truly compensate them.

[bitcoinvest]

for all of you that you have problems login to Kraken

https://status.kraken.com/

As you will see also

Website  - Major Outage
API  - Major Outage
Support  - Degraded Performance

Now tell me one thing.... after you visit the site and see that API is not working also...


Who does the trades on Kraken?? Ghosts?

[Biodom]

Here is what have happened.

During first meeting, one month ago, Chinese bitcoin exchanges were forced by PBoC directly or indirectly to sell part of customer bitcoins to suppress price. Of course, they were assured that the bank will financially compensate them if price moves in the opposite direction. Surprise, surprise, but not really. Price moved in the opposite direction! PBoC took huge loss and worst of all the exchanges now don't have enough bitcoin liquidity to meet customer withdrawals. So, the only logical step forward is to block bitcoin withdrawals under pretext that it was ordered by the bank for AML issues. If bitcoin price stays  above $800 Chinese bitcoin exchanges are toast. PBoC will never truly compensate them.

an interesting theory...
bobby lee implies that recent meeting was held because "the price is too high'
the guy is quite brilliant, i think.
the solution is to default trading unit to a mtbc (1/1000 Btc), which psychologically solves the too high price perceived problem.
I would like this to be implemented.
incidentally, similar solution was just proposed by ETF, where they changed from 1/10 of bitcoin to 1/100 of bitcoin unit.
Nobody wants to spend $1000 and get just 10 shares, 100 shares is better psychologically, albeit it is exactly the same in value.
this way "whales" will buy full BTCs on Gemini, etc and "commoners" will buy ETFs for 1/100 of the price and feel satisfied.
perhaps, china will move to two-tier trading as well with one exchange (which one?) doing it for high value and the rest (BTCC, etc) would be in non-threatening mbtcs.

[Meuh6879]

Is it over yet, or are we going to see more action once China wakes up?

https://www.timeanddate.com/worldclock/china/beijing


Mountain sleep ... for now.

[Tzupy]

It's only midnight there and they were awake 3h ago when this happened
Why would they sell more, and why would they sell at all?

Why would you go to a store to buy goods which you can't take out of the store? Makes perfect sense.

Well, maybe the whole point is to make Chinese volume less frenetic.
less volume, less influence.
their volume will probably go from 40% to 10-20% shortly
It is better for us in the west.
Thanks, China!

The PBOC claims its actions are intended to make Bitcoin price less volatile. Ironically every action it's recently taken has created a huge short term dump.

However, who's going to deposit Bitcoins to an exchange that's frozen withdrawals for the next month? If nobody deposits that's less Bitcoins China can dump to suppress the price.

Bullish.

Here is what have happened.

During first meeting, one month ago, Chinese bitcoin exchanges were forced by PBoC directly or indirectly to sell part of customer bitcoins to suppress price. Of course, they were assured that the bank will financially compensate them if price moves in the opposite direction. Surprise, surprise, but not really. Price moved in the opposite direction! PBoC took huge loss and worst of all the exchanges now don't have enough bitcoin liquidity to meet customer withdrawals. So, the only logical step forward is to block bitcoin withdrawals under pretext that it was ordered by the bank for AML issues. If bitcoin price stays  above $800 Chinese bitcoin exchanges are toast. PBoC will never truly compensate them.

IMO it's risk management by Chinese traders. They can't withdraw BTC because of AML, and panic dump for CNY.

[HI-TEC99]

for all of you that you have problems login to Kraken

https://status.kraken.com/

As you will see also

Website  - Major Outage
API  - Major Outage
Support  - Degraded Performance

Now tell me one thing.... after you visit the site and see that API is not working also...


Who does the trades on Kraken?? Ghosts?

The Kraken claims its API is still working, but with degraded performance. Maybe if you keep trying trades through the API you might get some that work.

Had 520, 502, and 504 cloudflare errors (used two browsers), while trading seems to be continuing??

We're working to restore access to the site. Trading via API is still possible, but the performance is degraded. The best place to get updates is by following our status page.

https://status.kraken.com/

[bitcoinvest]

for all of you that you have problems login to Kraken

https://status.kraken.com/

As you will see also

Website  - Major Outage
API  - Major Outage
Support  - Degraded Performance

Now tell me one thing.... after you visit the site and see that API is not working also...


Who does the trades on Kraken?? Ghosts?

The Kraken claims its API is still working, but with degraded performance. Maybe if you keep trying trades through the API you might get some that work.

Had 520, 502, and 504 cloudflare errors (used two browsers), while trading seems to be continuing??

We're working to restore access to the site. Trading via API is still possible, but the performance is degraded. The best place to get updates is by following our status page.

https://status.kraken.com/

The API was NOT working at all.... there are many reasos why the need write that is working, even with degraded performance, but anyway let's wait some time.

Now regarding the CNY what do you think? some hours from now and we will have second panic sell wave?

[Genesis1337]

Guy's at PBOC wanna earn some money for themselves, worked out every time 

yep, seems like their short position has been working out pretty well 

[Jimbola3]

https://www.cryptocoinsnews.com/breaking-bitcoin-exchanges-held-closed-door-meeting-chinas-central-bank

Fuck China and their Bitfinex a million fold disaster for bitcoin!

[PoolMinor]

Yeah, blame it on a news story that is not on the PBOC's website. Instead of the TA that has been placed before you repeatedly.

It's not over yet..



and I told you so.

[Jimbola3]

The People’s Bank of China, the country’s central bank, is continuing its involvement in looking into bitcoin exchanges’ activities in the country by holding a ‘closed-door’ meeting with domestic bitcoin exchanges.

According to a Bloomberg report, PBOC officials are meeting representatives from a number of regional bitcoin exchanges in a private meeting on Wednesday afternoon, local time.

The publication’s source points to money laundering as one of several topics on the agenda in the closed-doors meeting.

The PBOC has publicly revealed its involvement and several ‘on-site inspections’ for a little over a month now, when bitcoin prices reached gold parity and pushed toward an all-time high. Details are scarce, but today’s reported private meeting prolongs the PBOC’s involvement in wielding its authority as the country’s financial regulator at a time when capital outflows are at record highs in the face of a falling yuan.

The PBOC first announced that it had met representatives from BTCChina, Huobi and OKCoin, the three major bitcoin trading platforms in the country, on January 6th. The apex bank cited “abnormal price fluctuations” as a factor for its intervention while stating its intention “to guard against risks and maintain financial stability.”

Bitcoin fell nearly 4,000 CNY (approx. $300) as news and speculation of the PBOC’s involvement spread.

Within a week, the PBOC confirmed “on-site checks” of the three exchanges in Beijing and Shanghai, further accelerating bitcoin’s downward spiral at the time to strike a low of $790 that day, losing over 14% in value.

Soon after, the three exchanges quickly pulled the plug on margin trading for Chinese investors unofficially, before a formal announcement followed. On January 24th, the bitcoin exchanges began charging trading fees at a flat 0.2 percent per transaction to bring an end to zero-fee trading. Upon enforcement, bitcoin trading volumes saw a steep fall in the country.

Following today’s news, bitcoin prices were impacted minimally in China. Trading at BTCChina saw BTC/CNY reach a high of 7,545 CNY ($1096.85) for the day before falling to 7,150 CNY ($1,039.43). At the time of publishing, bitcoin price has since bounced back toward 7,350 CNY ($1,068) losing approximately 2.5% in value.

https://www.cryptocoinsnews.com/breaking-bitcoin-exchanges-held-closed-door-meeting-chinas-central-bank/

[HI-TEC99]

for all of you that you have problems login to Kraken

https://status.kraken.com/

As you will see also

Website  - Major Outage
API  - Major Outage
Support  - Degraded Performance

Now tell me one thing.... after you visit the site and see that API is not working also...


Who does the trades on Kraken?? Ghosts?

The Kraken claims its API is still working, but with degraded performance. Maybe if you keep trying trades through the API you might get some that work.

Had 520, 502, and 504 cloudflare errors (used two browsers), while trading seems to be continuing??

We're working to restore access to the site. Trading via API is still possible, but the performance is degraded. The best place to get updates is by following our status page.

https://status.kraken.com/

The API was NOT working at all.... there are many reasos why the need write that is working, even with degraded performance, but anyway let's wait some time.

Now regarding the CNY what do you think? some hours from now and we will have second panic sell wave?

I think it depends on exactly what changes the Chinese exchanges made. Two of them stopped Bitcoin withdrawals for a month, but did they also stop access to customer accounts until they send KYC/AML information?

Those exchanges announced they would strengthen KYC/AML procedures after the PBOC meeting. If they suddenly demand KYC/AML information from all customers there could be some who can't provide it. Some probably made their Bitcoins trading on Cryptsy. If they are asked to prove where those Bitcoins came from it's unlikely they will be able to because Cryptsy's owner wiped its servers clean, stole all the money, and went on the run.

If those Chinese exchange customers aren't allowed to access their accounts they can't panic sell their coins, and there will be less panic selling.

If anyone here has a Huobi or OKcoin account can they tell us if they can still access it?

[spooderman]

i'm not a TA guy.....but a pretty strong wedge is forming no? and we'd need a long one to finally bust us through the ATH

[Chef Ramsay]

Yeah, blame it on a news story that is not on the PBOC's website. Instead of the TA that has been placed before you repeatedly.

It's not over yet..



and I told you so.

Whatever the real story coming out of China is, it sure was timed to trigger this controlled demolition at the right time. Looking forward to making use of my last chunk of fiat on exchange.