BTC price should have risen after China froze exchanges

[c789]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

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[gentlemand]

You can still get money out of those exchanges by selling your BTC. Who wouldn't do that just in case? And there certainly won't be as many buyers as there once were on there.

[c789]

You can still get money out of those exchanges by selling your BTC. Who wouldn't do that just in case? And there certainly won't be as many buyers as there once were on there.

Ah. That makes sense. I didn't know they could sell the BTC.

[Assman]

Fear tactic.  BTC holders at other exchanges start to worry the same freeze might happen to them.

[helloeverybody]

Even if this did result in a smaller supplky due to frozen coins people are still going to panic since china is/was such a big player in the game. Thankfully china and the pboc seem to be having much less of an effect on the price now which is good all round. Ive used this opportunity to buy a bit more in the dip.  It might go down more tomorrow i dont know but if it does best to make the best of it while you can.

[c789]

Fear tactic.  BTC holders at other exchanges start to worry the same freeze might happen to them.

"Hey it's the assman!"  I loved that episode.

[Assman]

Fear tactic.  BTC holders at other exchanges start to worry the same freeze might happen to them.

"Hey it's the assman!"  I loved that episode.

Fusilli Jerry

[deisik]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

Did the price increase right after the Bitfinex hack?

If you don't know, Bitcoin crashed back then to below 500 dollars (from above 600), and it had been hanging around 550 dollars for some time thereafter. And the bitcoins are in fact not frozen, the exchanges you refer to still allow folks to sell their coins for the Chinese Yuan and withdraw the fiat proceeds. So it is hardly going to promote further growth in prices any time soon. We may see the price plunging again tomorrow (when Chinese traders wake up in a few hours). In any case, everyone had been warned before the shit actually hit the fan

[DocGTR]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

Did the price increase right after the Bitfinex hack?

If you don't know, Bitcoin crashed back then to below 500 dollars (from above 600), and it had been hanging around 550 dollars for some time thereafter. And the bitcoins are in fact not frozen, the exchanges you refer to still allow folks to sell their coins for the Chinese Yuan and withdraw the fiat proceeds. So it is hardly going to promote further growth in prices any time soon. We may see the price plunging again tomorrow (when Chinese traders wake up in a few hours). In any case, everyone had been warned before the shit actually hit the fan

I agree that the price will fall for some time. But I am sure that in the beginning of March, it will grow again. The news is not very good for Bitcoin

[deisik]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

Did the price increase right after the Bitfinex hack?

If you don't know, Bitcoin crashed back then to below 500 dollars (from above 600), and it had been hanging around 550 dollars for some time thereafter. And the bitcoins are in fact not frozen, the exchanges you refer to still allow folks to sell their coins for the Chinese Yuan and withdraw the fiat proceeds. So it is hardly going to promote further growth in prices any time soon. We may see the price plunging again tomorrow (when Chinese traders wake up in a few hours). In any case, everyone had been warned before the shit actually hit the fan

I agree that the price will fall for some time. But I am sure that in the beginning of March, it will grow again. The news is not very good for Bitcoin

That remains to be seen actually

The next few days will cast some light on what could happen in the future, but even right now we see that the price is unexpectedly very resilient at these levels. It seems like folks have already adopted to such news from China and take this as a chance to get into Bitcoin while it hasn't yet risen higher. I guess it will take a lot of manipulation to bring the price below the 800 dollar mark (at least, for long enough). Basically, the Chinese exchanges are out of the equation currently, so things can't get substantially worse than that. It looks like there is plenty of demand from both Europe and America to support Bitcoin now

[South Park]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

This is about confidence and not supply, if that happen to those exchanges then what will happen to other exchanges? So confidence gets lower and with it the price, also it seems the supply has not decreased since they can still sell their coins and this causes and even bigger decrease in the price.

[LeGaulois]

I still think that it is dangerous to rely on the news. Specially from some particular. I will ask what they think people who sold to 726 euros last month, when they heard for the first time that China would begin to piss his Cheesy exchanges
The price will continue to dance as it does right now and we shall get used to see this

[joshy23]

You can still get money out of those exchanges by selling your BTC. Who wouldn't do that just in case? And there certainly won't be as many buyers as there once were on there.

Ah. That makes sense. I didn't know they could sell the BTC.

OkCoin & Huobi are now freezing withdrawal as well. This is not good news for the bitcoin community.


 

[webtricks]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

Ah! Maybe your calculations can be opposite! People having Bitcoin may try to get rid of it and sell it on exchanges for other web money while those who don't have Bitcoin may not wanna have them now due to ban of exchanges. This will has drastic impact upon demand and price will fall!
"Bitcoin is most difficult security to predict!"

[Vaccinus]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

i suspect it's because of panic selling caused by their exchange and not because of chinese people

You can still get money out of those exchanges by selling your BTC. Who wouldn't do that just in case? And there certainly won't be as many buyers as there once were on there.

Ah. That makes sense. I didn't know they could sell the BTC.

OkCoin & Huobi are now freezing withdrawal as well. This is not good news for the bitcoin community.


 

if they can still trade i see no issue, for them and the price shoudl recover quickly

[Xester]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

The price has actually increased to 1000$ after it was dropped to 700$ due to the market manipulation done by CHinese Exchangers. But after PBOC inspection bitcoins price has started again to climb until it reach 1000$. But as of this moment the price of bitcoin has decreased and the reason is not clear as to what country has brought major impact to bitcoins price after China.

[megynacuna]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

That's what I'm contemplating but you know economic principles do not always have direct implications and sometimes there's the need to tweak them. The Chinese are having issues with Bitcoin and let's hope it turns out good as always.

[dhampir-D]

As discussed earlier, it is possible to sell BTC to get money in the form of fiat currency, so many people are likely to dump in those exchanges. I think that the price drop should occur only in the exchanges that are suffering this type of interference, but it seems that the panic selling spreads to other parts of the market.

[rifiuti]

The supply of circulating BTC is now less, at least for a month or possibly longer. Should not a decrease in available supply increase the price?

24 Hour volume is $403,038,000. It's not less, it's more than the usual.

[lordquanta]

Bitstamp market is showing major drop in the bitcoin prices. There is still BTCC allowing withdrawals.[1] These measures are taken for AML and KYC related issues. There is possibility of price drop once withdrawal ban is lifter from other bitcoin exchanges.

[1] http://www.coindesk.com/two-chinas-biggest-exchanges-stop-bitcoin-withdrawals/