[2017-09-08] Bitcoin's price tanks after report China may shut down exchanges

[rabeh boukhnona]

The price of bitcoin fell sharply after a report China's regulators are planning a further crackdown on the digital currency.

Local outlet Caixin is reporting the Asian country is planning to shut down local bitcoin exchanges, according to a Google translation.

Bitcoin's price fell 7 percent Friday after the news, according to Coindesk market data.

On Monday, Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs), which sparked a $200 decline in the price of bitcoin.

source: https://www.cnbc.com/2017/09/08/bitcoins-price-tanks-after-report-china-plans-further-crackdown.html

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[BitHodler]

It's insane seeing how many news sources are blindly copying utter nonsense, edit it to not make it look like its copied, and then blatantly publish it to add fuel to the fire ~ people have no brains taking this for granted so easily.

I am not yet tempted to start buying, but if we happen to fall down to the $3500s due to this ridiculous panic, I might actually start buying back some of the coins I cashes out close to the recent peak.

[treihon]

Governments will always try to regulate in order to reduce the impact of speculation in the market. But more than value speculation, I think there is the question about the growing acceptance of cryptocurrencies by the markets and investors.

[karmakeddon]

There are actually some exchanges who are banning people in China from logging on to their respective exchanges. Binance just finished updating their system which restricts people in China from making trades. This happened after China cracked down on ICO's as well.

[Aveatrex]

Everything is sorted out.It seems that that this is fake news and only speaded to create fud and make people panic sell.
https://bitcointalk.org/index.php?topic=2162114.0

I think it's a shame that many well-known cryptocurrency media helped in spreading these fake news without paying attention if it was authentic or not.

oh well,bitcoin now will recover from the dump as always.

[angaper]

The price of bitcoin can not remain forever in a continuous rise. It is a natural behavior of every market to experience adjustments or corrections after a major upward movement. The linear rise does not exist in the markets. But in addition, this is not the first time the bitcoin experiences a fall of 7% or more in a day. The behavior of the BTC has remained very volatile always, and given the great importance that would have a news like this, the fall should not be of 7% but much greater, since in many other occasions corrections of 20% or more have been observed.

But as those who believe in the pseudoscience of technical or fundamental analysis often do, after these abrupt adjustments in prices they seek an "adequate" justification forcing any fact, the most absurd pretext, to try to give a supposedly logical but forced explanation.

[Kemarit]

The timing is really bad again for this fake news. I think they are just banning exchanges that are supporting ICO's if I'm not mistaken. China has been a crypto haven so it doesn't make sense for them to really ban all those exchanges. They have already put a tighter regulations on them early this year because they are pumping fake volumes in the market. This have been proven already. So they return back and complied everything that PBoC have put up. For me, there are really entities that are profiting from this kind of "insider information" if I may say so. The only victims here are those newbies again who sell their bitcoin without verifying the news.

[veleten]

The timing is really bad again for this fake news. I think they are just banning exchanges that are supporting ICO's if I'm not mistaken. China has been a crypto haven so it doesn't make sense for them to really ban all those exchanges. They have already put a tighter regulations on them early this year because they are pumping fake volumes in the market. This have been proven already. So they return back and complied everything that PBoC have put up. For me, there are really entities that are profiting from this kind of "insider information" if I may say so. The only victims here are those newbies again who sell their bitcoin without verifying the news.

yes,the market is being manipulated
artificial panic,after legit ICO ban news,straight after that-fake news about exchanges ban
chinese goverment will not shoot itself in a leg,this would cause massive unrest and loss of profit for many people and companies
lets wait till we hear official news,before that there is no need to panic
after all in july the price was 2000$ and nobody seemed to be too worried about it
now it fell down 700$ to 4200$ and its "the end of bitcoin"