[2017-09-09] Bitcoin Price Sinks Below $4,200 on China Uncertainty

[tyz]

Bitcoin Price Sinks Below $4,200 on China Uncertainty

Markets for bitcoin and other cryptocurrencies have fallen over the course of the day, following contested reports that regulators in China are looking to shut down the country's exchange ecosystem.

CoinDesk's Bitcoin Price Index (BPI) is currently at about $4,184, representing a nearly 10 percent decline since the start of the day's trading. Markets peaked today at $4,698.73, per the BPI, though prices began to tumble around 13:20 UTC.

Additional data from CoinMarketCap reveals that – perhaps unsurprisingly – China's top bitcoin exchanges are reporting some of the steepest price declines. The BTC/CNY market on OKCoin is at $3,650.71, while Huobi and BTCC are reporting prices of $3,657.84 and $3,656.57, respectively, at press time.

https://www.coindesk.com/bitcoin-price-sinks-4200-china-uncertainty/

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[Baofeng]

But its currently trading at above $4300 now from a high of $4700 just a couple of days ago. China is shaking bitcoin today and the fake news really had a impact, just like when that announce that they are banning ICO's as well. Are they really putting the ban hammer on bitcoin or they just want to established a tighter regulation surrounding it? I can't understand why they are suddenly making U-turn on bitcoin, do they consider it really a threat to their yen? This remains to be seen in the next weeks or so if the price will continue to go down or recover.

[Slow death]

Bitcoin Price Sinks Below $4,200 on China Uncertainty

Markets for bitcoin and other cryptocurrencies have fallen over the course of the day, following contested reports that regulators in China are looking to shut down the country's exchange ecosystem.

CoinDesk's Bitcoin Price Index (BPI) is currently at about $4,184, representing a nearly 10 percent decline since the start of the day's trading. Markets peaked today at $4,698.73, per the BPI, though prices began to tumble around 13:20 UTC.

Additional data from CoinMarketCap reveals that – perhaps unsurprisingly – China's top bitcoin exchanges are reporting some of the steepest price declines. The BTC/CNY market on OKCoin is at $3,650.71, while Huobi and BTCC are reporting prices of $3,657.84 and $3,656.57, respectively, at press time.

https://www.coindesk.com/bitcoin-price-sinks-4200-china-uncertainty/

China is doing its work, there is a lot of manipulation in the exchange, with so many pump and dump and nonsense coins, robberies in the exchanges, do people really think that governments will simply look at all this?

scammer X has created an ICO and stole $100,000,000 and the government should stand looking at it doing nothing? I think China can do some good if they take very strict measures!


next step, which I think should be taken, would the authorities in china do an inspection at bitcoin miners

[buwaytress]

But its currently trading at above $4300 now from a high of $4700 just a couple of days ago. China is shaking bitcoin today and the fake news really had a impact, just like when that announce that they are banning ICO's as well. Are they really putting the ban hammer on bitcoin or they just want to established a tighter regulation surrounding it? I can't understand why they are suddenly making U-turn on bitcoin, do they consider it really a threat to their yen? This remains to be seen in the next weeks or so if the price will continue to go down or recover.

Fake news or rumour, or eventual partial facts, don't take away some amazing evidence of Bitcoin resilience in the space of five days. If a 10-20% dip is all that such potential catastrophes can threaten, then I think we have little to worry about long term.

Another new observation for me: where previously we've seen Korean and Japanese exchanges hit the highest prices - even 10% more than market average - when demand spikes, we now see Chinese exchanges on the other end of that spectrum. 10 to 15% below market averages are quite unique... why wouldn't they just have sold at other exchanges, I wonder.

[BitFinnese]

Well it seems the news about China closing local exchanges had taken its effect.  I expect this to happen, with a news of closing local exchnanges in China fake or not.  I bet whales are happily eating their planktons as they scoop Bitcoins from the hand of people who are panic selling due to that circulatiing news.  I wonder if the price of Bitcoin continue to plummet in China with the messages around stating that that the news were fake.

[bouren]

More than ban affect, it is speculative affect that has broken the bitcoin wall. News emerged from some source, all bitcoin news sites covered it and as a result FUD has been spread. Most of the investors (especially Chinese) have started dumping their coins.
Well nothing is sure if ICOs and exchanges are really going to ban or not!

[Kemarit]

Well it seems the news about China closing local exchanges had taken its effect.  I expect this to happen, with a news of closing local exchnanges in China fake or not.  I bet whales are happily eating their planktons as they scoop Bitcoins from the hand of people who are panic selling due to that circulatiing news.  I wonder if the price of Bitcoin continue to plummet in China with the messages around stating that that the news were fake.

Impossible to reverse now because the price has continue to plummet as we speak. It dip again below $4300 and I'm seeing that it can go down to as low as $4100. Of course whales are just laughing at those who have sold their bitcoin in this dip because they already dump their coins when the price touches ~$5000. And now its buying time once again for them. The news really create a huge impact to the market that I suspect that their might be a few individuals who has inside information has already taken advantage of the situation. Again the effect is irreversible, what we can do now is wait and hodl on our coins and hope that we can get this hurdle once again.