Bitcoin banned in China. Did it affect the price?

[Fourgh]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

[Kotone]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

I think there has to be an effect as stock market prices are affected by a lot of variables and one of them can drastically lower or higher its prices. Being banned its china really struck a blow to the development of bitvoin but there is still hope.

[Eigbe97]

 Nigger, I dont actually see that as a reason why the price of Bitcoin should drop

[metenjean]

It did affect the spike, but i think its just another news to make people panic because few days ago there is another news about the banned is only the exchanger with the RMB / Yuan. But the exchanger with USD still accepted, and i dont think it will last for long

[kevoh]

But it was obvious China's ban regulation of ICOs and Chinese exchanges lead to panic sale of Bitcoin. There was a lot of FUD that caused a dip in the price.

[freedomsr40]

I remember chinese volume represent something like 7% of global trading volume; Japan now is >50%.

So I don't think the impact will be that big.

As for the price, as you can see, it recovered already, that is a clear message from the market that the impact was not big.

[L]

I hope it will impact even further, my sub $3000 bids ain't going to fill themselves, we need another panic selling spree.

Regulatory uncertainty was always present, Chinese people cashing out massive amounts because they are required to, that's new.

[Pursuer]

I wish someone counted the times China has banned bitcoin. the number is lost throughout history. I have counted 4 times already that the Chinese have allegedly banned bitcoin and each time it affected the price greatly like this last week. of course each time it was a stupider FUD than the last. but the effects of the FUD have always been the same: https://bitcointalk.org/index.php?topic=2187358.0

and it always disappears after a short while and bitcoin goes back to normal and starts rising even faster than before! because everyone has gotten a lot of profit and the FOMO begins when price rises and everyone accepts that it was really FUD.

[weblouartisan]

I think that the ico's that has been shutted down in china really have a huge amount of bitcoins that has been contributed that is why it is really affecting the market. But there is a good news that they will legalize the circulation of bitcoins in china so i am sure that the price will rise again.

[DeathAngel]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

The news from China certainly affected the price, thankfully now though all the weak hands have been shaken out & we are now returning to near the previous price. 

[buddynuno]

First of all, Bitcoin is not banned in China. There are some regulations in place regarding ICO's and also they might limit access to foreign exchanges but it is pretty obvious that Choyna don't want to be left behind in this market. They are planning to create their own USDT to trade bitcoin and altcoins. At least that is the rumor. But in the end I think no one cares about Choyna anymore. Japan is the new China

[smokeyblaze]

Why do people keep saying Bitcoin is banned in China? Exchanges and ICO are banned - not BTC. Two completely different things.

[NeuroticFish]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

Imho China was a good pretext / opportunity for some, not much else.
Of course, a correction was needed after such huge growth, but the fact it had recover this much this fast means for me it was just pure manipulation and, obviously, FUD.
Let's see how the things will look when we'll get much closer to September 30.

[Catmony]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

There are lots of discussion on this forum about relation between dramatic dump in bitcoin's price and FUD created by some chinese media house before official announcement. Yes china can easily affect market price because 30% of total trading volume comes from china.

[marcbitcoins]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

We could not say it was just coincidence after China moves to ban the bitcoin, altcoins and ICO then suddenly bitcoin and other crypto currencies value drops at a considerable margin therefore it is very obvious that China affected the price because many Chinese people investor will follow their government mandated by withdrawing or selling their bitcoins and altcoins to protect their resources.

[Tadzka]

China banning exchanges had everything to do, with price drop of all cryptocurrencies.

[Adbitco]

It affected the prices of bitcoin for few days but it didn't last long and bitcoin is moving upwards now. I don't think even China is going to completely ban bitcoin or cryptocurrencies even in the future because it can't afford to do so. A lots of money have been put in to cryptocurrency by China and it brings huge revenue to Chinese government.

[Manuj]

Bitcoin's buy and sell value dropped dramatically over the weekend. Has China had something to do with it?

Where did you get your fake news, dude! I have not encountered such news until now when I see this post. Bitcoin banned in china? Did it actually happen? The last time I heard, Jihan Wu, the biggest BTC miner in china is even saying that bitcoin is still legal there.

[Mi5h0]

China has a history of censoring even the most bizarre things (online dating, time travel movies, the word "jasmine", complicated company names, the Bible, Brad Pitt... ), so it should not be surprising that the government is cracking down on a technology that threatens its power to control the economy. It doesn't look very likely that other countries will follow China's lead. US regulators clearly signaled their acceptance of Bitcoin in 2013, and there has been little sign that they're changing their minds since then.

[Bilbo Baggins]

Bitcoin isn't banned in China, There has to be a distinction between ICO, exchanges and bitcoin, which most newbies are finding hard to do.

The closing down of exchanges and the new regulations in ICO, did effect the price of Bitcoin and altcoins for a while, but the market is recovering slowly.