Bitcoin banned in China. Did it affect the price?

[Yakamoto]

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

Doubt it. There's a high chance that it is just returning to the market after the entire shitstorm with China, now it likely is just everyone getting back in and making use of the low values. I don't think China had much to do with it, but it might have had some implications once the news spread that China is just cracking down on ICOs and not trying to shank the entire crypto economy in the back. It affected the price before, but it seems like it is done suppressing the market now.

[shalnark]

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

Yes, China has a very strong influence on the price of bitcoin. It's true. But I think it's temporary. Some time will pass and the situation will stabilize.

If the bitcoin banned in China of course the price was largely affected, because Chinese country is one of the most large group of people who invest in bitcoin. So maybe it gives big lost in the part of crypto currency exchange. However I'm looking forward that it will not happen and hopefully ICO's of China was delete the banning system.

[Merovius]

It looks like the "China ban" thing is no longer significantly affecting the price and has been officially shrugged off as bitcoin has recovered back to where it was before the China ban news (and commentary by Jamie Dimon) was released:

http://www.zerohedge.com/news/2017-10-01/bitcoin-surges-above-4400-world-realizes-jamie-dimon-china-dont-matter

It seems that traders in China are circumventing the shutdown of exchanges by moving to peer-to-peer exchange services and messenger apps.

http://www.scmp.com/news/china/money-wealth/article/2113401/chinas-bitcoin-market-alive-and-well-traders-defy-crackdown?utm_content=buffera7743&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

[bololord]

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

Yes ofcourse there's a possibility that the value of bitcoin going decrease but dont panic becuase bitcoin will rise again to the highest value so keep earning bitcoin becuase bitcoin is strong cryptocurrency.

[lady pink]

Do you think China was a punk? you are wrong baby. Why else did Bitcoin price dropped? It is due to China. It is not me saying in the favor of China, this is how the real situation makes me to say it. Bitcoin reached $5K when China announced to ban crypto and now see how we been through crises dealing Bitcoin at $3K.

[In the silence]

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

China did not even ban Bitcoin. They are regulating ICO that's why bitcoin's price is going down. Some of the chinese traders are on a panic to sell thier BTC that's why the price droped.

[Adioliver]

Yes it did affect the price of bitcoins.Banning of bitcoins by China did affect the value of bitcoins but it was not for long.This is not the first time though,China has affected the price of bitcoins by creating a fuss several times but bitcoins recover fast.This time banning of Bitcoins made the price drop to $3000 but today the value of 1BTC is $4420.

[btc_angela]

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

China did not even ban Bitcoin. They are regulating ICO that's why bitcoin's price is going down. Some of the chinese traders are on a panic to sell thier BTC that's why the price droped.

Correct, China didn't totally ban Bitcoin. They are regulating ICO and closing exchanges. But it likely that the Exchanges can operate again once they implement a new law that includes licenses. But I believed that the drop of price maybe have been caused by them, but the effect was minimal. Its now over, they have little or no effect on the market price now as evident of the current price. And we need to get over with the Chinese news, because we have moved forward while they are making a step backward with regards to their support of bitcoin.

[haroldtee]

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

I really do wonder! I saw a topic on forbes some few days back and I saw thesame thing, then I was a bit surprised maybe I was the one a little behind the news but from all I saw only exchanges and ICOs were banned and even exchanges may still come back being regulated. If bitcoin was banned in China, then obviously mining operations will no longer go on and that would be crazy but even China wouldn't want to do that. So it surprises me how a lot of people keep mixing up exchanges and bitcoin as same thing.

[sofi@]

China banned the bitcoin but it does not affect the pricing it experience in the past weeks, the fluctuations is just a normal activity for bitcoin, it drops then suddenly pump besides there's so many people using bitcoin and I don't think majority of them is in China. Maybe China will realize bitcoin is good after the pump that is happening now and may stop banning bitcoin.

[A.nayem]

 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.

[jorneyflair]

China banned the bitcoin but it does not affect the pricing it experience in the past weeks, the fluctuations is just a normal activity for bitcoin, it drops then suddenly pump besides there's so many people using bitcoin and I don't think majority of them is in China. Maybe China will realize bitcoin is good after the pump that is happening now and may stop banning bitcoin.

China did not ban bitcoin...

Why does everything think that bitcoin is banned in China, and when bitcoin is banned by just one country that bitcoin has no future? It doesn't make any sense at all to me. Bitcoin is decentralized, it can operate without governments.

It has affected price, but i think its effects are wearing off. Bitcoin is going bullish once again.

[Tyrantt]

China banned the bitcoin but it does not affect the pricing it experience in the past weeks, the fluctuations is just a normal activity for bitcoin, it drops then suddenly pump besides there's so many people using bitcoin and I don't think majority of them is in China. Maybe China will realize bitcoin is good after the pump that is happening now and may stop banning bitcoin.

China did not ban bitcoin...

Why does everything think that bitcoin is banned in China, and when bitcoin is banned by just one country that bitcoin has no future? It doesn't make any sense at all to me. Bitcoin is decentralized, it can operate without governments.

It has affected price, but i think its effects are wearing off. Bitcoin is going bullish once again.

Well even if it did, I'm somewhat positive that it would affect the price as China is the leading miner of bitcoin, no denying that. But if you look at it in some other way, the price would be affected just for some short time due to a dump at that time of ban.

[gribble]

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

Yes ofcourse there's a possibility that the value of bitcoin going decrease but dont panic becuase bitcoin will rise again to the highest value so keep earning bitcoin becuase bitcoin is strong cryptocurrency.

Yes bitcoin will rise again new information China’s First Bitcoin Exchange Finally Closes Down, Bitcoin exchange BTCC has closed its CNY trading platform in compliance with the China ICO ban, marking the end of an era for the bitcoin community both inside and outside of China.
BTCC made the announcement on Twitter, noting that it had operated for a “world record of 2,305 days.” Indeed, the vast majority of bitcoin users likely cannot remember a time before BTCC. http://www.altcointoday.com/chinas-first-bitcoin-exchange-finally-closes-down/ it will affect to the bitcoin price.

[azguard]

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.

The only think that they ban for sure is ICO. There were talk that they ban bitcoin but with no supporting news or articles, this was more for them to buy cheap bitcoin before he started to rise again.

[NL-Bitcoin]

China.. Who???
Didnt look like it did affect BTC in the long run.

[maydna]

the only thing that i see from this is people gets panic and start selling their bitcoin although the news is not true. it seems they don't think twice when they heard the bad news and not searching is this true or not. although the price is down, bitcoin is still strong enough to start rise again and it come back to increase more.

[kdiag]

Guys, what are the current forecasts for the bitcoin rate?, the fall will be? or correction?
to buy me need already...

[CoffeeForMe]

I think it is yes, because china is one of the big country that bitcoin have to support. But the price of bitcoin will come back again for those people need to survive for they daily life.

[futuret]

Yes of course. because china is one of the big player in bitcoin. the price will surely fall due to market sentiment which indicates a negative response caused by FUD. but after some time Bitcoin surely will show better growth ever.

You are right bitcoin was being use very highly in the china. The bitcoin is being use by almost everyone. The price of the bitcoin will grow more if the use of the bitcoin will be high. Bitcoin will not be affected if the china will ban bitcoin because as the china is using bitcoin the same way a lot of the other countries are using bitcoin and they are taking the profit.