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bit-emperor (OP)
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September 23, 2017, 12:47:41 PM |
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Why is china so influential with bitcoin prices?
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Emoclaw
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September 23, 2017, 12:53:57 PM |
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Because they (used to) represent a huge chunk of trading volume, as well as total network hashrate.
They were a major country prior to banning Bitcoin. But now not so much really.
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AmoreJaz
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September 23, 2017, 01:11:19 PM |
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they are the big holders of BTC. and up until now, i believe they still are. with such number of population connected with bitcoin trading, chinese is i believe the top traders. they just manipulate the market. so this ico ban is just one of their strategies to get the btc market.
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sa3loo
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September 23, 2017, 01:12:32 PM |
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China is a odd country no twitter no facebook no btc  |
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shintosai
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September 23, 2017, 01:13:19 PM |
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Do you know how much people in China ? Until now china is the largest bitcoin user in the world.
With their population, of course if they are panic and sell their bitcoin because of their government policy, it will have a big impact on prices.
exactly with their populations and with the wide knowledge about crypto they really made a big impact especially now that their government are really trying their best to regulate and make a law about this currency as they are feeling threat to their economy. |
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silent17
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September 23, 2017, 01:14:33 PM |
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As far as I recently read, china hold at least 20% of bitcoin around the world. They also have the biggest bitcoin mining due to the cost of electricity in their country was very low.
But i don't think that bitcoin will go down just because of that because other countries in ASIA are starting to adopt Bitcoin.
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susila_bai
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September 23, 2017, 01:23:57 PM |
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As far as I recently read, china hold at least 20% of bitcoin around the world. They also have the biggest bitcoin mining due to the cost of electricity in their country was very low.
But i don't think that bitcoin will go down just because of that because other countries in ASIA are starting to adopt Bitcoin.
What you said is true that china is the main center for Bitcoin mining and their are lot of users who are holding bitcoin from low, and their exchange are the highest trading volume in crypto world but this are all old news latest one is South Korea and Japan are leading the bitcoin trading and even they have given bitcoin legal status. That is why the market is now spread between so many countries that china is not able to create any panic in the market. |
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dillpicklechips
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September 23, 2017, 01:24:24 PM |
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Because they (used to) represent a huge chunk of trading volume, as well as total network hashrate.
They were a major country prior to banning Bitcoin. But now not so much really.
Yep. As time goes by, Bitcoin is much more distributed across the globe making it as less focused in one place and not being dependent. The impact is not that great as what it should be in the past if they ban it a year or years ago. |
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nappoleon
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September 23, 2017, 01:24:45 PM |
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Aside from the common reasons, probably they think Satoshi is Chinese hence they feel pride but nah. China is just onto something.
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Daniel91
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September 23, 2017, 01:27:07 PM |
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As far as I recently read, china hold at least 20% of bitcoin around the world. They also have the biggest bitcoin mining due to the cost of electricity in their country was very low.
But i don't think that bitcoin will go down just because of that because other countries in ASIA are starting to adopt Bitcoin.
Bitcoin's price is very variable and any news, positive or negative, can affect bitcoin. The price of bitcoin fell due to bad news from China but also from Morgan. Of course, when panic begins, it is difficult to stop it and price starts to fall. Bitcoin will eventually recover when some positive news appear and demand becomes bigger than the offer. |
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kamikadze69
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September 23, 2017, 01:30:52 PM |
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Do you know how much people in China ? Until now china is the largest bitcoin user in the world.
With their population, of course if they are panic and sell their bitcoin because of their government policy, it will have a big impact on prices.
I agree with you, they are currently also the largest producer and user of masin mining in the world (due to low electricity costs in China). just a bit of bitcoin-related regulation is bound to have a big impact, and do not forget that there are many Chinese investors. |
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Dhaaaw
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September 23, 2017, 01:35:36 PM |
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Because they (used to) represent a huge chunk of trading volume, as well as total network hashrate.
They were a major country prior to banning Bitcoin. But now not so much really.
I thought it was Japan with the most trading volume because of the fact that you can pay everything in bitcoin there and i mean everything. The China thing might have happenned because of too many media and members of the community paying too much attention to them making it seem like if China pulls out bitcoin dies which made its value unstable. |
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fianaindriati
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September 23, 2017, 02:21:31 PM |
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Why is china so influential with bitcoin prices?
to my knowledge the reason chinese is very influential on bitcoin, because I think half of the shares of bitcoin is already held by china. so if china do negative things to bitcoin, then instantly influence to bitcoin. |
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Lampaster
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September 23, 2017, 02:31:44 PM |
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A large number of Chinese has a great influence on everything in the world. This applies not only to bitcoin. Imagine what will happen if China will suffer an earthquake and destroy production capacity. The world will suffer a collapse. Cryptocurrency is also not escaped from such dependence.
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TanyaDegurechaff
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They say a thin line separates genius and madness.
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September 23, 2017, 02:33:15 PM |
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since china is one of the most powerful in terms of economy every move they make will have a huge impact even in the world of cryptocurrencies. and there are many btc users that are Chinese that is why they affect the price of btc.
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"Miracles are illusions caused by insufficient observation and understanding. They're just... glorious misunderstandings." |
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Creepings
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September 23, 2017, 02:36:25 PM |
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As far as I recently read, china hold at least 20% of bitcoin around the world. They also have the biggest bitcoin mining due to the cost of electricity in their country was very low.
But i don't think that bitcoin will go down just because of that because other countries in ASIA are starting to adopt Bitcoin.
That is the reason why China is so influential when it comes to the price of bitcoin, they hold a lof of the biggest mining people in the world, the reason they hold at least 20% of the bitcoin circulating in the world. It will be affecting the price because they hold 20 percent of the bitcoins, how can't it affect the price? |
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christsstrong
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September 23, 2017, 02:44:53 PM |
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China is not influential i think. Its peoples fear that is affecting bitcoin.
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kucritt
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September 23, 2017, 03:17:35 PM |
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because chine is the 1 of big country that use bitcoin. chinese people mostly know about bitcoin and when china banned bitcoin i think they sell all their bitcoin and makes bitcoin rates down. second is china has many investor in bitcoin sector
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amandavsc
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September 23, 2017, 03:17:52 PM |
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China is a odd country no twitter no facebook no btc communists do not like freedom. communists are odd. |
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Persiville
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September 23, 2017, 03:20:25 PM |
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China is not influential i think. Its peoples fear that is affecting bitcoin.
Slightly you were right but as I can see from the recent news and even some would even say that in China, there are so many people that are using bitcoin, or should we say they are mostly investors and that news took a great deal at the bitcoin's price which is the reason why it goes down for a bit, but it will rise again. |
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