Bitcoin's Price Is Behaving Sticky

[Haesoo]

See now, china has lost control over bitcoin price, or it's just the Chinese bitcoin users moving out of their country and migrating their money to other countries.
it seems that the regulation of china government has no more affection to the crypto world. so if the popular exchanges there will be closing down, it's not a thing.

Well people of China are thinking and making way how they can use their bitcoin after China regulate the usage. Too sorry for them.
But I'm thinking that maybe if China will not success in their plan or they lose some of their fortune they'll remove the banned in ico and get back again to business.

[ivrynx]

This is actually a good number, considering the price drop, it means a lot of people still beieves in bitcoin and other crypto coins. I think the numbers will change after the fork in november, a lot will be investing in bitcoin, once they've found out that the price is again going up, i think the trend is also similar with the stock market, the price of bitcoin then will be hyped, but not to the extent that the alue will just sky rocket overnight, considering the numbers that we have now, china still plays a big part in the price of bitcoin, but now that china is gone, i think most of us understand now, what to do, thought there is still a small percentage of chinese using bitcoins, we should not be worry, since according to some articles, there will be an election on china this coming october, and they might have a statement regarding bitcoin, since a lot of chinese are using it, the price might sky rocket again, but as long as china is not around, there are still countries legalizing the use of bitcoin, which means a higher bitcoin users and in time, a higher percentage of gains for all of us, i think we should just keep clam and wait for the last months of this year.

[Kidmat]

See now, china has lost control over bitcoin price, or it's just the Chinese bitcoin users moving out of their country and migrating their money to other countries.
it seems that the regulation of china government has no more affection to the crypto world. so if the popular exchanges there will be closing down, it's not a thing.

Well people of China are thinking and making way how they can use their bitcoin after China regulate the usage. Too sorry for them.
But I'm thinking that maybe if China will not success in their plan or they lose some of their fortune they'll remove the banned in ico and get back again to business.

I think even China has an issue on cryptoworld bitcoin will still be recover soon the value. So we should wait for the upcoming rising of bitcoin value this year. I can feel that btc price will soaring high even there are many too issues that other seller got panic.

[Baofeng]

See now, china has lost control over bitcoin price, or it's just the Chinese bitcoin users moving out of their country and migrating their money to other countries.
it seems that the regulation of china government has no more affection to the crypto world. so if the popular exchanges there will be closing down, it's not a thing.

Well people of China are thinking and making way how they can use their bitcoin after China regulate the usage. Too sorry for them.
But I'm thinking that maybe if China will not success in their plan or they lose some of their fortune they'll remove the banned in ico and get back again to business.

I do believed that the Chinese bitcoin enthusiast would not stop using bitcoin by instead find a ways to do trading because most of them relied on bitcoin as means of living. So banning ICO and closing exchanges are wrong because the one that will suffer is the Chinese people. They probably move their bitcoin in other exchanges.

But if China block access to outside exchanges, then they can't do anything about it. They need to succumb to the government's rule, otherwise a strict penalty would be impose and you don't want to go to jail. The other choice is to go out of the country and went to a bitcoin friendly nation where you can have the freedom to trade.

[kenkoy]

Yes. The price of BTC in the past few days is just estimating 3.9k USD. I believe BTC will bounced back more to its price surge last month. Even with the china crackdown, FUD, JP morgan negative issues with Bitcoin, still BTC is standing up to its value. There are still a lot BTC investors all over the world who are sticking to BTC.

[Immakillya]

Well, that's only proves that China don't really have the power over bitcoins anymore. There is someone will step up and im not surprised if Japan will be one of them. Im happy about that because after several China's actions against Bitcoin(not just bitcoin but all cryptocurrencies). They still survived the crackdown. China's influence over bitcoin is not powerful anymore. But im not sure about that maybe traders from China just migrated to other exchanges to trade cryptocurrencies(which is the best thing to do) since there's no other way for them to trade. Anyway, I've seen a lot of good news. Korea will open their largest cryptocurrency exchange which supports over 100+ coins. I'll be waiting for that

[happyme1818]

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%.  I'm surprised that BTC price hasn't dropped more.

One of the reason I why it didn't fall hard is because bitcoin community learned already from their mistakes on the past. Another thing is there is always somebody who will catch your dump because it has more demand than before.

[pooya87]

BTC volume in China went from 90% to 4.5%.  I'm surprised that BTC price hasn't dropped more.

you did not read the sentence properly!

China's share, which was hovering around 90% levels a year ago

"was" is past tense and in addition you can see the "a year ago in the end" and also you and the article have forgotten that Chinese exchanges used to have 0% trading fee, margin trading and also lots of fake volume report. all of which was eliminated last year and they came down to normal logical levels.

[Ucy]

"BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more."

Many Chinese Bitcoin users may have looked elsewhere...that is why Bitcoin is Decentralized.
Government ban will have little effect considering that most early adopters are tech savvy. When the dust settles, even if the ban remains, price will likely move back to normal.

[Yuuto]

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

[DoublerHunter]

If you will see that the price of bitcoin is behaving then there is two possible thing to happen, it is either going up or going down and it will be a crazy scenario for bitcoin because based on my past observations in bitcoin. When the price of bitcoin is behaving then after a few months, i saw that the price just go up crazy and sometimes it shows a huge dip in the market.

[Pursuer]

numbers can be very deceiving when you just look at them and nothing else.
in this case when you take the numbers from coinmarketcap.com they are mostly deceiving because first of all they report a lot of volume in place of only bitcoin/fiat volume. and that makes it bigger including even some altcoins volume.
secondly it is the fact that volume can simply be manipulated. the site can tell you they have 10 million dollar daily volume instead of 1 and nobody would be the wiser.
finally you should always see why the volume is higher. usually the reason is pretty simple: 0 trading fee

[arpon11]

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%.  I'm surprised that BTC price hasn't dropped more.

This is to tell us that the down ward trend is over and what ever come from China any moment from now will not affect price much. If Btc trading in China dropped significantly like this and bitcoin is still try to break $4000 then bitcoin has become a global currency!

[nicster551]

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

[Lpim01]

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

Hopefully this indications would last longer and more big countries will support crypto currencies as another medium of payment. Bitcoin soars worldwide and it could stand still in hard attacks from it's foundation. Bitcoin community have proven to be stronger, from a deep down and now it rise again and face another challenge.

[no0dlepunk]

I assume that the Chinese are on a solid HODL at the moment (probably because there is no easy way to cash in/out). 
For a man who has been earning a lot from bitcoin, it is definitely hard to just let go, move on, and go back to fiat... I assume that most of the Chinese are looking for an alternate way in cashing out. VPNs + BTC-Yen-Yuan would do the trick if you know what I mean.

[cl37007]

BTC volume in euro is at 4.85%?

I guess most Europeans must be trading BTC in USD?

Wonder if there's any advantage in doing so...

None that I know of.

I guess it's mostly a mix of a) BTC/USD being the most widely available crypto/fiat trading pair and b) people whose native currencies isn't traded as much falling back to USD rather than to EUR.

Or maybe Americans are more likely to day-trade

I'd agree. Trading in USD is much more widespread across exchanges than EUR so potentially easier to use USD. Then when you take into account countries that use neither currency natively, USD just seems more logical.

[BTCLovingDude]

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

Hopefully this indications would last longer and more big countries will support crypto currencies as another medium of payment. Bitcoin soars worldwide and it could stand still in hard attacks from it's foundation. Bitcoin community have proven to be stronger, from a deep down and now it rise again and face another challenge.

big countries supporting bitcoin is good. we have already seen the nice effects that can have on the price with Japan adopting bitcoin on a massive scale. but it is not all and it certainly is not the reason for the price rise.

it helps but in the end it will be the people who are adopting bitcoin and keep it decentralized no matter what their country says. if the government approves of bitcoin things will go easier and faster if not it will happen but slower and a little harder.

[Odora]

I think there is a political scenario when china say banned ICO, then the price dropped drastically, but then japan and the price holders Bitcoin mengamakan its until now the price is slightly strengthened ..

[maydna]

I think there is a political scenario when china say banned ICO, then the price dropped drastically, but then japan and the price holders Bitcoin mengamakan its until now the price is slightly strengthened ..

i am thinking the same like you because we know that ICO giving much revenue for the dev but the government can not involve with the project so they prevent this by banned every ico in china. and we can see that after china gone, korea and japan will be the next big market in asia because they open their mind about bitcoin and now they are ready to be the leader in asia.