[2017-10-02] Bitcoin Surges Above $4400: Jamie Dimon & China Don't Matter

[iamTom123]

Bitcoin just topped $4400 for the first time since in over 3 weeks and has now erased all of the plunge losses from Jamie Dimon's "it's a fraud" and China's shuttering of all local exchanges.

It didn't take long for the world of crypto-currencies to shrug off Jamie Dimon's self-tighteous denigration of the decentralized currency that could directly 'disrupt' his cash cow businesses; and furthermore, as The South China Morning Post reports, China's bitcoin market alive and well as traders defy crackdown.

As SCMP reports, weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead.

While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps.

Source here...

I am quite happy for the whole Bitcoin community because we can for sure say that the market has already moved away from all the bad news spewed by China which resulted into so many FUDs affecting the market. For the past many weeks, the market reacted wildly to the deluge of bad news from China especially on the ban of the ICOs and eventually the Bitcoin exchanges. I don't know if China would later on also ban Bitcoin mining but if it would then am sure that we can expect some snub from the market. Bitcoin for sure can all survive and flourish even if the China market is not anymore open officially (unofficially though there are still many Chinese involved in cryptocurrencies).

Should we then welcome China again should the government decide to just regulate strictly and not anymore banned ICOs and Bitcoin exchanges? Is there still a place for China here in Bitcoin and the cryptocurrency in general?

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[btc_angela]

Yes, Jamie Dimon And China re irrelevant now. The market have already matured and all this China hang over is no longer affecting us. I don't see any issue welcoming back China if they decided to re-open their local exchanges. Just like they said, the more the merrier. And its also for the good of the bitcoin Chinese community. So there's no harm if they decided to come back. But I don't know if they can regain their position as Japan is already leading the way. They even made another step by regulating this exchanges. I also don't think that they are going to ban bitcoin mining as well unless the owner is involved in deceitful act.

[SvenBomvolen]

J. Diamon called Bitcoin is "fraud", probably those words were the reason why Bitcoin dropped even lower after bad news about exchanger's closing in China. He has said that Bitcoin is in the babble.
Increasing financial recognition of the crypto-currency, including the growing number of hedge funds and institutional investors, indicates that Janes Diamon's and otet "bears" predictions can be unconvincing.
China came back with new news, now they decided to regulate Bitcoin and that seems the best decidion they would ever take. I expect after such ups and downs we are going to see the "bull" market again.

[BitHodler]

People should understand that the words from JPMorgan CEO were only intended to cause a very short term negative impact, and that's exactly what it did, or at least, it seems like it did ~ that's enough for him.

Was the intention to make the price fall deeper there? Maybe, but a 40% decrease from the peak isn't all that bad after all. Especially when you consider that such movements are massive in the eyes of institutions.

I am quite sure that we'll see him abuse the global position of JPMorgan once again if he thinks it will put him in an advantageous position. Only when people don't fall for this manipulation anymore it will stop, maybe. Yes, maybe.