Bitcoin Prices Still Firmly Above $7000, Without China

[mohit3110MM]

[/sup][/i][/i]Bitcoin is unstoppable these days, passing one “technical” test after another, crossing the $5000-mark, the $6000-mark, and the $7000-mark in a matter of weeks. The “people’s currency” has gained 27.33% in seven days, as market volume increased.

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

Instead, there have been a number of positive developments that helped build investor confidence and hype in the “people’s” currency. One of them was the stepping up of government regulations in US and Japan to protect the cryptocurrency markets from possible manipulation, while limiting the supply of new coin offerings.


Coin/Investment Trust   Change 7d*
Bitcoin (BTC)   27.33%
Ethereum (ETH)   1.79
Litecoin (LTC)   1.80
Bitcoin Investment Trust Shares (GBTC)   29.37

[BitcoinIsAlgebraic]

It will be interesting to see what sort of impact it will have when China are allowed to operate exchanges again and whether that will be negative or positive for Bitcoin.

[mohit3110MM]

It seems results will be positive bcoz if china wont allow btc trade then there new coin neo which has news that china will take neo coin in regulation will not be possible in public sector . so to do that they need to allow trading exchange to start trade on btc

[soham]

China is not the owner of bitcoin. It is just a percentage of bitcoin users who used to play around. The current price rise of bitcoin is probably due to the upcoming fork. While some big names like coinbase announced that they are going to support 2X, bitcoin is riding high on positivity. A lot of people are buying bitcoin with the hope of receiving free money. Once the fork is over, the market is going to be corrected. However, the correction will be very nominal and not very huge. But I am a speculator here so we have to wait for some more time to know the actual outcome.

[javadsalehi]

It will be interesting to see what sort of impact it will have when China are allowed to operate exchanges again and whether that will be negative or positive for Bitcoin.

It will be positive. A lot of people in China want to invest again in bitcoin. The high demand will cause the price to rise. The news will also cause a lot of people around the world to be attracted more in Bitcoin.

[shursight]

I still remember those days when a lot of people were crying because of china, oh my god, during those times the forum was crazy and full of fud, that is incredible.
And there were some people saying that bitcoin was going to collapse and go back to $500 because of China,Russia, and Indonesia regulations about bitcoin or ico's.
Now that the price is over $7500, all of those people are happy because of the price and this recently dump.

[ahmedjamal1998]

Well I guess this trend is a bit outdated
We're way beyond the discussions about China and its effect on bitcoins price and useless stuff thrown and said here and there.
You should've deduced that China just got left out of the game and no one else got affected except them from the time when the price crossed the $3000.

Now we're in the range of above $7000 (although I'm not sure whether this last long or not as I think a correction is expected and mandatory) which clearly says nothing literally nothing affects the price of bitcoins directly other than the people themselves.

Whales or whatever you'd like to call them won't be that effective except if they push in huge amounts of money. I'm talking billions.
We might actually a lot of credit to the hard forks that are happening (which are too successive to be honest - meh :/ ). But I'm not if that's the main reason though.

[richardsNY]

China is not the owner of bitcoin.

The way people always add a certain level of importance to China's role in this market, they make it seem like China is the only thing that's driving crypto in general to newer highs. Fact is that China has trolled the market big time before the PBOC decided to step in and end this nonsense for good. Result is that the volumes there dropped immensely due to high speed traders no longer being able to trade with a market where fees are forced in again. These same high speed traders were a big problem with how they milked dry the market there. PBOC stepping in was the best thing that could have happened, that's a fact.

[chesthing]

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

[Yuuto]

We're not without China. It's just that major exchanges have all either shut down or relocated to overseas where ethey can continue their operations. If you look at the amount of ads on LBC or Paxful that is from China, you'll realize that China is still a major factor.

Anyways, this pump is far from over.

After a correction i can definitely see BTC rising to $10k+ this year.

[Razerglass]

Current price rise is caused by two factors in my humble opinion. According to cointelegraph amazon purchased coin version of site and this new caused big jump on price chart. Second fact is about futures of bitcoin and inistutional money now can buy futures of cryptocurrency.

[pinoyden]

I still remember those days when a lot of people were crying because of china, oh my god, during those times the forum was crazy and full of fud, that is incredible.
And there were some people saying that bitcoin was going to collapse and go back to $500 because of China,Russia, and Indonesia regulations about bitcoin or ico's.
Now that the price is over $7500, all of those people are happy because of the price and this recently dump.

lol yeah. me too im one of the person that time who worried to much because  of that bad news saying that china has closing some major exchanges and  that greatly affect the market of bitcoin, i though bitcoin will never be recoverd that time due to a sudden price drop but after a few weeks we see again a signifacant price hike continuing until now. overall i believe bitcoin can still go in a long run without the help of other countries or exchanges.

[alyssa85]

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Those are mainly coins held by miners, and they can easily sell by doing under the counter deals with various exchanges. Chinese can still travel, so a quick trip to Korea or Hong Kong is easy and the deal can be conducted there.

[tamawaelah]

Think about all the bitcoins held by Chinese because they can't sell them. Choking off supply has always been the most effective way to pump a coin.

Those are mainly coins held by miners, and they can easily sell by doing under the counter deals with various exchanges. Chinese can still travel, so a quick trip to Korea or Hong Kong is easy and the deal can be conducted there.

that is right, chinese can handle and make a rate control by their miners, because of that i hate chinese hahaha
but they are easily to travel to another country like you wrote up there,

[jtipt]

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

[andthereyou]

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

Correct no one will care not about china anymore. People knows already that bitcoin will not die without them. They are not needed. We already have russia and japan that fully support cryptocurrency and many country that regulate bitcoin.

[jerowacik]

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

China is more or less out of the picture, as far as the other people care. People are more focused on the upcoming fork, Abe have forgotten about China, it made its blow but it didn't sustain. Now it's up top China if it wants to get back into the crypto game or not, no one is going to force it or care about it.

This has proven that when China does a temporary ban on Bitcoin the Bitcoin market remains attractive and the price of Bitcoin may increase. The decision taken by China in the future is indeed influential because of the huge population in China. This can indeed affect how the next Bitcoin develops, but when all bitcoin users around the world are getting stronger I'm sure Bitcoin is not easily affected by negative stigma.

[Juggy777]

[/sup][/i][/i]Bitcoin is unstoppable these days, passing one “technical” test after another, crossing the $5000-mark, the $6000-mark, and the $7000-mark in a matter of weeks. The “people’s currency” has gained 27.33% in seven days, as market volume increased.

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

Instead, there have been a number of positive developments that helped build investor confidence and hype in the “people’s” currency. One of them was the stepping up of government regulations in US and Japan to protect the cryptocurrency markets from possible manipulation, while limiting the supply of new coin offerings.


Coin/Investment Trust   Change 7d*
Bitcoin (BTC)   27.33%
Ethereum (ETH)   1.79
Litecoin (LTC)   1.80
Bitcoin Investment Trust Shares (GBTC)   29.37

I believe China did play it's part not a significant but it did, the lifting of the ban would of course play a role. However the main reason was the futures that thing was a catalyst and that has changed the way Bitcoins is behaving, never seen such a big rally and I believe it's just the tip of the iceberg, it's just going to tide above and above. I feel future's is bad, but till it's making Bitcoin prices are going up, I guess we all can't even complain.

[btcney]

Hopefully this doesn't end up being a huge ass bubble.

My main concern with the run up of price is that if it crashes, people that have been writing about how bitcoin is a scam or whatever will just use this as an excuse and claim that bitcoin is a scam again and again.

But yeah, currently we're stabilizing at over $7k. Floor is $6-7k imo.

[SHAWN-MIDWAYS]

If China has no part in influencing the price to what it is today, then that's progress for the currency in terms of decentralization because Bitcoin does not need a central power to be run like what was about to happen. But in my opinion, we still need these guys to bring in the numbers...just hope the govt can create an environment suitable enough to use it.