Chinese market has nothing to do with BTC price, am I right?

[GoldenLad]

The Chinese government may have banned ICO and cryptocurrency in their country but I think some citizens are still engaging in ICO or investigating in cryptocurrency probably using the Japan exchange or using exchange that does not require KYC verification. And right from the onset, I don't think the Chinese market has an influence in the price of bitcoin. Maybe they did at the beginning of bitcoin evolution but not anymore.

[figmentofmyass]

That we still hear about Chinese FUD today is laughable.

china is still a major geopolitical power. the perceived legitimacy of BTC and crypto in the eyes of major governments definitely affects confidence in the markets. that should come as no surprise.

Depends on whether the Chinese were able to migrate to other exchanges. I'm not convinced they could. There basically is no Chinese market any longer but there still is a lot of Chinese money.

the OTC market is massive compared to last year:



the jump in volume lines up with the exchanges shutting down withdrawals last year. nobody's stopping OTC traders from sending their coins overseas. seems like the chinese exchanges all moved to hong kong, not sure on the volumes though.

And there might be further scares about Chinese mining. That might cause a blip but ultimately it would be the best possible news for Bitcoin's overall health if they made an orderly exit.

i think lots of chinese hashpower has already moved outside the country. they're probably still using chinese pools, though. if the government came down on miners and pools, i think the drop in hashpower would be less drastic than people think.

[Slow death]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

we get rid of the Chinese and now we have the Koreans who, by the way, are from Asia and are Chinese neighbors. if one day these Koreans change they mind and ban bitcoin? we must have several countries from several continents that regulate and buy and use very bitcoin, this so that we do not have a great influence of Asia that does not provide us with much security, taking the japan the other Asian countries has constantly changed its positions which does not offer security, with the china was thus. One day they would say something and another day they would say something else and we would hear ban news. We can not trust the countries of Asia so much.

[batang_bitcoin]

Since the ban on ICO and exchanges released by Chinese government on September 4

Is this another news for real? It doesn't have any source where we can read if this is an official statement. Since last year, I don't have any interest if there's news about China. Before I'm amazed on how they are contributing to the crypto market and they are one of the biggest movers but I know that until today they are part of it. I'm just annoyed with FUDs or fake news that pointing out their country.

it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Chinese who are in China but they are scattered all over the world and for sure there are big contributors who are outside their geographical location who is/are giving big influence to bitcoin market.

[xuan87]

Wrong, China still got a huge influence in crypto, there are huge volume of users coming from China, despite the government banning, there are still a lot of Chinese investing and involved in crypto, the regulation seems not too effective to contain the investors enthusiasm in crypto currencies

[magneto]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

They definitely still have an impact on the global bitcoin market.

Just because their government has banned bitcoin, does not mean that people are stopping to trade bitcoins altogether. That would make no sense considering that was literally the venture that made them rich in the first place.

They have a more hidden influence right now, though. A lot of the purchasing and trading have now gone to p2p mode, sometimes completely off localbitcoins and only through a network of contacts, even. Others may be trading overseas in different various exchanges. It's not right to discount the Chinese bitcoin community like that, they are still thriving just in a different way.

[el kaka22]

ICO has nothing to do with the price of bitcoin. Now in many countries there is an active attack on bitcoin users. For example, India's recent ban. This is the second largest country in the world. But at the same time, we see a stable trend towards an increase in bitcoin prices. It seems to me that the price factor of all cryptocurrencies is determined by the strategy of coordinated actions of whales.

You are right bro! Or I would rather say I share the same opinion with you. I feel the attention we are giving to some countries and thinking they have a huge impact on the price of the market is too much and we over hype it most of the time. I like the way you used those words, 'coordinated action of whales'. These are the guys that controls the market as far as I am concerned and they only make use of the news, FUD to create some panic in the market considering how a lot of weak hands are present and how the market responds to news easily. So, I do not believe that China or any other country have any major impact on the price of bitcoin and like I always say, they are just a tiny piece of the puzzle.

All these huge holders have decided to come together to play with the market the way they want and I look forward to the time when there would be a high level of usage for bitcoin and then on every dump they do, there would be so many people willing to take it from them all over the world that they won't have much power in the market anymore, but I want to believe that is a dream that can never come true.

You guys are right, all these fluctuations has nothing to do with the market, the whales are there with the upper hand and the traders and little investors are there to respond to the market.

[lifetimebitcoins]

I don't agree, with the statement because there is an influence on the Chinese market because there are many people who are bitcoins from China. I think China is a huge market because when compared to other countries China more than 300 billionaires.

[Kemarit]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Well they are still trading as far as I know through OTC (Over-the-counter) and up to now they are not yet ban because it doesn't violate any law. But I'm sure that the Chinese are thinking right now how to counter this thriving ecosystem and soon it will be ban as well. And many Chinese did move to friendly neighbors like Japan, South Korea and Singapore to continue their bitcoin trading activity. So I think they still command influence on the ecosystem but not as it used to be. So don't take them out of the equation. They are still as relevant before the crackdown by the Chinese government.

[Sahyadri]

There is still an outside influence on bitcoin from China. Even after the crackdown of exchanges and ICO, still the major percentage of mining operation is running in China. Mining, if not directly, can still play a major role in Bitcoin price action which in turn manipulate the altcoin price action. Bitmain has done price manipulation many a times before and most probably can do it again.

However, Chinese market has largely lost their grip over bitcoin price action. Now, major manipulators are from USA and Europe where companies and multimillionaires are entering in cryptos.

[1Referee]

I think China is a huge market because when compared to other countries China more than 300 billionaires.

What has this to do with Bitcoin itself? It's about the major number in terms of their population that makes China a large market, and not about how many billionaires a certain country accounts for. China in every aspect is the largest potential market when it comes to basically everything, but that doesn't mean that it also reflects that in each and every aspect. I was actually quite disappointed in how the volumes on Chinese exchanges dropped to insanely low numbers after the PBOC jumped in, and that for such a massive market. One thing is sure, the market hyped up China to be more of an important factor than it in reality was back in the days. I'm not saying they aren't playing an important role anymore, but their significance is no longer present.

[eaLiTy]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

China does have a big influence in the price of bitcoin and before the ban they have the biggest volume when it comes to bitcoin trading and so it does have a big influence in the price and after the ban we could still see big volumes coming from Asian countries and my guess is that the Chinese are trading in other Asian exchanges,banning of ICO does not make any difference to the price of bitcoin.

[Oceat]

The Chinese government may have banned ICO and cryptocurrency in their country but I think some citizens are still engaging in ICO or investigating in cryptocurrency probably using the Japan exchange or using exchange that does not require KYC verification. And right from the onset, I don't think the Chinese market has an influence in the price of bitcoin. Maybe they did at the beginning of bitcoin evolution but not anymore.

Chinese bitcoiners are still enthusiastic but with all of this FUD, everyone might wanna ride to the bandwagon where the FUD creator want everyone to lead their way. China has nothing to do with it and we do still have a lot more countries that is into crypto and not just China, there are still big fish in this story and not just China. Some might wanna hop to the bandwagon but not everyone.

[filharvey]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Yes chinese have almost lost their influence over bitcoin price.Before an year,chinese exchanges were blamed that they created fake trade volumes and manipulated bitcoin price.Since there was zero fee trade,chinese traders too gambled more in the bitcoin market.but after PBOC actions,they lost their game.

There were days when every bitcoin trader keenly watched china's bitcoin market movements before making any decision of buying and selling.But now its no more.Now bitcoin's price is influenced by global investors decisions.

[jseverson]

Is this another news for real? It doesn't have any source where we can read if this is an official statement. Since last year, I don't have any interest if there's news about China.

ICOs are still banned, but cryptos aren't. They only expanded the exchange ban to include even peer-to-peer exchanges, which were used as a loophole, as detailed in this article:

https://cointelegraph.com/news/china-after-banning-exchanges-authorities-move-to-close-exchange-like-services

So basically, you're still free to trade for as long as you don't use any platform. Some consider this a de facto ban, which is why you often see people exaggerating, saying everything is banned.

China still has some sway, especially because they house majority of the world's hashpower behind their Great Firewall, but I don't think they can do any worse to the market than the crash to $3000 with their initial exchange ban last year.

[RamonBTC]

We can’t deny the fact that every country can affect bitcoin pricing, if we’re talking about on investors and demand aspect. Like China last September breakdown cause a slight dip on price after the implementation but recover afterwards. The recent attacks by mainstream and influential people have implicated this slow response of investors because of doubts.

[Emin90]

I do not think that China, as it can affect the price of bitcoin although there are large mining and farm, but still some news troubled some investors and they panic that just leads to a panic in the market but then stabilized as even China cannot oppose anything bitcoin!

[Nick Abimanyu]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

Agree with your words since September 4, 2018 until now nothing has changed with the rules it. This is a fact while what happened last month is just a mere FUD.

The Chinese government really narrow the bitcoin motion with the rules it makes, they have strictly forbidden adopters and crypto users to buy bitcoin.

[orions.belt19]

Since the ban on ICO and exchanges released by Chinese government on September 4, it seems investors from Chinese market have very limited influence on the global BTC price, do you agree? Share your comments below.

They definitely still have an impact on the global bitcoin market.

Just because their government has banned bitcoin, does not mean that people are stopping to trade bitcoins altogether. That would make no sense considering that was literally the venture that made them rich in the first place.

They have a more hidden influence right now, though. A lot of the purchasing and trading have now gone to p2p mode, sometimes completely off localbitcoins and only through a network of contacts, even. Others may be trading overseas in different various exchanges. It's not right to discount the Chinese bitcoin community like that, they are still thriving just in a different way.

I have heard that even though a ban for trading has been made, traders were able to find a way around it. They did not stop trading despite what their government has done therefore the ban did not have much effect expect spread some FUD when it was announced.

Considering that a large volume of miners and traders belong in China, their market has nothing to do with the price however may somewhat affect it. It has been said that the recent price drop was caused by Chinese New Year, and since it's tradition for the Chinese to spend luxuriously during this event, many crypto-users from China has cashed out in order to spend. Considering this, the large volume of users within their country can actually have some effect on BTC price.

[Coffee135]

I do not think that China, as it can affect the price of bitcoin although there are large mining and farm, but still some news troubled some investors and they panic that just leads to a panic in the market but then stabilized as even China cannot oppose anything bitcoin!

Probably impossible to be so categorical. The Chinese government is no fool. They always know what they're doing. The ICO ban is an attempt to attract internal reserves for investments. I don't know how it will stimulate production, but the course of their thoughts is clear. It seems to me that e-currency cannot be stopped by any government. For this reason, we have not seen significant changes since their limitations.