Another bitch moved by the Chinese Regulators.

[TravelMug]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

[vhhjhju]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

It is no longer a matter of days or days for the Chinese government to deal with bitcoin. There is no need to worry too much about it. As long as preparations are made, the influence of the Chinese government policies will not be affected at most, which will at most lead to price fluctuations. However, bitcoin price fluctuations occur daily .

[Reatim]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

If there is a impact, its gonna be short lived. Yes, they are still a major forced in the crypto world but the fact that they keeps on coming against the market only means that they want to stay relevant because everyday they are being forgotten and buried in the next coming months.

Plus, I wouldn't be surprised as all with the news. They already made their decision last September to turn their backs against crypto and they are now just ironing it a few details. Expect bitcoin mining to be the next target from PBoC.

[deltarichard1322]

Yes, they purposely did that because the government cannot income from Bitcoin. Furthermore, if Bitcoin legal in their country the population will not be forced to work for a terrible income.

[Jonsnowstark]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

The chinese are attacking everyone, not just bitcoin. They want to maintain a status that says they are ahead of everyone in the world and everyone is under control. So dont fret about the news the chinese regulators put out. Bitcoin cannot be shaken by petty news like this. This has been proven many times. The dip is not because of the news but because of weak hands who are new to bitcoin and hears a bad news and lets go of their investment.

[rommelzkie]

This is a small news for bitcoin to drop its price again. China is not the only country in the world. If this news has an impact then it will be really relative small. and beside the bitcoin price drop is due because it touched the major resistance.

[jseverson]

That's not surprising at all. I mean, they've been barred from operating in the country and it seems some of them are using their social media accounts to still do business, so China is simply closing a loophole. This is them basically implementing the ban which was already in place anyway.

I disagree with China's ban, of course, but this follow-up move was perfectly logical and shouldn't really surprise anyone.

This is a small news for bitcoin to drop its price again. China is not the only country in the world. If this news has an impact then it will be really relative small. and beside the bitcoin price drop is due because it touched the major resistance.

I doubt this will have any impact unless you're a) using the loophole or b) you're part of the exchange whose account got banned. I don't expect any price movements because of this, specifically.

[CryptoBry]

People who are into cryptocurrency should leave China if they want to continue smooth operations as the Chinese government is one of the insane people in the world. Since the government is overseeing a burgeoning economy, they might be thinking that they don't need cryptocurrency as a contributor to the economy all because it is beyond their total control...these people love to control things and they are even extending this kind of thinking to other countries even claiming territorials that clearly do not belong to them (this is of course another separate topic). This is just my personal opinion anyway.

[traged]

This is a small news for bitcoin to drop its price again. China is not the only country in the world. If this news has an impact then it will be really relative small. and beside the bitcoin price drop is due because it touched the major resistance.

I am afraid the market is sooo sensitive now that ever small negative news moves prices a lot This is exactly the case...

[audaciousbeing]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

This people are not just retiring in their moves against bitcoin and cryto in general as they are using every means to frustrate the penetration and popularity of bitcoin. I cant imagine they can go to the extent of blocking their accounts on social media, the next is for them to go to Twitter, Facebook and Instagram but what they dont is that for every means they block, there are making room for another one under the radar to come up and they are pushing those who want to legitimately to their business through that means.

On the effect on price, its sure that the recent dip wont be unconnected with this but I believe its going to be temporal as its normal for price to react, only to recover over a period of time and this wont prove otherwise as well we just need to hold still and contribute to the panic that might drive the price lower than what its already happening.

[jtipt]

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

Seems possible, Chinese news has already proven to influence the market a little bit but in slightly longer run it doesn't matter much. As we know China loves creating FUD, and now is the perfect time for FUD BTC market kind of fragile right now at 10-11k, not a surprise to see that China will attack now.

[pharaon]

It's hard to say why the market is now such a situation. Maybe these news, in fact, somehow influenced the fact that prices are falling again. We'll see how things go in the future ...

[Slow death]

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country.

According to a report by Caixin today, authorities have shut down some exchanges' channels on China's dominant social messaging app, WeChat.

In one example, the official account of OKEx on WeChat has been blocked, while links to all previous content are now merely showing a notification that reads: [...]

I do not understand why the Chinese people accept to live in this political system, they are like birds in the cage. There are no freedoms of expression and press. The government controls everything and these Chinese are destroying other people's countries.

It looks like that Chinese regulators are starting the 2nd wave of  their bitcoin/crypto attacks. I guess this news some somewhat affected the price in the last 48 hours as the price plummeted from as high as $11.5-$10.8 as of now.

I do not think the news of china is responsible for the fall of the price, the Chinese no longer have as much influence as they had in the past, now the influence is more in Japan, North Korea and other countries.

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

they are only concerned about their own political system and for this they must control all their citizens... bitcoin is something decentralized what makes a mortal enemy for the Chinese government

[Nerman]

Wow China is doing it again, creating FUD that will influence the price. To be honest I do not think this has something to do with the price drop also the Chinese government  are not purposely doing it, their main concern here is for their citizens as we all know they want to have control on everything.
As the news said they even have control on Wechat app and most likely other social media.

They hate decentralization and I do not think that it will change.

[ranman09]

I think they have lost relative power over bitcoin already with their recent attack. I think this does not affect that much. There are much more cases like the Coinbase news.

[bug.lady]

Wow China is doing it again, creating FUD that will influence the price. To be honest I do not think this has something to do with the price drop also the Chinese government  are not purposely doing it, their main concern here is for their citizens as we all know they want to have control on everything.
As the news said they even have control on Wechat app and most likely other social media.

They hate decentralization and I do not think that it will change.

It may well be what you are saying, that it is about the control. But it may also be, that there is one or two high-profile Chinese guys who orchestrated this in order to sell their holdings high, and buy the dip. A form of an insider-trading of sorts. I am not saying that it is the case, but it is possible.

[gabmen]

Wow China is doing it again, creating FUD that will influence the price. To be honest I do not think this has something to do with the price drop also the Chinese government  are not purposely doing it, their main concern here is for their citizens as we all know they want to have control on everything.
As the news said they even have control on Wechat app and most likely other social media.

They hate decentralization and I do not think that it will change.

It may well be what you are saying, that it is about the control. But it may also be, that there is one or two high-profile Chinese guys who orchestrated this in order to sell their holdings high, and buy the dip. A form of an insider-trading of sorts. I am not saying that it is the case, but it is possible.

With the way these announcements come in waves, it makes me think that even the chinese government are in a way dealing with crypto and is just trying to manipulate the price to take advantage. But their influence would probably dwindle in time along with the market becoming used to their drama

[zenrol28]

It's just another china-wanna-make-bitcoin-crash day. Many bitcoiners are already immune to these china tactics. But maybe the newcomers are not yet. China is well-known for getting everything they want no matter what. They may block everything related to cryptocurrency in their country, but they can't stop the whole planet.

[alyssa85]

Do you think they are now on the offensive because suddenly bitcoin is on the rise and they want to put the price to dip again and stop the hype train on its track?

They'e on the offensive because they are control freaks and have been trying for a year to get the Chinese to stop holding crypto.

The whole thing is compounded by Xi Jingping becoming a defacto dictator who has been arresting opponents and seizing their money. That's why Chinese have been buying property abroad, and getting into crypto - it's a way of hiding their money from him.