Japanese run the BTC price!

[jamesashmore1964]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

[carlisle1]

If Tokyo had a big earthquake Bitcoin would crash in my opinion!

Lol 😆 funny guy ..

In some areas maybe this is true since japan is one of bitcoins sweet haven ,and japan is oneof the most user of bitcoin in the whole world..

But i doubt that theres no anticipation of whales here,and for sure not all whales are japanese

[mk4]

Well, the Japanese yen definitely has a huge influence on the global average price on bitcoin, buy saying that they run BTC's price is a huge overstatement. BTC's price on BitFlyer is currently at $9,151.22[1] though. How did you conclude that it might go down to $8800?

[1] https://coinmarketcap.com/currencies/bitcoin/#markets

[target]

Well, the Japanese yen definitely has a huge influence on the global average price on bitcoin, buy saying that they run BTC's price is a huge overstatement. BTC's price on BitFlyer is currently at $9,151.22[1] though. How did you conclude that it might go down to $8800?

[1] https://coinmarketcap.com/currencies/bitcoin/#markets

He could be using the fibonacci or his margin price. If it closes that low then its going to be critical and will most likely drop more. Fear is always there and those who bought at such price before it went 9K will probably save themselves from loss. Is it possible to test the bottom again to break? If it would then get ready you may be able to buy the cheapest btc as possible.

[shulio]

The MTGox man is on the stage again. He continue to sell the Bitcoin recovered from MTGox hack. This is why the price falling.

[vintages]

The MTGox man is on the stage again. He continue to sell the Bitcoin recovered from MTGox hack. This is why the price falling.

Don't be quick to point accusing fingers.  Yes, the MTGox trustee messed up big time then, but I don't think that he might be the reason why the price of bitcoin is dipping recent. Anything could have caused it; the traders who are rushing off to sell since the price moved from 6k for 9k could have been the cause. Moreover,  the recent price that dropped isn't that bad.

[vit05]

I always watch out when the Asian market is opening. It seems to me that between 9:30 a.m. and 12:30 p.m., Japan time, the biggest changes in price usually occur. Unfortunately, in recent days it seems that this price always shows a downward trend. And then the scenario reverts 12 hours later when European and American markets begin to operate.

It's almost a struggle for balance, for the search for the right price. And that gives me the impression that once again we will see the price below the 9k.

[thecodebear]

Seems we are again testing the base support around $9000. Last time it went to 8800 and held strong there. If Bitcoin holds here in the low 9000s, making a double bottom around 9000, that should mean we're finally reading to take down $10k resistance.

[gentlemand]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

In all the trading threads I read I've genuinely never seen anyone looking to Japan for the next move. I assume it's not that easy for foreigners to get money in and out compared to other places.

They may have volume, they don't have the hearts and minds of traders elsewhere.

[Pamadar]

Seems we are again testing the base support around $9000. Last time it went to 8800 and held strong there. If Bitcoin holds here in the low 9000s, making a double bottom around 9000, that should mean we're finally reading to take down $10k resistance.

Still speculations and without any concrete trace we are still in the range where investors and traders are still holding their positions, we are still lucky as Japan continue to support bitcoin and we are still holding at this level, just waiting for more new investors to come and join the ride, there's still a lots of positive things to come in terms of bitcoin value, Japan is not the only one who supports bitcoin there's also other countries that already using this system if more will adopt then price will be huge again.

[blockman]

If it closes below 8800 it will be ugly!

It didn't close below $8,800 today. We don't want it to see sit back at that price.

Japan is one of the biggest market players and we can tell that they have their part on the market so are you saying that they are the new China?

[NeuroticFish]

The MTGox man is on the stage again. He continue to sell the Bitcoin recovered from MTGox hack. This is why the price falling.

It looks like the MtGox man has almost infinite supply of BTC to make the prices fall.
Luckily people keep buying Bitcoin and compensate for this now and then.

Now really. We need better story than this.
My take is that a manipulation is going on, from giving too high importance to the SEC meeting and decision on ETH (whether it's for real or not) to dumping a little to make the people sell.

Also I expect that some that bought at 6-8k have set 10k as the "cash in" price and some take their profits.
But I think that in less than a week we will be more than okay.

[olubams]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

I have heard about several countries controlling what the price of bitcoin is or will be. I have heard about the Chinese, India, and Russia but bringing the Japanese into the picture is surely a new one that sounds strange. The price of bitcoin will fall an rise based on forces of the market and other factors. Ascribing it to just one thing especially countries is not only limiting the potential and penetration of bitcoin but making a false conclusion.

[exstasie]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

In all the trading threads I read I've genuinely never seen anyone looking to Japan for the next move. I assume it's not that easy for foreigners to get money in and out compared to other places.

They may have volume, they don't have the hearts and minds of traders elsewhere.

Don't they have zero trading commissions on many Japanese exchanges? I know Bitflyer.jp had no fees at some point. It might still not, I'm not sure.

I know a couple traders that always always watch the Bitflyer chart. I'd agree with them that Bitflyer leads sometimes, but not often enough that I particularly care. Same goes for Bithumb in Korea. At the end of the day, all charts reflect the same sentiment. Arbitrage (or the expectation of arbitrage) takes care of that.

[Superzpay]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

Not only Japan but there are many places in all over the world where you can see some bigger investors of bitcoin. They are intelligent personalities and who know the reality of bitcoin and they think for their future and they invest only to give a good future to their coming life that is why they do not care that how is their government for bitcoin but only invest in it. It is right that Japan government is in the favor of bitcoin but it do not mean that all of the bigger investors are from there.

[7788bitcoin]

Don't be quick to point accusing fingers.  Yes, the MTGox trustee messed up big time then, but I don't think that he might be the reason why the price of bitcoin is dipping recent. Anything could have caused it; the traders who are rushing off to sell since the price moved from 6k for 9k could have been the cause. Moreover,  the recent price that dropped isn't that bad.

I am sure the MtGox sold a huge amount of coins and that reflected the market going down and if they are selling ten thousand plus coins the other sellers would panic and dump their coins fearing a correction and if they are selling the coins again, it will reflect in the price.

[btc_angela]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

Obviously they have the market share as far as trading volume but it doesn't mean that they can totally manipulated the price. They are just one on the so many factors that can affect the price. There's still the US and the South Korean market and small nations who trades. Where did you get that figures of $8800? Show us your TA so that we discuss and not just trying figures around in which you sounded like creating FUD here.

[gentlemand]

Don't they have zero trading commissions on many Japanese exchanges? I know Bitflyer.jp had no fees at some point. It might still not, I'm not sure.

I know a couple traders that always always watch the Bitflyer chart. I'd agree with them that Bitflyer leads sometimes, but not often enough that I particularly care. Same goes for Bithumb in Korea. At the end of the day, all charts reflect the same sentiment. Arbitrage (or the expectation of arbitrage) takes care of that.

I think they do which means those volume figures are irrelevant. Bitflyer said it was temporary but it may well still be up there.

Korea should be discounted completely as there's absolutely no way foreign money can access it whatsoever. Like I said I've never seen anyone anywhere mention the JPY price. I'm sure the Japanese do.

Everyone else is looking at the usual Western places.

[Tankdestroyer]

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

That's just volume and not total holdings, so we aren't at their mercy. Other countries like Russia, America, etc. have more holders when compared to Japan, and them dumping would just look puny when compared to holders of those countries dumping. Do not worry about volume since it will subside soon when btc becomes more adopted by countries. Volume will eventually be evenly distributed among many countries.

[richardsNY]

The only exchanges that matter are GDAX, Bitfinex, Gemini and Bitstamp. All foreign trading volumes do contribute somewhat, but they mainly affect their own market. I remember when South Korean exchanges were trading $5000 above western exchanges, which is beyond insane, but the western markets didn't give one single damn. Later on South Korean premiums vanished and became just a few hundred instead of thousands -- this perfectly indicates that continents have different demand standards and don't necessarily steer the other side up or down with it. That's the benefit of having different exchanges all operating different order books.