In China, A Rumor Can Change the Market

[CRYPTO EVEREST]

In cryptocurrency investment market, some scoundrels spread rumors to influence the market order. A few days ago, there was one person lied to be the president of Cryptocurrency Association in Wenzhou China, who said that the cryptocurrency issued in China needs to be submitted to the Ministry of industry and credit. If it was not approved, it could not be traded in the exchange. I just want to say: all these are bullshit. There’s no such thing in China.
In my opinion, those who do these bad things will always be punished. As the saying goes, true people are honest and sincere.

BTC ANALYSIS
Just as I said a few days, the resistance of bitcoin has been at $7800, only it breaks through $7,800, a small bull market will come again. At present, there is a small probability that the price of bitcoin will go down, and the drop space is relatively stable. In case bitcoin wants to break below $7,000, only one big bad news is likely to emerge.
Personal investment advice, we can wait and see the trend for a few more days. When the price is unstable, disorderly investment will cause unnecessary losses.

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Disclaimer: This article is not meant to constitute trading/investment advice. Please use extreme caution when trading any cryptocurrency.


I’m just going to talk about bitcoin today, and I’m going to make some interesting videos or comics to show you what I know, please look forward to next episode.


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[BrewMaster]

nobody cares about China anymore as far as the cryptocurrency market is concerned. they burned through all their cards for FUD spreading purposes in the past two years in a lot of FUD one after another and their hands are seen by everyone now.

as for your speculation the problem with coming up with numbers like that is that you always come short in cases like this. there have been a lot of others who said the resistance is $7700 and if it reaches there you should buy because it is a bull market sign. and while we reached that nothing happened.

[audaciousbeing]

Just like the above member has rightly posted, gone are the days when news from China whether true or rumour will influence the market in a major way as gradually, the influence they have on the crypto market has been eroded in a systematically order that it does not even make any difference. The only card left to play from that part of world from the way I see it is if they decide that they want to ban everything that relates to mining and give them lets say one week to close shop. With that, I see something happening but only if its true because it would be verified and the moment its being circulated to be false, the market will pick up before the end of that same week.

Its a fact that rumours have a way of impacting the price of bitcoin and the effect is always because price rises without having any serious base for that but in the current market position, I don't see any rumour having any huge impact on price rather, it would coincide with the normal volatility that happens in the market.

[Harlot]

We do all know that already. If the market has matured already there would be less and less people falling for this kinds of FUDs, you know how to make this more effective? Blocking and banning worthless news publishers which publish bullsh*t, worthless and misleading news as they are the ones causing confusion in the market. If this news articles will only provide the real news or even at least a well research article we won't have this kind of volatility in the market, a market where a lot of weak hands exist.

[olumyd]

FUDs are still FUDs, whether they are from China or not, the whole system is rigged to respond to the flickers of false news or rumours. Market spontaneity for cryptocurrencies has always been the mantra of blockchain systems.

[magneto]

I really doubt that bitcoin will be able to all of a sudden spring into a bull market just because the resistance near $8k is broken. To me, there is more likelihood in bitcoin dropping to establish a new bottom under the $6.5k support and consolidating.

But how does China come into the equation here? I don't really see them as having as much an influence over the market anymore, unless they decide to reform their crypto regulations to be more welcoming to cryptos, which could definitely spark a rally. But rumours alone wouldn't change anything.

For me, we are still in a bear market that will last at least a few more months. Don't expect a bull market to come by any time soon during this quarter.

[gentlemand]

Fuck China.

We are FREEEEEEEEEEE from their endless market worthlessness. Now if only we could do something about the mining.

I know there are China focused alts that we almost never hear of beyond its borders. Fuck them too.

[richardsNY]

The current market speaks for itself. I think that we shouldn't keep focusing on such an unstable factor, where in all cases, they haven't contributed to anything other than problems. On the other hand, I strongly believe that China will reposition itself in this market again. It's just a matter of time. Once they have figured out how to create a firm regulatory framework that will isolate the crypto economy within China, they'll knock on the door again. It's impossible for China to sit back and keep watching at their neighbour counties only moving further away from them in terms of blockhain and crypto developments. I think it will happen before the block halving, but even if it doesn't, the market itself doesn't give one single damn about it.

[Herbert2020]

"rumors" are affecting any market anywhere in the world. it is not just bitcoin and China that are affected by it. the only difference is that when it comes to a smaller market, a rumor can affect it much more than it can affect a bigger market.
for example rumors of a company going bankrupt can crash its stocks price. it doesn't matter if that  company is in US or in China or anywhere else. it depends on how that rumor is spread and if it is a good one. not every random thing  said by a random person is effective.

[timerland]

First of all, rumors from China will stay that, especially if it's something that doesn't make its way into mainstream news. It shouldn't affect the prices of bitcoin in the short term by anything, since they are so easily debunked. Plus, I don't think that any negative news from China right now is able to influence prices as much as it did when the Chinese governments announced its ban on ICOs last year, simply because of the fact that China has significantly less influence over the market after these regulations from the government.

But it's interesting, because we're still in the process of testing $7.8k/8k resistance without much movement both upward or downward at the moment.

For me, even if it does hit that, I wouldn't FOMO buy all of a sudden thinking that a big rally is going to come. Market sentiment is obviously still extremely bearish at this stage, and I wouldn't say that's going to be changing in this month. Prices may go up by 10-15%, but that would be it and a correction would come after that. I would buy at levels close to or below the $6.6k support, instead of buying when prices are increasing at the moment.

[dothebeats]

China is the land of rumors and the cryptocurrency market seem to just ignore whatever news is happening in there. Since their bluffs on the past years, whatever news in China happen to not carry any relevance on what's happening in the current cryptocurrency market. We already have big market movers like Japan and SoKor that seem to be more relevant compared to China who was once a giant force in the market. Traders don't consider the rumors building in on China anymore, and just focuses on what's up with the market on different borders and places.

As for the price, it's been going stagnant or sideways for a few weeks now and interesting how the market doesn't want to react. Positive news or negative news, the market still stands strong on the $7400-$7700 ranges. The theory on 6th of June doesn't seem to work as well, and no further trend has been created. The market is quiet, or someone is creating some form of pressure for the weeks to come.

[gentlemand]

We already have big market movers like Japan and SoKor that seem to be more relevant compared to China who was once a giant force in the market. Traders don't consider the rumors building in on China anymore, and just focuses on what's up with the market on different borders and places.

But we have seen repeatedly what South Korean rumours can achieve too. These markets are so twitchy that anyone with a modium of psyops skills can have a very fruitful play with the kiddies below them.

We'll know we're getting places when everyone demands evidence before reacting. Can you imagine the gold market being influenced by one piece of shit Reddit post that isn't even translated properly?

[1Referee]

Can you imagine the gold market being influenced by one piece of shit Reddit post that isn't even translated properly?

Even if an entity out of panic dumps Gold worth Bitcoin's entire market cap nothing will happen with that market.  

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If people don't bring up these threads and news sites don't report about China, it feels like China doesn't exist, and that's the way I like it. Let them have fun with their ChinaCoin and keep using the great firewall to censor everything they don't like. Why should the rest of the world even care about them? We in current times have a way more diversified (almost decentralized) field of global demand for everything related to crypto.

China is a paranoid and psychopathic country only knowing how to cause problems. The less China, the better, and the more healthy this market remains.

[romero121]

Bitcoin as well the cryptocurrency network is completely a speculative asset. In this way there is nothing different when a rumor makes an impact upon the market. In the past a rumor around China will make a big impact, now things have changed as the influence of China upon cryptocurrency have decreased a lot with more regulations into effect.

[KorakPawon]

nobody cares about China anymore as far as the cryptocurrency market is concerned. they burned through all their cards for FUD spreading purposes in the past two years in a lot of FUD one after another and their hands are seen by everyone now.

as for your speculation the problem with coming up with numbers like that is that you always come short in cases like this. there have been a lot of others who said the resistance is $7700 and if it reaches there you should buy because it is a bull market sign. and while we reached that nothing happened.

you are wrong if you know that china is one of the biggest investors in the world of digital currency so they are so influential on the market if they stop being a crypto investor then you will automatically fall into poverty.

[followmenot]

I really dislike these big and heavily regulated markets are so easily exploited. These rich guys, whales manipulate regular chinese investors so quickly to make them sell their coins cheaply. I hope it won't damage btc anymore.

[WUUEX79]

Repeatedly, China has devastated the value and popularity of bitcoins, ranging from tightened rules to some unreasonable restrictions. So even if there are positive rumors A, B, and C from this bamboo curtain country, I already believe again