China Has Something to Do with Bitcoin's Price Increase After All

[jseverson]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

I don't think this was a direct contributor in the rise. Only OTC exchanges are allowed in China, and they don't have a direct effect on Bitcoin prices -- that means Chinese residents lining up to buy Bitcoin won't affect the market that much and that quickly. It might have influenced people from other countries to buy though, which is what seemed to happen with Xi's statement.

China has something to do with Bitcoin's price increase. No one denies that. But, to be clear, the recent Bitcoin price increase is not solely about China. China was not everything to what happened. I don't like hearing statements saying China is the one that caused the pump, China is the reason why Bitcoin's price increased, China caused the massive dump, China is the one that controls the fate of Bitcoin because the largest mining farm is in China, etc. What do all these imply, that China is lording over Bitcoin? Or Bitcoin is in China's hands? I don't share this.

It might be a hard pill to swallow, but China undoubtedly has massive influence over Bitcoin. A vast majority of hashrate is behind their firewall, and we all know their government exerts a sizable degree of control over Chinese businesses (including most miners). Bitcoin can survive without China for sure, but it's going to be a massive stepback.

[pamsugas]

Of course, with the news that China is adopting blockchain technology that is used by bitcoin, it has an impact on the rise of bitcoin and also on January 1 2020, China made crypto regulation which means that China will legalize crypto again.

[NeuroticFish]

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

So the president tells that blockchain is good.
And the television teaches them about Bitcoin.
I think that everybody is waiting for the next step: allowing the exchanges operate again in China. Hence the price rise...

[stompix]

Oh god, NOT China AGAIN!!! Seriously, no!!!!  
And the posts....the posts here...

Blockchain doesn't mean bitcoin, how many times do you people need to read this to understand it?
Just because Google is pouring money into android you got and buy angry birds shares?

then why didn't bitcoin price rise up previous times where similar programs ran on the state television stations?
it seems to me like people are trying too hard to justify a simple price rise that is only a correction of a big drop that created a negative/reverse bubble. the fact that some program ran on TV in one country that many people may not have even seen it is not the reason why price went up, not to mention that even if "new people" were introduced to bitcoin, they wouldn't just run to buy bitcoin right away! specially since there aren't any exchanges left in China for them to buy bitcoin from!

Yeah, we always need to have an explanation for any movement.
If there is a dump, then some whale,CIA,SEC, stuff is the culprit, if there is a movement upwards it's people in Somalia buying coins.

As for the buying part, don't apply logic in it, there is no place for it in this madness.
Remember when during the Cyprus crisis people were buying bitcoin because they had their account locked by the banks? That was the time when the first pidgeon to pidgeon buy happened,  

And the television teaches them about Bitcoin.

The news goes like this:

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin,

Here is the source:
https://twitter.com/PandaofBinance/status/1188450279341076480
and the image


I'm going to award some serious merit to the one that can link that with anything that shows how bitcoin works.

[gentlemand]

This is an interesting and surprising one which does indicate some interest in actual crypto, though certainly not the type anyone wants or needs.

https://twitter.com/DoveyWan/status/1188713741782667264



As for everything else I enjoyed the way people hailed the 'crypto law' that was passed the other day. It appears to be about being more careful with their passwords.

[ivakar]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

so do you think that before that day, no one from that 1.3 billion people had no idea about bitcoin?
hardly!
I think that as usually market manipulators played well against the market, they saw the market positions and boomed the market against it.

[NeuroticFish]

Oh god, NOT China AGAIN!!! Seriously, no!!!!  
And the posts....the posts here...

After such a declaration from China's president, what you expected, really? 

Blockchain doesn't mean bitcoin, how many times do you people need to read this to understand it?
[~]
As for the buying part, don't apply logic in it, there is no place for it in this madness.

You are right, but don't people buy more on feelings, rumors and FOMO?
I also said that blockchain can also help China in logistics.
But I somehow believe that China doesn't need a presidential statement for that. Of course, this is speculation, and we go back to China + Bitcoin = Love Price.

[Darker45]

Oh god, NOT China AGAIN!!! Seriously, no!!!!  
And the posts....the posts here...

After such a declaration from China's president, what you expected, really? 

Because after god, the chinese president is the most powerful being.

China is so powerful! God created the world, yes. But the rest are made in china.

My pencil, slippers, mouse, keyboards, laptop, cellphone, cap, pen, head set, earphones, toothpick, glass, shirt, and almost everything that I see inside my tiny house are made in china.

The Bitcoin ASIC miners are made in china. The largest Bitcoin mining pools are in china. The price increase of Bitcoin is caused by china. The dump in the prices is also because of china.

Bitcoin is made in china. Satoshi is chinese. Bitcoin is china! 

[lobat999]

I think there are several factors that can be attributed on Bitcoin's sudden price increase and the announcement from China's President could be one of them! Another reason cited was a ripple effect from a "$150 million Bitmex short positions being liquidated" which also resulted in some kind of FOMO over cryptosphere.

Nevertheless, its not surprising after all considering Bitcoin's inherent characteristic - mainly on its high volatility which by far crypto holders are somewhat accustomed to but its also worth mentioning that some of Chinese crypto projects did exhibit a surge on its crypto prices as well. Imho.

Source: Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

[Eclipse26]

Nothing against the involvement of China with the sudden increase of bitcoin. It indeed affects the price of bitcoin since the president is looking into the blockchain technology. China is a big country with billion of population. Imagine their president stating a message with regards to his positive insight about blockchain. Although I'm doubting this will last for good. The president might be planning something

[CryptoBry]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene. China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

There is something fishy how the bitcoin market goes on. I guess the reason why bitcoin market fluctuated weeks ago is in preparation of China's declaration on blockchain technology. Remember they are the biggest miner of bitcoin and thus China has the ability to influence the market greatly. After the announcement of China the market recovered suddenly in big volume. I think its all a propaganda. They are behind the market fall and also the price recovery. I think its a strategy to show the world that their actions have huge impact to the world of cryptocurrency. I have no evidence on my claims since this is just an idea I came up when I tried to analyze some data. I dont speak of facts but of probability. But I do hope that I am wrong on these.

China was considered as the sleeping giant and now this giant is all ready to be the next superpower economically, militarily and politically. Soon, it can also be the giant for Bitcoin and of course, the blockchain technology. With blockchain technology, China has been on the forefront developing innovations using the technology. With the recent official statement of China's president on the blockchain technology, many are speculating that it is just a matter of time when the China market will once again open up and dominate the Bitcoin scene. This is quite possible, indeed. Combining the hyped-up power of the halving next year and the coming of the new Crypto Law from China, I am now seeing a real big bull run in 2020. Welcome to the world of China!

[gabbie2010]

The recent surge in the price of bitcoin is as result aftermath of president Xi Jinping pronouncement of the adoption of blockchain technology by china blockchain is the backbone of bitcoin thus well correlated and connected hence will definitely impact its price positively and China is a major stakeholder in bitcoin they have the largest mining farm, Millions of bitcoin hodlers are Chinese recall some few years i think in 2017  when Chinese government raged a war against some crypto trading and close down local bitcoin exchanges that singular act resulted to the drop in the price of bitcoin that shows how China has a huge impact on the price of bitcoin.

[error08]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

I thought that was a link to article/news regarding CCTV.com segment breaking down bitcoin, but apparently only you are promoting your website. Sighs
if there is any source to provide more info about it, maybe someone who lives in China.

It's always gonna be better if there's a link provided to validate this claim about China's involvement in the recent price pump. If this news is true, I still dont see any relevance from this news to the price. Not unless, Chinese government will remove the restrictions and bans against bitcoin and other Cryptocurrency, including exchanges. That way people could easily accumulate Bitcoin without being bothered against the authorities, thus, this will surely will make a positive impact in the market due to massive buy out.

Agreed, I don't think China announcement will adopt blockchain has something to do with recent pump, they didn't say anything about bitcoin, but Xi Jinping mentioned how blockchain can be useful in many aspects to develop economics.

Read about China's president Xi Jinping announcement yesterday. https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/. I originally wrote that his announcement had nothing to do with the sudden price pump, but I have taken that back.....it has everything to do with it.

Everything to do with it?
Basically you said, Chinese and people around the world were flocking to buy bitcoin because of that announcement?

I prefer this one more than China reasons;

"crypto analytics provide, Eskew uncovered that some investors were shorting their positions by $150 million worth. The $150m were liquidated from Seychelles-based crypto exchange, BitMEX.
The short sales triggered what is called a “short squeeze.” A short squeeze can increase the value of an asset rapidly when sellers attempt to cover their positions. This result in temporary increase of prices due to increased buying volume."

[joinfree]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

Well China has a very large market and such a massive publicity about it can definitely have a slight effect on the price of bitcoin. However i was thinking you were going to provide us with some reference as to whether this broadcast was actually made but you didn't. Mind sharing with us because i looked it up but could not find any.

Edit
I found this link, hope it helps and the programme's title is Outrageous Bitcoin

[Digitalbitcoin]

The recent surge in the price of bitcoin is as result aftermath of president Xi Jinping pronouncement of the adoption of blockchain technology by china blockchain is the backbone of bitcoin thus well correlated and connected hence will definitely impact its price positively and China is a major stakeholder in bitcoin they have the largest mining farm, Millions of bitcoin hodlers are Chinese recall some few years i think in 2017  when Chinese government raged a war against some crypto trading and close down local bitcoin exchanges that singular act resulted to the drop in the price of bitcoin that shows how China has a huge impact on the price of bitcoin.

Yes, it is obvious. Mostly a government with a technological base has already tried to make a standalone position in the global crypto market. And for this China was the first country who stop using bitcoin. Afterall a government finally understands the potential and importance of Bitcoin and finally technology behind it.

Japan is already using it. And many countries are testing.

Now the fear will take major action as countries who are still not aware of the technology behind Bitcoin, Many poor countries including India have no intention to implement new edge technology. Even many countries are banning it.

Ha ha... I am laughing just because those countries who are still skeptical about bitcoin will have to bear a lot more in an upcoming financial era.

[Xxmodded]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

China have make some thing big for bitcoin, China can make bitcoin price down just while time and China can make bitcoin price increase to higher just one day, last week bitcoin touch until $7.5K after China president's announce for adopting bitcoin price increase and up above $8.5K, China really have big power for bitcoin to higher and lower price, always have chance for bitcoin if adopt by China.

[teosanru]

China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down Bitcoin, according to a prominent trader that closely follows the region’s cryptocurrency scene.

China's state controlled television explaining the basics of "first ever blockchain technology" #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works.

I think the country is expanding regarding the benefits of blockchain and not exactly bitcoin. some argue that bitcoin is blockchain but this isn't true. Bitcoin is merely a currency created over distributed ledger system blockchain is very big and generic china wants to familiarise their country with this new technology and not bitcoin.

[Vispilio]

Well yes, the fact that every single respectable Chinese based crypto currency made over 30-40% + gains over the weekend, outperforming all
others, brought the Chinese influence as the number 1 reason for the recent strong rally.

Zuckerberg's and Libra's sustained fall from grace has only a secondary indirect effect on price action...

[bitzizzix]

It is possible that the increase in bitcoin has to do with China, because the increase in bitcoin occurs to coincide with what was announced by Chinese President Xi Jinping who plans to implement the blockchain and in my opinion it has something to do.
Although there is good news from other countries, China is more accurate with increasing bitocin or cryptocurrency.

[stompix]

Oh god, NOT China AGAIN!!! Seriously, no!!!!  
And the posts....the posts here...

After such a declaration from China's president, what you expected, really?  

Yeah, should really really lower my hopes, for 99% of the board blockchain, bitcoin, binance, bounty mean the same thing, they start with B and they mean money, right?
China might develop its own private centralized blockchain, the next second .....this is good for bitcoin.
But yeah, let's have some hype, China that China this and when it goes down again, we can blame it on, guess what? China not doing what we were thought they were supposed to be doing. And we're again going to have all the screams about conspirations and manipulations.

Seriously now, 1.3 billion possible customers in the so-called biggest economy and all they can do is 2k?
NOT even mentioning the fact that most of the buys that triggered the bull run happened at around 1-2 am China time on a Saturday....which makes so much sense!!

China is so powerful! God created the world, yes. But the rest are made in china.
My pencil, slippers, mouse, keyboards, laptop, cellphone, cap, pen, head set, earphones, toothpick, glass, shirt, and almost everything that I see inside my tiny house are made in china.

If everything is made in China...can you somehow explain this miracle of economic trade?

1    China   2,157,000
3    Germany   1,401,000

Lol, one of the miracles of reality!
Of course, it might be that indeed everything you have in your house is from China, if....you're Chinese.

The Bitcoin ASIC miners are made in china. The largest Bitcoin mining pools are in china. The price increase of Bitcoin is caused by china. The dump in the prices is also because of china.
Bitcoin is made in china. Satoshi is chinese. Bitcoin is china!  

Fortunately enough, top 20 pharmaceutical companies are all located in Europe and US