China vowed to "slash" crypto exchanges, bitcoin prices plummeted.

[acdc]

In a recent statement, the People's Bank of China (PBoC) said that illegal crypto exchanges in China would not have a living land.

Specifically, the PBoC warned that it would take specific action against illegal crypto exchanges in the country and review all transactions involving cryptocurrencies and bitcoin.
 
PBoC is committed to handling and controlling cryptocurrency trading activities in China. Indicate that individuals and organizations who have illegal cryptocurrency trading activities will be handled according to the law.

The move by the PBoC is thought to be in response to the wave of strong investment in cryptocurrencies in the past few days in China, since Chinese President Xi Jinping voiced support for Blockchain making the delivery operations Cryptocurrency outbreak in China is booming.

In addition, to avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".

Perhaps this is the explanation for the sharp decline in Bitcoin prices in recent days.

Do people have any comments on this?

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[edmundduke]

China has been banning Crypto, Bitcoin, Mining, Exchanges and whatnot for years. Every one of these so called "bans" is usually followed by a uptrend in Bitcoin, some positive news gets released. This in turn is followed by a huge dump, followed by a "Choina bans something"
I guess this one was so effective because they had been quiet for so long.

[inanilujimi]

why can a country like China trigger a price change that is so contradictory to the year-end forecast?
any movement made by China can always trigger a significant decrease or increase.
sometimes I think whether this is the name of price manipulation to make a profit quickly?

[Bttzed03]

OP, why not include the word "illegal" in the title? That is a very important part there.

I'm pretty sure some people here will not even bother to read the content of your post and make their own comment 

As for the topic, I don't see anything wrong with banning illegal exchanges. Every country has the right to do that.
News about Binance and Bithumb being closed down in China were also denied.

By the way, where is your source of this news?

[jessyj48]

Well this was a severe blow to bitcoin since its been long that something like this happened last but alas we are talking about bitcoin here, a digital currency that have die many times already, it always finds its way back to its feet in a matter of time

[acdc]

why can a country like China trigger a price change that is so contradictory to the year-end forecast?

With nearly 1.4 billion people, any change coming from China could affect the whole world and the cryptocurrency market is no exception.

any movement made by China can always trigger a significant decrease or increase.
sometimes I think whether this is the name of price manipulation to make a profit quickly?

I firmly believe that there is manipulation of shark news here, they will inflate the news to achieve their goals. The good news will be used when they want to raise prices and vice versa the bad news will be used when they want prices to go down.

[Kunotcoin]

I think the market reacts to the current situation in china, specially in the information about crackdown of illegal cryptocurrency exchange in its territory, the investors are worrying about the situation that's why they are dumping its cryptocurrency holdings for that reason. But i believe it was just temporary i'm sure it will recover soon.

[tabas]

I think it's pretty normal to take down illegalities within their jurisdiction. Whether it will be crypto exchanges or any business that operates on their land. With that announcement, I don't see that it's the reason why the market plummeted.
There must be some reason why it's plummeting.

[Mighty_crypt]

In crypto space we've been through this alot before, none was able to stop bitcoin than just making it lose part of its value, i am surprised that some weak investors thinks this is a bad news for bitcoin, yes price is shaken off a bit but even if bitcoin goes down to 4k its going to rise again, come to think of it that is a good time to buy

[niisarearning]

China has been banning Crypto, Bitcoin, Mining, Exchanges and whatnot for years. Every one of these so called "bans" is usually followed by a uptrend in Bitcoin, some positive news gets released. This in turn is followed by a huge dump, followed by a "Choina bans something"
I guess this one was so effective because they had been quiet for so long.

Exactly even first China exchange ban , then mining ban every ban after market increased even bitcoin reached its peak till 20000 when China keep on banning. I think China is not contributing much to crypto space so these Chinese news doesn’t effect market . Now it’s bearish market get some good coins forget about these Chinese news .

[dragon695]

This is completely normal because everyone knows that the crypto market is manipulating. The Chinese government only supports blockchain technology but in addition does not support cryptocurrencies. It seems that the market is declining sharply and tends to decrease when the sellers still have not given up. The daily chart shows that bitcoin still needs to retest the critical support of $ 6k8 before the pump or dump is strong. so now we should not buy or sell because the indicators are unknown.

[Shallow]

We have been hearing different news from China, ban this, ban that, slash this, slash that yet here we are still pushing forward, although not fast but slow and steady they say wins the race. Yes it affect Bitcoin price, in fact the whole market but does that mean we are going down flat? No, but it will only make us more stronger and better. We will live through this, that's for sure. I think it's a matter of time and all these news will be seen as nothing..

[tsaroz]

This is not a new rhetoric from the Chinese government but became one of the main reason for the bearish run. China has officially outlawed crypto exchange yet a lot of trading volumes still comes from mainland China. The population is so fluid that the officials have to dictate simple instructions so that they don't go crazy for a trend. They needed to take an action as the market misinterpreted Xi's worlds as a support for crypto trading.

[MrPiggles]

This is completely normal because everyone knows that the crypto market is manipulating. The Chinese government only supports blockchain technology but in addition does not support cryptocurrencies. It seems that the market is declining sharply and tends to decrease when the sellers still have not given up. The daily chart shows that bitcoin still needs to retest the critical support of $ 6k8 before the pump or dump is strong. so now we should not buy or sell because the indicators are unknown.

Bad news has greatly affected this market and China is proving that they are people who can control the value of Bitcoin at any time. I think this is really dangerous because if the government starts checking crypto transactions then investors will be very scared. Hopefully, this country will have better strategies to protect investors and this is what everyone needs in this time.

[smyslov]

In a recent statement, the People's Bank of China (PBoC) said that illegal crypto exchanges in China would not have a living land.

Specifically, the PBoC warned that it would take specific action against illegal crypto exchanges in the country and review all transactions involving cryptocurrencies and bitcoin.
 
PBoC is committed to handling and controlling cryptocurrency trading activities in China. Indicate that individuals and organizations who have illegal cryptocurrency trading activities will be handled according to the law.

The move by the PBoC is thought to be in response to the wave of strong investment in cryptocurrencies in the past few days in China, since Chinese President Xi Jinping voiced support for Blockchain making the delivery operations Cryptocurrency outbreak in China is booming.

In addition, to avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".

Perhaps this is the explanation for the sharp decline in Bitcoin prices in recent days.

Do people have any comments on this?

I just read that it was Google announcement and on this thread it's China's announcement, people are looking for the cause of Bitcoin dropping maybe both of them impacted Bitcoin's price, but any impact that they bring, are going to be nonsense, as the price will eventually recover, the buy support is now going stronger, the believers will support the price, until we get the price back again, probably next week. 

[chaoscoinz]

In a recent statement, the People's Bank of China (PBoC) said that illegal crypto exchanges in China would not have a living land.

Specifically, the PBoC warned that it would take specific action against illegal crypto exchanges in the country and review all transactions involving cryptocurrencies and bitcoin.
 
PBoC is committed to handling and controlling cryptocurrency trading activities in China. Indicate that individuals and organizations who have illegal cryptocurrency trading activities will be handled according to the law.

The move by the PBoC is thought to be in response to the wave of strong investment in cryptocurrencies in the past few days in China, since Chinese President Xi Jinping voiced support for Blockchain making the delivery operations Cryptocurrency outbreak in China is booming.

In addition, to avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".

Perhaps this is the explanation for the sharp decline in Bitcoin prices in recent days.

Do people have any comments on this?

The irony of china, don't they own the majority of Bitcoin through their collective effort in mining? I guess the plans for China to start issuing it's on state backed cryptocurrency just might have fallen through. What about cryptocurrency exchanges such as Binance, will it be affected by the crackdown. I thought it was because all of those pesky ICO's that kept cropping up but now China is talking about seeking action against on-shore and off-shore based exchanges or institutions that utilize crypto fin exchange & trade.

[Beparanf]

While I don't think China is been the reason in everything in crypto, they keep bugging and creating news whenever there is hype or dump. How long will they get themselves into crypto when in fact they just don't want to really engaged. Once they fully accept crypto I will just laugh on how mess they think crypto is.

[#Darren]

Hopefully, this thing with Binance was just a mistake and it was really unnecessary. Cannot understand their vision by creating a government based crypto, investing billions of dollars into blockchain and banning crypto exchanges at the same time.

[BitHodler]

The irony of china, don't they own the majority of Bitcoin through their collective effort in mining?

There is a big mining industry within China, but that doesn't mean they own it in whatever shape or form. They can subject mining to harsher regulations, but that still doesn't mean they own any of it. They never will.

I guess the plans for China to start issuing it's on state backed cryptocurrency just might have fallen through.

Not really. I think one of the reasons they have been open to the blockchain space (not to be confused with the crypto space) is to understand the workings better so that they can implement these features themselves.

It's kinda interesting to see how this ends up working out because when China manages to get it working properly, other governments might follow because the one main similarity they share is total control of finances and so their people.

[waitforme]

Customers participating in China's cryptocurrency market are very crowded and their money is huge. China is creating its own crypto and its next goal is to create one of their exchanges and list their country's crypto projects. There they can do anything with their money. They will tax users and control cash flow not to be diverted to any country other than China.