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

[adjed]

It's a very sad thing to see especially after we have spent so much time hailing China as visionaries saw the potential of Blockchain technology and Cryptocurrencies considering the fact that they plan to release their own, so the last thing I was expecting was to see something like this happening, even with the FUD of Binance office being raided, I don't know if this is all market manipulation but the way things are now, it's very bad and things needs to settle down.

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[Vishnu.Reang]

I am not really surprised because this has become a regular occurrence now. China has been regularly crashing the Bitcoin prices, once or twice every year since 2013. After a few months, the government will once again relax whatever restrictions they had placed earlier and the prices will recover. And then after a few months, they will once again come up with some statement and crash the exchange rates.

[Latines]

Today there was another strong plunge in prices to land. This happened after very frequent promises that Bitcoin is about to rise. I knew that there would be a collapse, since everyone again started talking about him well. And so it happened. But China is a very smart nation. We’ll wait and see what happens.

[davinchi]

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"

Yes, bitcoin markets have been defeating all those stints so far and we had lots of discussions about China's hand into crypto currency world. There could be a lot of possibilities for the bitcoin prices' recent decline was actually triggered from China but definitely it will not sustain as per what history says. China's cheap labor and all other resources are the reason why they are dominating in crypto space but that alone will not decide all the things in this crypto space.

I'm sure a lot of other countries also will be taking steps against crypto exchanges and crypto miners but I believe market will not react the same way like it had done for China's. For example, SEC's rejection is no longer having impact into bitcoin prices.

[James1970]

And what will happen to price when China will ban it? Going to zero?

[CjMapope]

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?

oh man, this we probably should have seen coming, China likes to have their own controlled versions of everything it seems : /
I still really want to see this go thru tho, i think China could be a great PoC for everyone else  
A gold backed crypto would imo be perfect for any major country, and imagine if the chain was public, WOW, that would be groundbreaking in government transparency :O
interesting times for crypto and especially BTC in 2020 i think!

[disconnectme]

For me I am tired of the significance China has on the space, and the earlier the better we start looking for way to be less reliant of China.  I was told there are many fake exchanges in China and also there are some like Huobi that are regulated in China so exchanges has come to stay

[Chuky92]

Blockchain and crypto has come to stay let them do their worst. Year in year out they look for ways to cause a downturn in the market but yet it didn't or have ever changed the nature of Bitcoin but instead keeps giving more significant to Bitcoin. This phase will pass like previous ones because people are getting wiser and understanding the value and possiblities within the blockchain space.

[gantez]

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?

Such news from a crypto enthusiast countries is enough for change of price direction. Coming up with news to go against illegal outfit is a positive news because it means your investment would be safe with the surviving exchanges. This is a kind of regulation for the exchanges there and fake volume will be reduced too. So is a good one and China has population, we are going to expect more increase in price.

[target]

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?

Such news from a crypto enthusiast countries is enough for change of price direction. Coming up with news to go against illegal outfit is a positive news because it means your investment would be safe with the surviving exchanges. This is a kind of regulation for the exchanges there and fake volume will be reduced too. So is a good one and China has population, we are going to expect more increase in price.

Was also asking the same thing but since the time they were producing ASIC devices to mine BTC, it only means more mining farms are benefiting from the industrialized China. Right now we can now consider them like a global leader of the future. They are also the heavy investors in these industry which is why slight changes of the law involving the cruptocurrencies can affect the price of BTC when the Chinese government says something.

[batang_bitcoin]

There's news that came out that the news about Binance office taking down on China is a fake news.

https://micky.com.au/furious-cz-from-binance-suing-the-block-over-market-tanking-fake-news/
https://cryptopotato.com/cz-binance-fake-news-is-the-reason-for-yesterdays-bitcoin-price-crash-to-6700/
https://ihodl.com/topnews/2019-11-23/binance-ceo-will-sue-block-due-fake-news/

[nxnqauff]

Bitcoinprice was plummeted. But Chinese government action is responsible for that crash or not is different story. This kind of crash is not new for crypto in the recent past.

[Pearls Before Swine]

It's *possible* that an announcement like this could have had an effect on the price, but I really don't think it could account for what was a decrease from $9000 to $7200 or whatever it amounted to.  Bitcoin lost a few hundred dollars in value in the past 3 days alone, and even tho China is a huge player in the crypto scene this hasn't changed anything really.  It's just words, and these are shady exchanges we're talking about.

I swear I thought China had already cracked down on exchanges.  I thought I remember reading about that quite a while ago.  But in any case, even if all the exchanges in China go out of business, there are still plenty left globally for people to use.  Even when a big one gets hacked and loses their customers' funds it usually doesn't have a big effect on bitcoin's price.

So no, I don't think this news accounts for what the market did in the past couple of days.  Not at all.

[royalfestus]

The news that the exchanges ban reduce the price of bitcoin had been denied on every front but sadly the news on internet spread faster and cant be easily controlled. China is just trying get the best of these space with its population. They are planning to move new coin and more fund into space in few months but we dont understand how it could benefit the whole market.

[Nadziratel]

I think the Chinese government is very confused. While talking about the benefits of cryptocurrencies on the one hand, they are talking about the effect of control and so on. It is not difficult to understand that decentralized Bitcoin disturbs them.

[go4crypto]

All this recent China news first causing the pump and now causing this latest dump seems familiar. In 2017 also there was all kind of news and FUD of China crackdown on miners and exchanges and market rallied big later in the year. Hope the same happens after current FUD is over.

[Coltpython]

This is FUD news that crashed the market price of Bitcoin, however, according to TA charts, Bitcoin was always going to dip around this time of the year

[magneto]

It's funny, because everyone seemed to rejoice when China came out earlier to endorse crypto, and the markets reacted very strongly by rebounding from the $7k lows up to nearly $10k again where the resistance again proved to be too strong.

China's stance on crypto isn't likely to change - it's likely to continue to be restrictive, whether it is towards crypto based businesses, or exchanges.

This is a classic panic dump. I do expect further losses in the near term future, but it shouldn't be anything major that would cripple the entire market.

[drumamat]

The market really reacts very sharply to such news.But such news can scare only beginners, crypto gurus know that it is impossible to ban cryptocurrencies.

[stephanirain]

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?

This is what I expected China will do, especially because of the nature of their government. They like business, but only if they are the ones who controls it. What they said that they support blockchain does not mean they support all cryptocurrencies. And with their advancement in technology and monitoring their citizens, I think that they have the chance to successfully regulate crypto in their country.