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

[TastyChillySauce00]

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

It is maybe true that bitcoin always be dumped every the end of the year but this news also contribute to further decrease the price of bitcoin as well as making people afraid of holding cryptos specially in China.

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

Definitely not going to zero. China has announced to ban it twice and the last time they say to ban it the price instead getting pumped. The market will just adapt and get used to it. Majority of crypto trader in China will probably move their money to japanese exchange or some sort just like in the past.

[TimeTeller]

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

It is maybe true that bitcoin always be dumped every the end of the year but this news also contribute to further decrease the price of bitcoin as well as making people afraid of holding cryptos specially in China.

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

Definitely not going to zero. China has announced to ban it twice and the last time they say to ban it the price instead getting pumped. The market will just adapt and get used to it. Majority of crypto trader in China will probably move their money to japanese exchange or some sort just like in the past.

Last month, their President gave a positive remark towards blockchain.

https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain
https://www.scmp.com/comment/opinion/article/3035812/china-course-reap-rewards-blockchain-push-xi-jinping

And so they are saying, the increase of price was partially owed to this remark.
I don't think this current development from them made the bitcoin plummet.
There are various factors that contributed such decrease but this one is not really the one that gave the negative push.

[Pinkris128]

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 love how the media confuses the public about that China supports blockchain and equate it to support for cryptocurrency. China might most likely want to control and regulate all crypto activities in their country and make a lot of business out of it. The prices of cryptocurrencies there are expected to drop and have an impact in the global scale. FUD spreads where new news about crypto rises

[ballerin and giroud]

There are a lot of people who missunderstanding against chinese. They are suppose that chinese who accept blockchain will be automstically accept bitcoin, but it is not and even long from their mind. Chinese is stll remain firm in their view that crypto is illegal and they remain not to adopt crypto. Moreover, the big media's in chinese was also created an article about their perspective again crypto/bitcoin which, of course, exacerbated the high expectations of crypto users.

[The3max]

News except China is a big influence on our cryptocurrency market. Many major cryptocurrency exchanges are based in this country. Do you think the market is too dependent on China?

[cryptothreads]

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.

Actually I also feel very afraid of this news because it affects the psychology of investors and if you do not keep calm, you can panic sell at any time. I think China is starting to strictly control investors participating in this market and making it difficulties for the market. Hopefully this bad news will end soon because I have spent a lot of assets investing in Bitcoin.

Yesterday, Bitcoin cost me more than 20% and it was the most disappointing day for me in the past year.  I don't know what will happen next but I hope everything will return to the most stable development stage.

[starblocks]

News such as this isn't the only factor contributing to price movements, but it sure does present a great opportunity to pick up good quality assets at great value so ignore the FUD and just invest wisely and you'll be able to benefit from these types of situations

[LouVandetta]

It's amazing too see such news managed to move the prices as they wanted to. Few weeks ago they gave us a good news and the price went quite high and was quite stable for a period of time. And now after such news been released, you could see how much it affect the prices of the market. I don't know if it's really because of the news or some other aspects also took part in the prices. China's been trying to ban Bitcoin and everything related to it since years ago, and every little thing they do, give quite the impact on the market.

[huu78]

Bad news like this is what makes the impact of Bitcoin down. It cannot be in the undeniable again the fact that China has already banned bitcoin and other cryptocurrencies so that their digital currency can be better sold and used by local people. His strange is the same, they use a blockchain that is made to innovate from Crypto instead they prohibit. And I'm sure that's why Bitcoin is down now.

[Aabcde]

I don't think this is something that should be taken too seriously. Because bitcoin has its own market where demand is built naturally and artificially. In the sense that the issue of China's blockchain, DCEP, indirectly makes the Chinese ordinary people especially more open to the crypto world. Which of course they gradually began to open their eyes to try investing in bitcoin or altcoin.

[sazonk]

Responding to the statement above, I am of the opinion that China really wants to develop blockchain technology, but they don't want to use cryptocurrency (Altcoin). Kemudin China like things generally always want to master all things like economy, etc., do not cover cryptocurrency. And certainly China will not allow people to manage, using crypto in China itself, China has always wanted to monopolize it all. So it is appropriate that China will ban all users who already use BTC and altcoin there. China indirectly forces and wants all Chinese people to use their own blockchain technology and products. But I don't think that's possible, however, however sophisticated. no matter how smart the Chinese make a comparative project for btc and crypto it still won't make this crypto fall into their hands, it's OK to speak that most investors come from china, but it must be remembered that in addition to seeking profits China usually always wants to copy from crypto.

[PLATO]

I don't think this is something that should be taken too seriously. Because bitcoin has its own market where demand is built naturally and artificially. In the sense that the issue of China's blockchain, DCEP, indirectly makes the Chinese ordinary people especially more open to the crypto world. Which of course they gradually began to open their eyes to try investing in bitcoin or altcoin.

China has scared a lot of people here and if you are not prepared for the next bad thing, this market will tend to fall even more. Recently a lot of bad news has caused some investors to panic and if this is not resolved, 2020 will continue to be a difficult year for all investors participating.  I don't want the market to decline any more because I have spent more than 90% of my assets investing in this market and am going through a very difficult time.

[acdc]

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.

To avoid misunderstandings as well as to restrain the increase of cryptocurrency activity The Chinese government recently had to reassert "Blockchain, not cryptocurrency".
This statement shows China's tough stance on cryptocurrencies, they support Blockchain technology but they do not support cryptocurrencies. It is also very understandable, the government does not want a currency they cannot manage development in their country.

[Vishnu.Reang]

News except China is a big influence on our cryptocurrency market. Many major cryptocurrency exchanges are based in this country. Do you think the market is too dependent on China?

Bitcoin is a decentralized asset and as such it is not too dependent on any single market. But the political developments in major markets such as China, United States, Japan.etc can have a large impact on the exchange rates. Also, there is another factor that chips in. The other markets may be having more long-term holders, but a large part of the day traders come from China.

[Sexaphiliac]

I think this move by China is a moves towards regulating cryprocurrency exchanging and by extension the cryptocurrency market in China. This is because only exchanges they choose to leave in operation will continue to offer their services to the Chinese populace, and there is no guarantee that there won't be a requirement for being eligible to do so.  China is taking serious strides in regulating it cryptocurrency market.

[comchien]

This is a news that has also affected the cryptocurrency market, causing the price of Bitcoin to drop sharply in recent days, if the post title is bad news for everyone when China has dominated the market. This, but Bitcoin is still there and will come up later.

[tinyteapot]

This is a news that has also affected the cryptocurrency market, causing the price of Bitcoin to drop sharply in recent days, if the post title is bad news for everyone when China has dominated the market. This, but Bitcoin is still there and will come up later.

This news is not a reality, there is no source that this can be proven.
The former announcement by the Chinese president was everywhere for us to read but this one can not be found, i searched google for this news but it is an unfounded truth.
Anyone with a source link should post it here.

[alan2here]

This is a news that has also affected the cryptocurrency market, causing the price of Bitcoin to drop sharply in recent days, if the post title is bad news for everyone when China has dominated the market. This, but Bitcoin is still there and will come up later.

I am very familiar with this news because in the last 2 years a lot of bad news has appeared in China. I think there won't be any problems if you choose to invest now because maybe the market will recover in December and Bitcoin will return to the highest price soon. Currently, Bitcoin is at $7200 and this is really a very cheap price for investors so I encourage you to buy now.

However, if you are afraid and worried, you should just sit still because crypto market is in a volatile period and will certainly affect the profit of investors.

[fortunecrypto]

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?

There's nothing we can do it, we cannot pressure them, they are a powerful country, but there's a fake report that they close Binance office in China which is not new, maybe because they are going to launch their own coin and they have a plan to get it listed in Binance, this impact is jsut temporary, the report that they do not want Bitcoin has been existing for so many years and yet it has no impact on Bitcoin.

[el kaka22]

China is not really looking to "slash" all crypto exchanges, they are just going for a more formal and legal way of crypto and that includes the miners and exchanges that are working illegally in their nation. It is only understandable that they want exchanges to pay the taxes (they have huge taxes) and they want to be able to be in control of those places as well like a true dictatorship.

Even the smallest of business' in china is in control of the government and can't do anything the government doesn't allow so they want the same from exchanges and if you are not going to do that then the government will shut you down. This is not an attack towards crypto or any exchange, it is an attack towards companies who do not follow their own rules and that is understandable, horribly bad but understandable.