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

[ashmodeus]

yes , i saw that news too , and i am quite sure that why market got REKT suddenly, and also in this cases we clearly see a effect from China’s President, Xi Jinping, endorsed blockchain technologies in a speech a month ago , has gone soo sudden.
but what the interest thing on this cases is , @PeterSchiff say a different fact.
"Schiff claims in his most recent Twitter spiel against Bitcoin that the market is showing clear signs of manipulation."
source

and now, it depends what you think about it.

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.

so far i just found this news

[Webetcoins]

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.

China just wants to stay the hot topic. It has no consistency in words and actions. At times, it admires the blockchain technology and crypto currencies, then takes actions that will harm the digital coin market. It is always so unpredictable with this country. To be very honest, China admires everything about bitcoin and digital currencies. In my opinion, it is looking to take control of this market too.

[Mike Mayor]

If this is the reason why the price dropped then those people are truly morons and I am glad they have sold. I hope they never return. Make bitcoin illegal and take it all from their people. I fully support this since it takes bitcoin away from the Chinese who we all now have most of the control of the miners seeing as they are made therein mass and that electricity is cheap there. People think this is a bad thing because bitcoin went down. Nope is a good thing. Think of it a sift sifting out the weak. Take the short term to lose and smile since you know bitcoin will slowly creep back up without the support of China. So go ahead China arrest people make ridiculous laws and ban bitcoin. It won't affect us. I mean hell if you so hard to throw your own people into jail then so be it.

[pant-79]

It's frustrating how the Chinese Government seem not to know what they even want but the annoying part is that these decisions they make tend to affect the Cryptocurrency market depending on if the news is positive or negative, their initial stance was hatred for Cryptocurrency, then they suddenly fell in love with it and even want to make their own coin, and then suddenly they want to ban all Cryptocurrency exchanges, I just don't see the logic in this move at all.

[Omega Weapon]

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 Chinese government said that they were going after illegal exchanges and I really doubt that those exchanges have the kind of power and volume that an exchange like binance has, so I find very unlikely that the current decrease in the price of bitcoin is the result of this announcement, at the end I don't think that we will ever know what was the cause for the crash in the price that we have seen during the last days I only expect that at some point the price stops crashing.

[drumamat]

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.

I think such a cleaning should be arranged for the entire market. Too many exchanges with inflated volumes simply do not allow normal development.

[JeffBrad12]

It's frustrating how the Chinese Government seem not to know what they even want but the annoying part is that these decisions they make tend to affect the Cryptocurrency market depending on if the news is positive or negative, their initial stance was hatred for Cryptocurrency, then they suddenly fell in love with it and even want to make their own coin, and then suddenly they want to ban all Cryptocurrency exchanges, I just don't see the logic in this move at all.

this movement makes sense if you know that they are only want to adopt the blockchain system and not the cryptocurrency. they've always been like this and people are forgetting the fact that cryptocurrency is different with blockchain while blockchain is just a system that is beneficial and crypto is its product.

[alrose]

It's frustrating how the Chinese Government seem not to know what they even want but the annoying part is that these decisions they make tend to affect the Cryptocurrency market depending on if the news is positive or negative, their initial stance was hatred for Cryptocurrency, then they suddenly fell in love with it and even want to make their own coin, and then suddenly they want to ban all Cryptocurrency exchanges, I just don't see the logic in this move at all.

this movement makes sense if you know that they are only want to adopt the blockchain system and not the cryptocurrency. they've always been like this and people are forgetting the fact that cryptocurrency is different with blockchain while blockchain is just a system that is beneficial and crypto is its product.

In the long run, in addition to accepting blockchain, it will also be necessary to accept cryptocurrencies in any case, because many services and services using blockchain technology also use cryptocurrencies.

[Ifezanku]

This is not the first time Chinese government worked against cryptocurrency but in the end cryptocurrency always prevail against them. I think there are people within China government that have interest in crypto and they always used their influence to manipulate market for their advantage

[bitkanu]

It's frustrating how the Chinese Government seem not to know what they even want but the annoying part is that these decisions they make tend to affect the Cryptocurrency market depending on if the news is positive or negative, their initial stance was hatred for Cryptocurrency, then they suddenly fell in love with it and even want to make their own coin, and then suddenly they want to ban all Cryptocurrency exchanges, I just don't see the logic in this move at all.

this movement makes sense if you know that they are only want to adopt the blockchain system and not the cryptocurrency. they've always been like this and people are forgetting the fact that cryptocurrency is different with blockchain while blockchain is just a system that is beneficial and crypto is its product.

In the long run, in addition to accepting blockchain, it will also be necessary to accept cryptocurrencies in any case, because many services and services using blockchain technology also use cryptocurrencies.

Then, you must learn how blockchain was helping the first commodity transaction between china and singapore in a few years before. Blockchain is not crypto but crypto needs blockchain. You must look at the reality rather than spraeding your non sense words about that. Look at some service who has created side chain.

[Jating]

I guess we should already learnt our lessons in 2017 where China made a U-turn on BTC.

They are really anti crypto or at least anti bitcoin and they would do everything in their power to create a lot of chaos and fake news regarding bitcoin and cause the price to crash again.

The good thing is that bitcoin is very resilient which this kind of attacks, we have proven it already, so I guess we shouldn't be affected by any news coming from China because we know that they have every intention to destroy bitcoin. They don't want their people to invest on it because they will lose all their control and they don't want their money to go out somewhere.

[Exidous]

This is not the first time Chinese government worked against cryptocurrency but in the end cryptocurrency always prevail against them. I think there are people within China government that have interest in crypto and they always used their influence to manipulate market for their advantage

Exactly. I think this is an opportunity for some whales to buy cheaply and certainly the government already knows this. In my opinion this problem occurs every year and China has a great influence on the entire crypto market. Almost any news that appears in this country will cause the price of Bitcoin to fluctuate so it's best to wait for the better phase to invest again.

[NathanJB]

And what exchanges will they be slashing in this implementation of a stupid decision? There are no large exchanges in their country in the first place because they are not friendly to cryptocurrency even before. What company would risk building an office in this country or operating from there when the pronouncements and decisions made in the past are nothing but negative to crypto? There will be small local exchanges though. Let them slash their own businesses then.

[Omega Weapon]

And what exchanges will they be slashing in this implementation of a stupid decision? There are no large exchanges in their country in the first place because they are not friendly to cryptocurrency even before. What company would risk building an office in this country or operating from there when the pronouncements and decisions made in the past are nothing but negative to crypto? There will be small local exchanges though. Let them slash their own businesses then.

The Chinese government may seem to be bipolar in their decisions but this is a concerted strategy, every few years or so they begin to give signs that they may open to cryptocurrencies and this creates a positive outlook in the market for the possibility of having one of the biggest economies in the world to accept cryptocurrencies but then they take back their statements making the price to go down and they do this to try to identify anyone that is doing business with cryptocurrencies.

[judeafante]

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?

Blockchain and Cryptocurrency is very synonymous, you don't take the one to the other, if they support blockchain they support its main product and make Bitcoin valid in the eyes of their holders coming from their citizens,  their people will find a way to hodl Bitcoin even to the point of transferring or migrating to other countries.

[icekohl]

It seems that the Chinese government wants to control BTC and this crypto market. We can see a lot of bans from them, but the truth is that the biggest mining companies, exchanges, and projects are from this country. They banned crypto, but invested a lot of money in it. It was strange.

[Omega Weapon]

It seems that the Chinese government wants to control BTC and this crypto market. We can see a lot of bans from them, but the truth is that the biggest mining companies, exchanges, and projects are from this country. They banned crypto, but invested a lot of money in it. It was strange.

It is not strange at all when we think about what it is at stake for them, the Chinese economy while being very successful during the last decades it is also one of the most controled ones around the world, they do not want to lose that control and they are realizing that bitcoin is a real threat to them and their government so they want to take control of bitcoin but we know that no matter what they do they are going to fail which is not good at all if you are the Chinese government.