Bitcoin slumps as China bans all cryptocurrency transactions

[AmoreJaz]

If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.

actually, we have been seeing this early that china's move doesn't have much impact. so i don't think we are looking at months here because it seems the market already move forward in just few days. there are too many involved already, and it seems the community ignored what china had to say. even some of their miners already did their exodus months ago. so from what it sits, we have nothing to worry anymore whatever china will say to crypto.
instead of going down, we again surpassed the 50k level. curious what china's thoughts now?

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[Spack17]

Bitcoin price actually has started increasing very sharply these days. It is really interesting to see after witnessing the China FUD that is to ban cryptocurrencies. The price is even around $51k now. Bitcoin price is just really unexpected that we can see any kind of movements at any time. I wonder if there is a reason behind the current rise. Or is it just a usual volatility thing of Bitcoin?

[Shasha80]

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If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then  bannings from China will never be relevant at all.

It seems that my predictions and yours are right, that FUD from China is not able to dump Bitcoin prices. If we look at the current Bitcoin price,
where the Bitcoin price has risen above the $50k price, this has proven that whatever China does is not able to stop the movement of Bitcoin.
I'm sure the Chinese government is quite annoyed with the increase in the price of Bitcoin, because the FUD it spreads has no effect. After all,
the Chinese government has spread FUD many times and it always ends in failure, because the price of Bitcoin is increasing every year.
Hopefully the Chinese government soon realizes its mistake and can accept Bitcoin. Because I do believe there will be many countries that are
starting to consider legalizing Bitcoin.

[Dragonfund]

But the bad news this time seems to be less powerful than before. Not even below 40,000 this time.

Do you know that when you become to tough for a child, you keep repeating the same pattern, no re-strategizing how to change their Habit, they become dominant and anything you say doesn't really have much/zero effect, that's what is happening right now, China has done more harm to bitcoin and it's a good sign that we don't keep doing this Chinese bitcoin plunge festival.
You don't want to wake up every day and seeing China always making a headlines about bitcoin ban here and there including the miners contributions, the wider spread of bitcoin across different nations, the more decentralized we become.

[Kasabus]

Bitcoin price actually has started increasing very sharply these days. It is really interesting to see after witnessing the China FUD that is to ban cryptocurrencies. The price is even around $51k now. Bitcoin price is just really unexpected that we can see any kind of movements at any time. I wonder if there is a reason behind the current rise. Or is it just a usual volatility thing of Bitcoin?

I don't see any current news that influenced bitcoin price to surge high, maybe its more of a volatility thing. Let's just say after those minor dumps caused by the communist party of China, its time now for bitcoin to reach another new ATH. We are fastly heading into the last month of the year and if history repeats itself, we might witness bullish season any moment from now.

However, China might be desperate for sure seeing bitcoin more bullish now after the FUD. It's just means that bitcoin is no longer affected with whatever the communist government of China plans to do.

[Sithara007]

I don't see any current news that influenced bitcoin price to surge high, maybe its more of a volatility thing. Let's just say after those minor dumps caused by the communist party of China, its time now for bitcoin to reach another new ATH. We are fastly heading into the last month of the year and if history repeats itself, we might witness bullish season any moment from now.

However, China might be desperate for sure seeing bitcoin more bullish now after the FUD. It's just means that bitcoin is no longer affected with whatever the communist government of China plans to do.

There is no price surge as such. What is happening is that the prices are recovering after FUD from China (as happened multiple times before). Anyway, the prices should go up if no other issue is there. It is very simple - the supply is limited and the number of users go up by anywhere from 2% to 5% each month. So naturally it creates an increase in demand and the mined output is not enough to make up for this. The prices have increased by 25% or so during the last couple of weeks, and for me a new ATH looks possible in the horizon.

[DU18]

From year to year, China continues to carry out anti-bitcoin campaigns in the country and the most recent FUD is when they prohibit mining and crypto transactions in the country, resulting in a decrease in bitcoin prices, but so far the fud carried out by China has not lasted too long and gradually Fud will disappear by itself, I personally am very optimistic that the price of bitcoin will rise again along with the loss of the negative news, because as Elon musk said a few days ago at an event in california: It is impossible for a country  can to destroy cryptocurrencies but they only could just slow down the progress.

[Sanugarid]

If it's slumping then it's probably the best time to get into the market and buy as much as you can afford to lose amounts of money to buy bitcoin because this is an opportunity to get into the market at a lower price because this slumps are always followed by big pumps.

[DrBeer]

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

[btc_angela]

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

Every country is on crisis, China no exception, but we all know how self reliant this government is, for sure they are going to survived. Perhaps the local Chinese market have been saturated, houses, apartment complex are being build in the country for the last 10 years. So it could be just a bubble and we all know that at some point, it has to burst. Yes, you are right no one can save China, but they have been in worst situation, trades are still there, and they are trying to reduce capital flight by shutting down all bitcoin activity. They want all their money to just flush out in their local economy.

[DrBeer]

And I wonder what to expect from the crypto market in the near future, given the global crisis in the Chinese market? Already 2 largest construction holdings have essentially gone bankrupt, and this is essentially a local burst of a local bubble, as it was in 2008 ... Only here the situation is much worse - no one will save China. Those who can - do not want, those who want - cannot.

Every country is on crisis, China no exception, but we all know how self reliant this government is, for sure they are going to survived. Perhaps the local Chinese market have been saturated, houses, apartment complex are being build in the country for the last 10 years. So it could be just a bubble and we all know that at some point, it has to burst. Yes, you are right no one can save China, but they have been in worst situation, trades are still there, and they are trying to reduce capital flight by shutting down all bitcoin activity. They want all their money to just flush out in their local economy.

In this case, the situation is much more complicated, I mean the Chinese economy. The problem is not the collapse of 2 or 5 construction companies, albeit the largest ones. The problem is much broader and deeper. For many years, China has been creating "visibility" in the real estate market, building both liquid real estate and entire ghost towns. And the problem is not that now millions of people will be left without work, thousands of companies will go bankrupt after losing large regular customers. The problem is that it has been hiding from the public and the outside world for many years. This is the problem of a huge NEGATIVE balance of local budgets. I will not describe here the full scheme of how the "financing" of such projects took place, but the point is that the money was essentially airy, and the debts were quite real. And now large Chinese entire regions need to understand how to survive with zero cash and huge debts, against the backdrop of a crisis in the energy sector, and the expected gigantic unemployment, and the growth of social tension in the country.

[izsara]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

things like this always happen, indeed even though China always creates a controversy with its policies but things like this are strangely always effective.
China has even repeatedly banned and re-legalized bitcoin but it has always had a real impact on the market.
but it's true especially now that i've seen bitcoin back up even when i saw the last chart bitcoin will reach resistance at $59k and this is a very good thing.

[stomachgrowls]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

things like this always happen, indeed even though China always creates a controversy with its policies but things like this are strangely always effective.
China has even repeatedly banned and re-legalized bitcoin but it has always had a real impact on the market.
but it's true especially now that i've seen bitcoin back up even when i saw the last chart bitcoin will reach resistance at $59k and this is a very good thing.

They do really love on making moments like these but look at on what happened? Bitcoin instead make out some good movement and now it did break 50k instead of this situation.

They can ban all they want they can prohibit all they want.They can say all negative things that they want, doesnt only limit out on China but also in other countries as well.

Bitcoin wouldnt bulge out on situations like these.It might have some significant effect for some time but recovery is inevitable and instead it could reach up some good gains or increase.

[Abiky]

If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.

China's impact over Bitcoin's prominence in the mainstream world should be minimal. Other countries will eventually embrace the cryptocurrency, making it grow towards new heights. If China "bans" Bitcoin, miners can simply flock to another country. Individuals can also move to another country or simply use Bitcoin in China through other means (VPN, TOR, DEXs, etc.). Young people will be the ones that will fully embrace Bitcoin, as they're quite fond of technology. I can see a new generation that will interact with digital payments on a daily basis.

China's decision will sink prices for a while, making it a great opportunity to accumulate as much Bitcoin as possible before it goes all the way to the moon. Right now, Bitcoin is bullish, so we can safely say that China's efforts to destroy Bitcoin have been in vain. Just my opinion

[Sithara007]

China's impact over Bitcoin's prominence in the mainstream world should be minimal. Other countries will eventually embrace the cryptocurrency, making it grow towards new heights. If China "bans" Bitcoin, miners can simply flock to another country. Individuals can also move to another country or simply use Bitcoin in China through other means (VPN, TOR, DEXs, etc.). Young people will be the ones that will fully embrace Bitcoin, as they're quite fond of technology. I can see a new generation that will interact with digital payments on a daily basis.

China's decision will sink prices for a while, making it a great opportunity to accumulate as much Bitcoin as possible before it goes all the way to the moon. Right now, Bitcoin is bullish, so we can safely say that China's efforts to destroy Bitcoin have been in vain. Just my opinion

I wouldn't go to the extent of saying that the impact would be "minimal". China is one of the largest markets for cryptocurrency and therefore any ban in that country may have an impact on the exchange rates (when the news came out, it immediately crashed the Bitcoin rates by almost 20%). And using TOR/VPN is not safe in China, because of the wide surveillance by the government. If the government finds out that an individual is using these services, then he will be at the risk of getting arrested.

[Kelvinid]

I'm not going to believe that the declines we've experienced in the past few days are the result of banning all crypto transactions in China. It never finds significant as the market was just about to recover at this time, it was only a price correction that we normally experience almost every day.

People are already aware bout their actions and the fact that they are doing this for how many times, that is something to think that was just a FUD only. People will just read it and move on, there is no string attached from China - crypto that is why we never saw such a huge impact unlike in the early days while China has contributed a lot.

[molsewid]

I'm not going to believe that the declines we've experienced in the past few days are the result of banning all crypto transactions in China. It never finds significant as the market was just about to recover at this time, it was only a price correction that we normally experience almost every day.

People are already aware bout their actions and the fact that they are doing this for how many times, that is something to think that was just a FUD only. People will just read it and move on, there is no string attached from China - crypto that is why we never saw such a huge impact unlike in the early days while China has contributed a lot.

Price declined of bitcoin is a natural phenomenon in crypto and even if China doesn't ban all cryptocurrency transactions for sure we will going to see unexpected price corrections in bitcoin or in any cryptocurrency. Though, at some point any negative news related to bitcoin or related to any  cryptocurrency will going to affect the market of the crypto but it wouldn't affect that much especially bitcoin. Now, as we can see the market price of bitcoin is recovering and going strong to market value of $50k+.

[carlfebz2]

I'm not going to believe that the declines we've experienced in the past few days are the result of banning all crypto transactions in China. It never finds significant as the market was just about to recover at this time, it was only a price correction that we normally experience almost every day.

People are already aware bout their actions and the fact that they are doing this for how many times, that is something to think that was just a FUD only. People will just read it and move on, there is no string attached from China - crypto that is why we never saw such a huge impact unlike in the early days while China has contributed a lot.

Price declined of bitcoin is a natural phenomenon in crypto and even if China doesn't ban all cryptocurrency transactions for sure we will going to see unexpected price corrections in bitcoin or in any cryptocurrency. Though, at some point any negative news related to bitcoin or related to any  cryptocurrency will going to affect the market of the crypto but it wouldn't affect that much especially bitcoin. Now, as we can see the market price of bitcoin is recovering and going strong to market value of $50k+.

True,whether there are events or fundamentals which are happening or doesnt really have any happenings at all then this market is always volatile.It could really move without any reason which would really be ending

up for us to have those questions on mind on how the heck it did move without any news of adoptions or fuds or fomo's happening around.It could slump without Chinas involvement.

I dont know on why some people are really afraid whenever there are countries that do ban crypto without realizing or thinking that it could make out some effects but that would be only temporal.

[izsara]

things like this always happen, indeed even though China always creates a controversy with its policies but things like this are strangely always effective.
China has even repeatedly banned and re-legalized bitcoin but it has always had a real impact on the market.
but it's true especially now that i've seen bitcoin back up even when i saw the last chart bitcoin will reach resistance at $59k and this is a very good thing.

They do really love on making moments like these but look at on what happened? Bitcoin instead make out some good movement and now it did break 50k instead of this situation.

They can ban all they want they can prohibit all they want.They can say all negative things that they want, doesnt only limit out on China but also in other countries as well.

Bitcoin wouldnt bulge out on situations like these.It might have some significant effect for some time but recovery is inevitable and instead it could reach up some good gains or increase.

apart from that of course they have their own goals for this and what is now the main focus is CDBC which is always predicted by china to be better than btc.
What's weird is why everyone, especially many beginners, panicked when there was news about China banning bitcoin.
even though when they are all relaxed it actually won't be such a big problem because it's only banned specifically for China and not with others.
and it's true that now it has entered the resistance figure at $50k and the longer bitcoin continues to move to where it should be.

[Webetcoins]

How show are you that the decrease in price was caused due to China ban on cryptocurrency? And moreover this news is becoming old and so annoying, I don’t know why we keep seeing this news about China banning cryptocurrency every single year.

Every year I’m always going to see a news that talking about China banning cryptocurrency and it’s now to the point that I’m confused whether or not cryptocurrency is truly banned in China, because if it’s truly has been banned all this years that we have been talking about this, then we wouldn't keep talking about it till now. Or is it just a tactics to be bringing down the price?