Chinese rumor group caused big price drop of Bitcoin

[jecci]

We all saw the big price dropped 8 hours before in almost all Bitcoin Exchanges , etc. OKcoin, Huobi and Bitcoinstamp. The drop was triggered by the rumors which spread by a Chinese rumor group through Weibo, so that the People's Bank of China has banned all the Chinese banks’ accounts which rare elated to the Bitcoin Exchanges, including the third party companies, such as the agencies which offer deposit service to the Bitcoin Exchanges. The numbers of the rumor group dumped lots of bitcoins on the major exchange platform to make panic sell, it caused the price dropped rapidly. At the same time, they bought back more bitcoins on a lower price to make profits. Because of the high click rate on Weibo, this strategy worked effectively, and a lot of Bitcoiners lose. In my opinion, If we can hold the bitcoins longer until the price is up to $800(the data is according to the history bitcoin data, check it out!), the rumor group will not have that much money play, thanks to the Chinese government (limitation of deposit). Hold on Bitcoiners, we can make a new history this year!

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[blatchcorn]

I don't care about China.  They don't want to go to the moon and that is fine with me

[arruah]

I don't care.

[ljudotina]

It's nice to see that China is not affecting price as much as before. This drops are low and compensated relativly fast. If bitcoin takes off, China will eather suffer, or join too little too late. Wny way, all the same to us (isnt that nice to say when you have in mid affect they had few months ago?)

[helmax]

will go drop more
china will ban forever

[bitsmichel]

will go drop more
china will ban forever

China bans bitcoin every month, again. I have read the same story about ban in February, March, April, May and June.
There are even jokes about it. All it shows is that bitcoin has an enormous potential and the Chinese government is afraid of that.
.
 

[bryant.coleman]

China bans bitcoin every month, again. I have read the same story about ban in February, March, April, May and June.
There are even jokes about it. All it shows is that bitcoin has an enormous potential and the Chinese government is afraid of that.

lol.... the second functional Bitcoin ATM in mainland China had opened just a few days ago in Beijing. (The one located in Shanghai was the first one). And people still believe that China is going to ban Bitcoin. 

[ljudotina]

will go drop more
china will ban forever

I see what you did there 

[LiteCoinGuy]

I don't care about China.  They don't want to go to the moon and that is fine with me

haha 

[alfbugbug]

Chinas crypto policies are going to have less and less effect on the market as time goes by.
To be honest, it's stance on alternative currencies doesn't surprise anyone.
I believe we've passed the stage of it's policies casting significant doubt on investors.
Atleast I hope so anyways..

[bitgeek]

Chinas crypto policies are going to have less and less effect on the market as time goes by.
To be honest, it's stance on alternative currencies doesn't surprise anyone.
I believe we've passed the stage of it's policies casting significant doubt on investors.
Atleast I hope so anyways..

Yup there was so much FUD this year.
As the last few months taught us, people are slow learners, but they eventually learn.
China news have less impact every month, they are still doing this because it's working, but the more they do it the more people become aware of their motives.

[noSlave]

I also found some rumor on twitter.

...sounds like the rumor phase has began :-(

[markus1000]

yawn...another china ban rumor.

If China wants to miss the opportunity, so be it.

[freebitcoins4u]

dont worry, it will go up again!

[Ilsk]

Bans are never enough for china

[spazzdla]

If you sell your bitcoins for fiat you deserve a spanking..  several if it was because you got scared and panic sold.

[Ron~Popeil]

China is making itself more and more irrelevant every day. 

[franky1]

China is making itself more and more irrelevant every day. 

china isn't.

china was never relevant. but its us westerner that are realizing this fact, and its us that is making them irrelevant

[jc01480]

Much ban
Such China

[scribbles]

Only 30 years ago China would restrict and punish practices that were seen as capitalistic.... until they saw the enormous economic benefit and now China is a fast growing economy. I think the same protracted capitulation will happen with bitcoin China. At least that's what my crystal ball tells me. 

[waldox]

i feel china's bans/unbans are different camps in the chinese govt who have very different opinions on bitcoin
in the end bans will slow adoption but adoption will still happen
bitcoin/bitcoiners dont give a fuck

[Ron~Popeil]

i feel china's bans/unbans are different camps in the chinese govt who have very different opinions on bitcoin
in the end bans will slow adoption but adoption will still happen
bitcoin/bitcoiners dont give a fuck

It is only the speculators that ever listened to them anyway. Investors have a tendency to panic sell. Each time they do I buy some more. 

[Este Nuno]

We all saw the big price dropped 8 hours before in almost all Bitcoin Exchanges , etc. OKcoin, Huobi and Bitcoinstamp. The drop was triggered by the rumors which spread by a Chinese rumor group through Weibo, so that the People's Bank of China has banned all the Chinese banks’ accounts which rare elated to the Bitcoin Exchanges, including the third party companies, such as the agencies which offer deposit service to the Bitcoin Exchanges. The numbers of the rumor group dumped lots of bitcoins on the major exchange platform to make panic sell, it caused the price dropped rapidly. At the same time, they bought back more bitcoins on a lower price to make profits. Because of the high click rate on Weibo, this strategy worked effectively, and a lot of Bitcoiners lose. In my opinion, If we can hold the bitcoins longer until the price is up to $800(the data is according to the history bitcoin data, check it out!), the rumor group will not have that much money play, thanks to the Chinese government (limitation of deposit). Hold on Bitcoiners, we can make a new history this year!

When you say "chinese rumor group" what do you mean exactly? Is it just a couple of people on Weibo? Or is this a large scale organization getting out false information to a high amount of people quickly?

[hystericG]

so much FUD in CHINA

[jc01480]

Only 30 years ago China would restrict and punish practices that were seen as capitalistic.... until they saw the enormous economic benefit and now China is a fast growing economy. I think the same protracted capitulation will happen with bitcoin China. At least that's what my crystal ball tells me. 

That's not the feeling I get when I stare at my balls. 

[BittBurger]

China rumors have lost their power over the price of Bitcoin.

That's what happens when you overdo it, in too short a period of time, Chinese people.

-B-

[jc01480]

I'm beginning to understand where the term "Chinese fire drill" came from.

[shirenlihei]

Those are manipulations by some BTC market manipulators in China, start to spread FUD on Wiebo, dump some btc, get the price low enough, buy in, calm the panic, and then spread some abroad good news.
Within minutes these guys were making money on the panic sell of the thousands people. This is not the first time nor the last time this will happen, if certain market manipulators, such as some big V on weibo, have the means to manipulate price to make profits, they will do so again and again until the market stops paying attention. Good news is this time, the FUD has not affected the price much yet.

[Boris-The-Blade]

I bet a lot of these Chinese people have still got all there coins and are still trading.
There is always a way around problems, IE, Goverments.

[Ron~Popeil]

Those are manipulations by some BTC market manipulators in China, start to spread FUD on Wiebo, dump some btc, get the price low enough, buy in, calm the panic, and then spread some abroad good news.
Within minutes these guys were making money on the panic sell of the thousands people. This is not the first time nor the last time this will happen, if certain market manipulators, such as some big V on weibo, have the means to manipulate price to make profits, they will do so again and again until the market stops paying attention. Good news is this time, the FUD has not affected the price much yet.

You do it too many times and people stop listening. I think we are seeing that now. There was a time when if someone in China sneezed the price dropped by 75 bucks.

[chek2fire]

Nice is the "china ban" days of the month once again but who cares anymore? And who cares if china will ban bitcoin or something like that?

[CoolBliss]

You mean the $50 drop? That's peanuts compared with previous China bans. Which proves the point that at least the west is not buying it anymore. Actually, scratch that, the west is buying now. So let China sell all.

[JypsiCreme]

Bitcoin is over in china, for now. We've all known this since March. Please stop.