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!

https://lh4.googleusercontent.com/flOtcy-vvOvV3JcyB6z6T_lbgUeFuqOeowpGJL45lQ=s170-p-no

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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.