Bad news from China causing panic sell again?

[Armando]

Found an interesting post on one blog:

As Caixin, media group providing financial and business news, reports, The People’s Bank of China issued a document on further consecutive prevention of risks associated with Bitcoin.
Chinese authorities’ regulation of Bitcoin has been strengthened on 3d of December, 2013, when The People’s Bank of China and five associated ministries issued “Prevention of Risks Associated with Bitcoin”.
It was required that financial and payment institutions hadn’t to use Bitcoin pricing for products or services, hadn’t to buy or sell Bitcoins, hadn’t to act as a central counterparty in Bitcoin trading, hadn’t to offer insurance products associated with Bitcoin, hadn’t to provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds.
In March The People’s Bank of China issued “Circular on Further Strengthening Bitcoin risk prevention work”, the document required banks and third-party payment agencies to close all trading accounts within the territory of more than a dozen Bitcoin platform.
In mid-May there were already 13 banks (including five state-owned commercial banks and joint-stock commercial banks mostly) and partial payment institutions announced that hadn’t longer bitcoin trading accounts.
Currently 15 bitcoin exchanges of China were reviewed to exclude the possibility of access to the network. Among them such large-volume exchanges as BTC China and OKCoin. As soon as this news came, rumors of the possible closure of all Chinese Bitcoin exchanges spreaded immediately, and Bitcoin prices fell more than 10%. Likely with the beginning of a new day this tendency will increase.

Original post in english found here: http://ecurrency.ec/2014/06/%D1%80%D1%83%D1%81%D1%81%D0%BA%D0%B8%D0%B9-%D0%B4%D0%B5%D1%8F%D1%82%D0%B5%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D1%8C-15-%D0%BA%D0%B8%D1%82%D0%B0%D0%B9%D1%81%D0%BA%D0%B8%D1%85-bitcoin-%D0%B1%D0%B8/

That blog also has a link to original post from Chinese website. Seems legit to me, but the strange thing is that CoinDesc and other major blogs know nothing about it.

I bet here are many traders from China, what's happening there? Any proof or rebuttal from CEOs of local exchanges maybe?

[Bitcoin_is_here_to_stay]

Found an interesting post on one blog:

As Caixin, media group providing financial and business news, reports, The People’s Bank of China issued a document on further consecutive prevention of risks associated with Bitcoin.
Chinese authorities’ regulation of Bitcoin has been strengthened on 3d of December, 2013, when The People’s Bank of China and five associated ministries issued “Prevention of Risks Associated with Bitcoin”.
It was required that financial and payment institutions hadn’t to use Bitcoin pricing for products or services, hadn’t to buy or sell Bitcoins, hadn’t to act as a central counterparty in Bitcoin trading, hadn’t to offer insurance products associated with Bitcoin, hadn’t to provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds.
In March The People’s Bank of China issued “Circular on Further Strengthening Bitcoin risk prevention work”, the document required banks and third-party payment agencies to close all trading accounts within the territory of more than a dozen Bitcoin platform.
In mid-May there were already 13 banks (including five state-owned commercial banks and joint-stock commercial banks mostly) and partial payment institutions announced that hadn’t longer bitcoin trading accounts.
Currently 15 bitcoin exchanges of China were reviewed to exclude the possibility of access to the network. Among them such large-volume exchanges as BTC China and OKCoin. As soon as this news came, rumors of the possible closure of all Chinese Bitcoin exchanges spreaded immediately, and Bitcoin prices fell more than 10%. Likely with the beginning of a new day this tendency will increase.

Original post in english found here: http://ecurrency.ec/2014/06/%D1%80%D1%83%D1%81%D1%81%D0%BA%D0%B8%D0%B9-%D0%B4%D0%B5%D1%8F%D1%82%D0%B5%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D1%8C-15-%D0%BA%D0%B8%D1%82%D0%B0%D0%B9%D1%81%D0%BA%D0%B8%D1%85-bitcoin-%D0%B1%D0%B8/

That blog also has a link to original post from Chinese website. Seems legit to me, but the strange thing is that CoinDesc and other major blogs know nothing about it.

I bet here are many traders from China, what's happening there? Any proof or rebuttal from CEOs of local exchanges maybe?

Where have you been? Price falling is because FBI will sell Silk Road btc by the end of June.

[Armando]

Found an interesting post on one blog:

As Caixin, media group providing financial and business news, reports, The People’s Bank of China issued a document on further consecutive prevention of risks associated with Bitcoin.
Chinese authorities’ regulation of Bitcoin has been strengthened on 3d of December, 2013, when The People’s Bank of China and five associated ministries issued “Prevention of Risks Associated with Bitcoin”.
It was required that financial and payment institutions hadn’t to use Bitcoin pricing for products or services, hadn’t to buy or sell Bitcoins, hadn’t to act as a central counterparty in Bitcoin trading, hadn’t to offer insurance products associated with Bitcoin, hadn’t to provide direct or indirect Bitcoin-related services to customers, including: registering, trading, settling, clearing or other services; accepting Bitcoin or use of Bitcoin as a clearing tool; trading Bitcoin with CNY or foreign currencies; storing, issuing Bitcoin-related financial products; and using Bitcoin as a means of investment for trusts and funds.
In March The People’s Bank of China issued “Circular on Further Strengthening Bitcoin risk prevention work”, the document required banks and third-party payment agencies to close all trading accounts within the territory of more than a dozen Bitcoin platform.
In mid-May there were already 13 banks (including five state-owned commercial banks and joint-stock commercial banks mostly) and partial payment institutions announced that hadn’t longer bitcoin trading accounts.
Currently 15 bitcoin exchanges of China were reviewed to exclude the possibility of access to the network. Among them such large-volume exchanges as BTC China and OKCoin. As soon as this news came, rumors of the possible closure of all Chinese Bitcoin exchanges spreaded immediately, and Bitcoin prices fell more than 10%. Likely with the beginning of a new day this tendency will increase.

Original post in english found here: http://ecurrency.ec/2014/06/%D1%80%D1%83%D1%81%D1%81%D0%BA%D0%B8%D0%B9-%D0%B4%D0%B5%D1%8F%D1%82%D0%B5%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D1%8C-15-%D0%BA%D0%B8%D1%82%D0%B0%D0%B9%D1%81%D0%BA%D0%B8%D1%85-bitcoin-%D0%B1%D0%B8/

That blog also has a link to original post from Chinese website. Seems legit to me, but the strange thing is that CoinDesc and other major blogs know nothing about it.

I bet here are many traders from China, what's happening there? Any proof or rebuttal from CEOs of local exchanges maybe?

Where have you been? Price falling is because FBI will sell Silk Road btc by the end of June.

I am not sure that FBI clearance sale can seriously affect the price.

I believe people who will buy big amounts of coins close to market price (as I can remember, this is going to be an open auction) will not dump it right after purchase. Why they will want to loose money? Also, there are not so many exchangers with enough liquidity and reliability to handle many big sales orders at once. Withdrawing huge amounts is also not so easy, you should have nice relationships with bank in loyal jurisdiction, that also "likes" bitcoins.

Correct me if I'm wrong, but I can't imagine who will spend five or six figures amounts for bitcoins and sell them with loss right after that, just to lower the price?

[Kluge]

CNY "crash" is lagging behind USD "crash." I'm pretty sure the Chinese have better and faster access to news affecting them. Therefor, not China. (or it's Westerners over-reacting again, which is always possible, but this is the first I've seen of this news)

stamp dropped 630 to 550 (lost 13%)
BTC-e dropped from 632 to 560 (lost 12%)
bfx dropped 644 to 575 (lost 11%)
okcoin dropped 4.022 to 3.700 (lost 8%)
huobi dropped 4.023 to 3.700 (lost 8%)
btchina dropped 4.026 to 3.700 (lost 8%)
(Numbers calculated from past 24 hour max and min as reported on bitcoinity)

(if you look at charts, you'll see China didn't drop first, either)

[Armando]

CNY "crash" is lagging behind USD "crash." I'm pretty sure the Chinese have better and faster access to news affecting them. Therefor, not China. (or it's Westerners over-reacting again, which is always possible, but this is the first I've seen of this news)

stamp dropped 630 to 550 (lost 13%)
BTC-e dropped from 632 to 560 (lost 12%)
bfx dropped 644 to 575 (lost 11%)
okcoin dropped 4.022 to 3.700 (lost 8%)
huobi dropped 4.023 to 3.700 (lost 8%)
btchina dropped 4.026 to 3.700 (lost 8%)
(Numbers calculated from past 24 hour max and min as reported on bitcoinity)

(if you look at charts, you'll see China didn't drop first, either)

Can't disagree, so it really more likely that we have panic sell caused by "FBI sell" news. Damn panic sellers =)

[Kluge]

CNY "crash" is lagging behind USD "crash." I'm pretty sure the Chinese have better and faster access to news affecting them. Therefor, not China. (or it's Westerners over-reacting again, which is always possible, but this is the first I've seen of this news)

stamp dropped 630 to 550 (lost 13%)
BTC-e dropped from 632 to 560 (lost 12%)
bfx dropped 644 to 575 (lost 11%)
okcoin dropped 4.022 to 3.700 (lost 8%)
huobi dropped 4.023 to 3.700 (lost 8%)
btchina dropped 4.026 to 3.700 (lost 8%)
(Numbers calculated from past 24 hour max and min as reported on bitcoinity)

(if you look at charts, you'll see China didn't drop first, either)

Can't disagree, so it really more likely that we have panic sell caused by "FBI sell" news. Damn panic sellers =)

There's another theory floating around suggesting the price crash is intentional by True BelieBTCers to force the FBI to receive less money for the coins. I'm not sure if the theory's serious or not -- Kashmir floated it in her Forbes article on the DPR coins.

[Armando]

There's another theory floating around suggesting the price crash is intentional by True BelieBTCers to force the FBI to receive less money for the coins. I'm not sure if the theory's serious or not -- Kashmir floated it in her Forbes article on the DPR coins.

This is realy crazy if true =) Whoever is doing this - you can just send me your bitcoins instead of burning it to lower the price, I promise to keep it away from FBI 

[Glizlack]

I also think it's due to the FBI sale. China news affects the market very little lately. I think we could have more dramatic drops before the 27th

Steve

[BTCfan1]

this is also happening:

http://en.wikipedia.org/wiki/Occupy_Central_(2014)

[ElectricMucus]

There's another theory floating around suggesting the price crash is intentional by True BelieBTCers to force the FBI to receive less money for the coins. I'm not sure if the theory's serious or not -- Kashmir floated it in her Forbes article on the DPR coins.

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[Torque]

It was pretty clear yesterday that the elite FUDsters decided to coordinate their media FUD campaign in 5 different areas simultaneously:

U.S.-based FUD:  The Forbes article of the FBI auction of Silk Road coins, spread fear of coins getting dumped on the exchanges

Bitcoin-based FUD:  Spread renewed fears of a 51% attack by GHash.IO

China-based FUD:  The Caixin bitcoin article re-asserting China bank ban fears

Stamp-based FUD:  Spread rumors of lagging transactions and widening price spread (possible problems with Stamp?), rumors of whales moving away from Stamp to other exchanges

Bitfinex-based FUD:  Spread fears of over-leveraged longs being squeezed

Don't you guys see what's really happening?  There's just no way all of these things would naturally come out simultaneously on the exact same day.  The only way is if it is a coordinated FUD campaign designed by the troll whale traders (who have multiple accounts on different exchanges).  They needed FUD to happen on all the major exchanges simultaneously to have the greatest impact on the panic selling.  And it worked beautifully.  The pigs and sheep got confused by all the possible reasons, thought they were legit, and said "I'm not sure what, but something bad's happening! F it! It's going down, I gotta SELL!!"

People need to wake the F up and realize just how much they are being played.

[spazzdla]

No one cares about China any more.. it was the FED news..

[Sawadekub]

agreed. lolz.. thanks to those scrub nubs that sold their cheap coins.. i manage to scoop a few =) hahaha buy 650 sell <600 thanks GUYS!!

[Torque]

No one outside of China cares about China any more.. it was the FED news..

FTFY

[Corenin]

Not china news for sure, huobi price is highest now.

[Gianluca95]

Nono, is not the bad news from China.

Sell again is caused by the news of U.S. Government which wants to sell 30.000 BTC with an auction !

[Mythul]

Nope, the China dragon is silent....for now, until the 6th or 7th China ban begins.

[zeroday]

I've just added China to my ignore list

[Tzupy]

It was pretty clear yesterday that the elite FUDsters decided to coordinate their media FUD campaign in 5 different areas simultaneously:

U.S.-based FUD:  The Forbes article of the FBI auction of Silk Road coins, spread fear of coins getting dumped on the exchanges

Bitcoin-based FUD:  Spread renewed fears of a 51% attack by GHash.IO

China-based FUD:  The Caixin bitcoin article re-asserting China bank ban fears

Stamp-based FUD:  Spread rumors of lagging transactions and widening price spread (possible problems with Stamp?), rumors of whales moving away from Stamp to other exchanges

Bitfinex-based FUD:  Spread fears of over-leveraged longs being squeezed

Don't you guys see what's really happening?  There's just no way all of these things would naturally come out simultaneously on the exact same day.  The only way is if it is a coordinated FUD campaign designed by the troll whale traders (who have multiple accounts on different exchanges).  They needed FUD to happen on all the major exchanges simultaneously to have the greatest impact on the panic selling.  And it worked beautifully.  The pigs and sheep got confused by all the possible reasons, thought they were legit, and said "I'm not sure what, but something bad's happening! F it! It's going down, I gotta SELL!!"

People need to wake the F up and realize just how much they are being played.

When the market is moved by the FUD, what are you going to do? Try to fight the market? Even if you are a whale, you will lose.

[MatTheCat]

When the market is moved by the FUD, what are you going to do? Try to fight the market? Even if you are a whale, you will lose.

The market wouldn't be so sensitive to 'FUD', if it were not already wildly over extended and speculative.