Bitcoin price crashes spectacularly after China crypto clampdown

[B088IN]

Was always going to happen now China is actively pushing its own digital coin. Why allow other digital assets to compete with your own offering. Far easier to just ban them all. Don’t think it will impact China to hard as there is always a way around these things as shown in the USA with the removal of XRP from exchanges. But this is certainly the reason for the recent 10% market crash. 
https://apple.news/ARkbNkl7aR8uTuaBf-I6Asg

[Triceratops]

Best part is them saying:

Quote

virtual currencies "are not supported by real value", their prices are easily manipulated, and trading contracts are not protected by Chinese law.

 

[peanut56]

Please tell me what currencies are supported by real value? The next question is what is real value? Then how does one assess value itself? The reason I say this is it may be a catchy phrasing for people who find comfort in the value of their own nations currency, but in the end value seems to be created through the trust that others deem it to be valuable and no other reason than it being accepted as valuable and exchangeable for goods or serviced. We have seen this before from China, we see it in the U.S. in the end it is not up to a government to decide what is valuable. In the end the value is determined by the people and when those people literally starve what is considered valuable will be adjusted. Long rant about the fact that the current cryptocurrency market can be heavily manipulated and it will be by single actors or nation states depending on the beneficiaries. 

[Euphorbia]

I would say that value is ultimately determined by the central banks and the powers that be...

[RobertHarpool]

I'm not claiming anything by this ... just seeking verification. Unfortunately I have very limited time to look deeply into this today myself ... 

We have heard this 'China-bans-crypto' song before. This article says the media echo chamber has been bamboozled again. But, this website could have a pretty obvious agenda for misinformation ... 

So ... 

https://www.cityam.com/bitcoin-falls-on-old-china-fud-while-xrp-continues-to-buck-trend/

 

[Danny]

On November 2nd 2017, Forbes published an article that said crypto exchanges in China were officially dead. The ban, announced in September 2017, shuttered its last exchange and made it illegal for Chinese mainlanders to exchange digital money unless they operate offshore. Less than 2 months later, Bitcoin skyrocketed and reached a new ATH.

https://www.forbes.com/sites/kenrapoza/2017/11/02/cryptocurrency-exchanges-officially-dead-in-china/?sh=6067234a2a83

A few days ago, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China reiterated their stance on banning crypto services.

Do we really believe China (or China news) causes Bitcoin's price to go down?

Edited May 20, 2021 by Danny

[XrpCointrade]

Bitcoin Usdt: $50,843 (25.12.2021)  

[ashgold]

Was continually going to manifest now China is actively pushing its very own virtual coin. Why permit different virtual property to compete together along with your very own offering. Far less complicated to simply ban them all. Don’t suppose it's going to effect China to tough as there's continually a manner round this stuff as proven withinside the USA with the elimination of XRP from exchanges. But that is sincerely the motive for the current 10% marketplace crash.