Bitcoin crash due to further China crackdown rumors

Bitcoin crash due to further China crackdown rumors

 

The price of bitcoin began to crash as much as $400 this Friday as a second wave of “news” came in from China. The latest reports detailed below show that these rumors are entirely untrue so far.

The kneejerk reaction was that, as shown above, China will be shutting down all exchanges. The announcement originated from a translation of a Beijing-based media group that provides financial and business news.

Here’s a layer of evidence against the unfounded rumors from various firsthand reports:

BTCC is one of the dominant players of the China exchanges with a daily trading volume of ~$137,000,000

cnLedger is a leading news aggregator based within China

CSO of Blockstream’s take on the Caixin article, “It’s just conjecture”

Additionally, an excellent piece by Zero Hedge takes a closer look. It shows a more accurate translation of the announcement, detailing that the added regulation is still targeting ICOs, rather than cryptocurrencies themselves, “but the regulation is not against the virtual currency itself, nor does it prohibit the one-on-one off-exchange of the virtual currency.” And that is if the Caixin announcement can be trusted in the first place without any sources or independently verifiable leads.

OKCoin’s affirmation against the rumors can be independently confirmed on their Weibo page (Chinese Twitter). There is no announcement yet from Huobi, but I think it’s overwhelming clear that this whole thing is just a whole load of FUD.

At the time of publishing, it appears as though the bitcoin dip is meeting heavy resistance with potential for an early recovery. This is a much quicker evolution than the reaction to the China ICO ban news approximately a week ago. People are beginning to get wise to the game.

Moreso, the manipulable volatility definitely leaves onlookers wondering whether there are some more nefarious agendas at play. In a time where the price of Bitcoin has jumped up and down by 20% in a matter of a week, the ongoing joke is that big players announce a China ban on crypto whenever they want to buy the dip:

Fake news?

CEO and Co-Founder of BTCC running a poll on the news

 


UPDATE September 14th 12h00 UTC – 

Crypto Insider aims to run a full piece on the new information being released. This piece was issued on the information available on the 8th of September.

Featured image by Redd Angelo on Unsplash

About The Author

Daniel Dalton

Daniel is a well-oiled robot that believes in the power of blockchain technologies. Likes decentralization, hodling and BIPs. Dislikes red tape, corporate stuffiness and oxidation


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