/biz/ - Business & Finance

>>1790877
I don't get it

>>1790882

OP means that China isn't driving Bitcoin at all.
Now that the Chinese exchanges have added normal fees like all other exchanges in the world it was clear that their huge volumes were only because there were no fees.

Now that the playing field has been leveld it's clear that it isn't China deciding the price.

>>1790882
The Chinese got into bitcoin partly to convert yuan to dollars.
They converted yuan to bitcoin and then used that to buy dollars.

Yesterday, the Chinese authorities temporarily banned the Chinese from taking bitcoin out of the exchange.

This means they can't buy dollars anymore.

So Chinese bitcoin price is much lower than the bitcoin price everywhere else.

In other words, the Chinese bitcoin price isn't holding down the global price.

Also this >>1790893

Pic related.

It's like trying to push a duck under water, it just keeps popping back to the surface.

Maybe now people will stop panicking every time the PBoC coughs in the mic.

The Euro and Dollar exchanges are showing green candles, and the Chinese exchanges have a red one.

The Chinese market is now pretty disconnected from the global market.

At this rate, next time PBoC makes an announcement only the Chinese market will dip.

>>1790877
Who even thinks China controls bitcoin? Only an idiot or troll spams that garbage around.

>>1791073
This illusion went much higher than /biz/ doom trolls.
Look up articles on the Winklevoss bitcoin ETF, one of the major obstacles of that ETF getting approved was "China owning 95% of bitcoin volume".

This has been debunked ever since the Chinese exchanges were forced to use trade fees and the Chinese volumes plummeted, and the disconnect between China's bitcoin price and the global bitcoin price since yesterday's PBoC move only confirms that debunking.

>chinks being moneygrubby jews finally being btfo again

>>1790937
Nocoiners will never learn. They are the necessary laggards that make us pioneers rich.

>>1791094
That's only because people repost garbage they see elsewhere. No one who actually searched well believed that crap, at least I'm assuming. Though the levels of stupidity people achieve do catch me of guard.

>>1790937
>It's like trying to push a duck under water

wtf did I just read

>>1791168
>>1791094
There was no "PBOC move", other than that exchanges were reminded to follow money laundering regulations after which many of them put withdrawal delays in place on their own accrord. If BTC was actually banned in China it would result in a huge drop in price.

>>1791696
And it's clear the authorities would rather make money off of it then shut it down.

If BTC manages a float in the stock exchange in march after brushing off these much china woes and headaches as only day drops the price will sky rocket.

>>1791706
Bitcoin is way too small a fly with its pathetic 16B market cap for China's higher ups to make any serious money on. Also it definitely does not seem like the PBOC wants to ban crypto, see eg. https://cointelegraph.com/news/china-launches-research-institute-to-study-bitcoin-and-test-blockchain

>>1791696
>There was no "PBOC move"

Lol.

PBoC called a closed-door meeting with the exchanges on the 8th, which caused a diplet of like 35 bucks; and then the day after two major exchanges announced the temporary bitcoin withdrawal stop, causing a bigger dip.

This was definitely a PBoC move.

>>1791678
Ever try to push a duck under water?

It's like trying to push a rock into the air.