Bitcoin crash due to further China crackdown rumors

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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.

However, an excellent piece by Zero Hedge takes a closer look. A more accurate translation of the announcement shows 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.

An additional 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 firsthand take on the Caixin article, “It’s just conjecture”

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, the bitcoin ticker is already beginning to mount a recovery. This is much quicker than the initial reaction to the China ICO ban news approximately a week ago. People are beginning to get wise to the game.

Moreso, it 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 that big players announce a China ban on crypto whenever they want to buy the inevitable dip is more relevant than ever.

Fake news?

Featured image by Redd Angelo on Unsplash

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