China, Market Manipulation, and Weekly Bans
Have you noticed a trend lately? It seems like every number of days, some "news" comes from China regarding a ban of some sort. If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings. And every single time there's panic. And what happens when there's panic? The price drops. Someone makes a lot of money. I received an email this morning from a reader asking why I haven't covered this latest news coming from China. Apparently, these "talks" between the People's Bank of China and financial institutions are getting serious.....
Related News
BTC China has reinstated trading fees in an attempt to combat market manipulation. BTC China has, after 3 successful months, has decided to resume trading fees. For a few weeks now, because of 0% trading fees, BTC China has consistently been the highest volume BTC exchange. Trading fees will be 0.3%, the announcement reads: Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden....
This year China and the U.S. faced off over trade and technology bans. But the battler for monetary hegemony has only just begun.
Chinese Manipulation Endangered? The PBOC must hate cryptocurrencies. Their constant negative statements lead a reasonable hack to reach this assumption in any event. Why are they so anti Bitcoin? What potential danger does a cryptocurrency pose to China, the World's second largest economy and most populous country? When you look at the facts, Bitcoin could well have the potential to pose quite a significant level of threat to China's monetary policy. Let me explain. Let us begin by looking at the Peoples Bank of China, hereinafter, the PBOC. Now the PBOC is huge, it holds and controls....
BTC China has apparently ended a huge attraction point to their bitcoin exchange. The company is alerting customers that effective immediately, they are ending their 0% trading fee promotion. The bitcoin exchange - the world's largest - will be reinstating a trading fee of 0.3% due to what they describe to be a "recent turbulent bitcoin market". The message in full: Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading....
Ever since the dawn of digital currency, value has heavily relied on the headlines. Is there good news in the papers? Great, it sounds like a good time to buy and raise the price. Did something horrific happen suddenly? Sell, sell, sell and get out of the market before the value crashes into oblivion. The "death of Bitcoin" is surely to be upon us soon! It can be proven time and time again through various examples. Unfortunately, the best examples are based on sells from bad news: Mt. Gox, China Bans, etc. However, market manipulation is alive and well across all digital currencies; even....