Did Chinese Rumors Crash the Bitcoin Price? How Accurate are They?
Bitcoin’s recent bull run ended with a thud on 3rd November, reaching above $740 before crashing to around $685 in just a few hours. Was a rumor of further Chinese restrictions on Bitcoin exchanges to blame? And if so, how accurate is the news? Chinese Rumors Start to Spread… Again. Dramatic financial news site ZeroHedge reported on 3rd November that Chinese regulators “are considering policies including restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad.” While....
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On Dec. 15, the Chinese bond futures market suffered a record crash, plunging from 102 to nearly 94. Offshore yuan has also increased significantly after the Fed raised rates, rising from 6.9 to approximately 6.95 overnight. As the Chinese New Year approaches and outflows accelerate, the Chinese yuan will presumably weaken even more in the upcoming months, which will ultimately push the price of Bitcoin further. On Dec. 13, the price of Bitcoin reached a 34-month high, mostly due to the depression and devaluation of the Chinese stock markets and yuan. As weakening of the yuan continued,....
The Terra UST crash is no longer news to those in the space. However, the cause of the crash remains a largely speculated issue. Out of the speculations that have been making the rounds, the most popular has been the scandalous accusation that named the likes of BlackRock, Citadel, and crypto exchange Gemini. The Charles […]
For nearly a month, rumors surrounding China’s alleged bitcoin regulations have been running rampant. Earlier in November, bitcoin actually underwent a serious financial dump, falling by nearly $40 overnight as the rumors swelled to ridiculous proportions. Now, it appears those rumors are coming true, and investors are wondering which direction bitcoin will sway. China’s state council is imposing stricter regulations for businesses that invest abroad. While this isn’t the full-on legislative map reported earlier, the move is likely to bear some consequences on the overall price and on the....
Fears of regulatory moves come as a brief hash rate crash from a Chinese power blackout already begins to rebound. Bitcoin (BTC) fell to sudden lows of $52,000 on April 18 in a timely reminder of how price action often follows hash rate. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewChina, US rumors lead the BTC sell-offCointelegraph Markets Pro and TradingView showed a brutal hour for Bitcoin bulls everywhere early on Sunday as the market went from $59,000 to $52,000 in minutes.Having lost $60,000 support earlier in the weekend, BTC/USD was still fairly stable before the snap....
Through its national media, the Chinese government announced to the public the possibility of tighter regulations against the cryptocurrency sector. This, the media explained, was caused by the recent LUNA crash, which was very traumatic to its millions of token holders. Following the crash of the LUNA algorithmic stablecoin, the Terra blockchain, and the ongoing […]