Bitcoin and China - Am I missing something? Why the panic?

olayar (47)in #bitcoin • 7 years ago (edited)

Hi Steemians

I hope someone can help me with this... I am rather puzzled about the global panic in the world of #crypto... why is everyone outside of China having such a hard time over this 'ban' (read push to regulate)?

I am asking because here in the UK there is not a single #bitcoin friendly bank, and the couple of exchanges that exist require that you deposit your GBP in a foreign bank account, therefore incurring the charges and time delay of an international transfer.

Now my question is this...

Why would Chinese investors/traders not be able to use a foreign exchange and a foreign bank like we do... or are people panicking over nothing? Why don't they just transfer their BTC elsewhere? Why do they have to sell?

If there is no answer to this my only option is to believe that this is just manipulation of the market that came along at a time when a correction was needed according to the technical analysis... Call me naive but I thought a large proportion of people trading would see the ludicrousness of this... However I am beginning to think most people do not realise how limited some Western countries are in terms of trading, but we manage anyway!

To illustrate my point, I trade on TA and his was the chart I made on the 2nd of September. I was expecting a drop to £2600, and had outlined the strong support at the £2200 level (roughly $3000) but saw such a drop as too far to go given the lack of news... and voilá!