Bitcoin is Struggling to move up as a rumor spread over China Ban on BitCoin Exchange
Before the China announcement ban on Bitcoin, it's been soaring up around $4500 but when the news came out that China is banning Bitcoin, all crypto markets comes down. Coin market cap lost 20 billion in just two days when the news came out.
Now bitcoin value ranges around $4060. It's not even going up above $4200. None of the traders expected that China will come up with ban on Bitcoin exchanges.
Time for the Buy or Sell?
Bitcoin floating between $3800 and $4200 now. People are buying when it's touched the lowest point of that day like $3800. Bitcoin holders are still waiting for the big price to sell.
Golden time was when bitcoin touched $5000 but when China announced bans on bitcoin, its graph dropped down below $4200. It will take more time to soar up like before.
Can Any Government Ban Bitcoin?
Bitcoin is a Decentralized currency. None of the government in the world has the power and authority against this Decentralized currency. Previously china has banned the popular foreign internet websites to make chines limit of the certain range of internet not to access whole world wide web for the political internal benefit.
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The same way people are thinking that China is banning Bitcoin now, to encourage government authorized coins. It's still a roumer now. There is no official statement yet. But bitcoin China exchanges are going normally.
What if china Bans Steemit?
The stent was just starting its journey, one year ago. Since there are not many Chinese users on STEEMIT but 2% of STEEMIT user base is produced by the Chinese people. STEEMIT is also a kind of a social media website that pays.
This platform is growing like anything now, it's Global rank of steemit has shifted from 12000 to 2000 in the span of 6 months. We all know Chinese government banned all the popular foreign social media website. Likewise in the future, it may ban steemit too.
After all it's nothing new because crypto currency is not just a currency. It's a digital asset. So keep Trading.
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The price movement is irrelevant. This is just everyone over reacting to news that may o may not be credible. EVEN IF this news was real and the ban goes through why would that make BTC less valuable? It still maintains all its functionality and positive aspects and if people in China want BTC they will find ways to get it. The only way BTC loses more value is if the other users outside of China let it. This is a market shake out and the weak hands will lose to the strong hands.
People are stopped doing selling and buying activities through bitcoin as soon as this roumer spread over in the coinmarket. Now it's became normal but it's already loss $20B.
Yes, this is true. If you are an active trader I can see why this would concern you. If you believe in crypto and its benefits over the longer term then I would not worry. Do you believe in crypto and its use case? Will people find it useful even after the China news blows over? Those are the questions you just ask yourself. Price fluctuation happens all the time in markets but what the new investor doesn't understand is that price is ultimately the result of value (not the other way around). If there is still value the price will rebound. Plus, the Chinese are very smart people. They will find a way to get BTC if they really want it.
Let me tell you one thing, trading is two different kinds, short term and long term. If you are hoping for the long term benefits then you don't need to worry about this kind of news. But they are people who are trading for short term. So they must know what is the right time to buy or sell bitcoins. As this rumor came bitcoin value dropped a bit so ultimately price became down. Trading without knowing all of these like a boat on the sea heading no where. I hope you got it. Peace out.
Yes, I recognized that point in my comment above. Peace out.
Do not let spacious plans for a new world divert your energies from saving what is left of the old.
- Winston Churchill
That's a nice quote.
@steemit-fun got you a $1.62 @minnowbooster upgoat, nice! (Image: pixabay.com)
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Remember. Its fake news at this point. No confirms that china has banned btc. Excanges are running like normal. No statement from china government.
True. But this roumer seriously effected coinmarket cap and bitcoin growth so badly.