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RE: Understand The Power of China over Bitcoin and Current PBOC Controls Driving The Price Down
The vast majority of people in China don't know what Bitcoin is. We all know that it's impossible that 3 million bitcoins changed hands everyday in China, the exchanges have inflated figures because it's their way of attracting customers. Akin to keeping the lights flashing on as many games as possible at the arcade.
Judging from price action, it hasn't done anything out of the ordinary. The news driving the narrative is just a perfect excuse for finding more liquidity. Isn't it convenient that 8888 was the top? 888 is a lucky number for Chinese people, it might be a coincidence but more likely is that the exchanges have control over the price with extreme finesse.
In reality, the news to us is not news to them.
Oh yes the creator of LTC coblee predicted 8888 to be top for chinese new year at 28th. But then 24h after his tweet we went for 1130 USD. I have made a post about this some time ago.
Thanks for the great comment!
I trace exclusively in China. Any smart trader will watch RMB prices. Even forecaster Clif High gives prices in RMB. His prediction for 2 years from now is 80,808 per BTC. Wouldn't that be swell! And there's your 8s.