China - The epicenter of Bitcoin

[Dmasked 1840]

Few weeks ago when the price of bitcoin crashed hard to around $4000 i noticed something unusual. It was the time when China was the epicenter of Corona virus outbreak and at the same time the price of bitcoin came crashing down. Bitcoin and all other crypto currencies are supposed to be a decentralized currency but somehow bitcoin seems to be centralized to China to some extent.

 

Maybe it is because of large number of Bitcoin miners in China but I never expected that one single country would affect the price to this extent. When the situation in China was under control the price recovered again. It seems like China has high influence over these digital assets and its not something I like.

 

The situation in china is now under control and improving but the outbreak has traveled to other major powers around the world like USA, Germany, Spain, France and other global giants. Their situation is far worse than it was ever in China but some how it has not affected the price of bitcoin too much. The whole global economy is degrading by the day but the prices are actually recovering along with China. It seems to like China has high influence over Bitcoin which it shouldnot have. 

 

 

[bliznec 22267]

Yes, there are those countries that suffered the most during the epidemic, which I am sorry for is very sorry. I saw on tv. The fact that Bitcoin stays in place is only pleasing today.

[rekter 8129]

When bitcoin recovered, lots of stocks were recovering also, so i wouldn't see china/bitcoin connection to be the reason. Just markets being markets, and truth to be told, i don't think that the crash is nearly finished on other markets. This is just speculators playing with a wave theory.

[magd 5231]

I noticed the same thing that even when China started to recover, the price started to rise, but we must not forget that China contains the largest mining ratio this news everyone knows and it is likely that this is the reason. If the United States has the largest mining rate then it is likely that the price will drop further until now. The incidence of the epidemic is increasing

[Nezar 7169]

What you say is true, and you agree completely well. I noticed that, too, where the market witnessed a massive price bleeding when the virus spread in China, and then the price began to recover after China recovered from the virus. As you said, it is likely that the reason for this is that most of the bitcoin currency is in China

[Rickso 768]

11 hours ago, Dmasked said:

Few weeks ago when the price of bitcoin crashed hard to around $4000 i noticed something unusual. It was the time when China was the epicenter of Corona virus outbreak and at the same time the price of bitcoin came crashing down. Bitcoin and all other crypto currencies are supposed to be a decentralized currency but somehow bitcoin seems to be centralized to China to some extent.

 

Maybe it is because of large number of Bitcoin miners in China but I never expected that one single country would affect the price to this extent. When the situation in China was under control the price recovered again. It seems like China has high influence over these digital assets and its not something I like.

 

The situation in china is now under control and improving but the outbreak has traveled to other major powers around the world like USA, Germany, Spain, France and other global giants. Their situation is far worse than it was ever in China but some how it has not affected the price of bitcoin too much. The whole global economy is degrading by the day but the prices are actually recovering along with China. It seems to like China has high influence over Bitcoin which it shouldnot have. 

 

 

no, that drop was just a market manipulation made by some whales to make some easy money, it is not the first time that happen and it will not the last time. so there was no correlation between the btc drop, the virus, china and so on. just a simple manipulation, the world economy was dropping hard, all people were in panic mode so whales have seen this as good opportunity to make some money

[Syedbesharat 5423]

Now whole world is fighting against corona virus where many countries are in bad situation but  china is not in good shape where the 70% of BTC is mined .The crypto will be recover sooner in few says because china have great control over BTC its influence will  change the fate of Crypto currency.Which is drop to 1/3 of his size.

[Moaz 7239]

In fact, my friend, you are absolutely right, and I love your analysis of these events. This is true, when the virus spread in China, bitcoin prices fell sharply, and when China controlled the spread of the virus, the price of bitcoin went back up, and this indicates that China is the center of bitcoin in the world, I think.

[kyoukage01 3181]

On 4/16/2020 at 4:46 PM, SCB1234 said:

The news that surrounds world events, especially when they affect financial markets, is always reflected in people's fears over what will happen in the world. China especially is where much of the mining is done, and the stocks fell 5 times similar to Bitcoin.

If only there are plenty of countries that offer both cheap electricity and friendliness to crypto, then we wouldn't have problems such as this. How ironic, Bitcoins are being touted as a decentralized digital currency, but miners are centralized on a single country. Now that mining difficulty will increase further soon now that the next halving is approaching, something should be done to encourage decentralized mining to different countries to prevent further scenarios such as this one on the topic. But how?

 

Edited April 18, 2020 by kyoukage01

[Honny143 13612]

China is the main hub of crypto currencies, because China mines 60% of bitcoins so its manipulate crypto currency prices, like recently China suffered by corona virus, then bitcoin loss their prices and hit the lowest price of 4000$ but now conditions change and bitcoin prices come stable.

[Zues 1069]

On 4/15/2020 at 1:51 PM, Dmasked said:

Few weeks ago when the price of bitcoin crashed hard to around $4000 i noticed something unusual. It was the time when China was the epicenter of Corona virus outbreak and at the same time the price of bitcoin came crashing down. Bitcoin and all other crypto currencies are supposed to be a decentralized currency but somehow bitcoin seems to be centralized to China to some extent.

 

Maybe it is because of large number of Bitcoin miners in China but I never expected that one single country would affect the price to this extent. When the situation in China was under control the price recovered again. It seems like China has high influence over these digital assets and its not something I like.

 

The situation in china is now under control and improving but the outbreak has traveled to other major powers around the world like USA, Germany, Spain, France and other global giants. Their situation is far worse than it was ever in China but some how it has not affected the price of bitcoin too much. The whole global economy is degrading by the day but the prices are actually recovering along with China. It seems to like China has high influence over Bitcoin which it shouldnot have. 

 

 

Yes I think that china can be the center of cryptocurrencies and online coins. They can manage their coins because they have that large economy that can use cryptocurrency. I hope that they promote cryptocurrencies more. 

[bentayebsalah 2280]

Yes, China was previously the center of bitcoin, but it did not become so when it announced a moratorium and ban on its support for bitcoin, forcing the top platforms to transfer their platforms and currencies outside China

[BTC Future 3946]

It is a fact that China did misreport the situation with the virus and played the numbers down. According to many estimations the numbers in China were probably ten times greater at a minimum. They've also shut down mining operations of a few Bitcoin miners, although didn't touch Bitmain at all. Basically they are taking a favorable stance towards Bitmain all these years, as they are obviously collaborating with the chinese government on anything they ask. Anyway China because of the percentage of miners, always plays an important part and decisions there always affect the price of Bitcoin.

[Dmasked 1840]

On 4/15/2020 at 7:47 PM, Bob option said:

We have also noticed that the price of bitcoin follows the market of China when all investors left the Chinese market, that bitcoin collapsed greatly, and when most of the investors came back, we embraced a revival in the bitcoin currency, and this is puzzling that it is China that controls the price of bitcoin and encryption in general.

I know for a decentralized currency, it is not healthy to be influenced by a country so much. But hopefully with the legalization and adaptation of bitcoin in  other big countries the number of miners and investors will be more evenly distributed and china's influence will waver.

[CryptoMaxim 3829]

On 15.04.2020 at 21:32, doudja89 said:

Many countries suffered during the epidemic, the fact that bitcoin remains in place is a good thing for the bitcoin mining company in China did not lead to closing the bitcoin price. This is just speculators playing the wave theory, and this is the state of the market once the price rises and once it falls

 

Of course, big price hikes of 70% depend on whales. China has a lot of mining farms, respectively, and bitcoins. And they intend to continue mining BTC. I do not think that it is in their interest to sell coins EN masse as the consequences of falling prices in this case are inevitable.

[Jeet Narayan 1940]

It is true Bitcoin was crashed in $4000 when corona virus came in china. We know china is the center of bitcoin as well as there are huge peoples who have Bitcoin and others coins.

[tienda 8776]

I think China is the epicenter of Bitcoin because of many reason, is the country where there are the majority of  Bitcoin miner firm because of their cheap energy cost, also is the country with high volume of traders.

[DavCrypto 298]

I don’t know if this is true, but if it is, there is something worth mentioning. China recently started to give some of its soldiers salaries in Bitcoin. This means large sums to be bought from Bitcoin, a country the size of China if it starts with this, it will certainly have an impact on the price of bitcoin. .

[Dmasked 1840]

21 hours ago, DavCrypto said:

I don’t know if this is true, but if it is, there is something worth mentioning. China recently started to give some of its soldiers salaries in Bitcoin. This means large sums to be bought from Bitcoin, a country the size of China if it starts with this, it will certainly have an impact on the price of bitcoin. .

The major issue of big powers like China and big companies like Facebook entering in crypto market is that they can create their monopoly to some extent. Crypto currencies are truly decentralized but we all have seen that possessing a large amount of it can generate influence over these digital assets.

[Ridam 7455]

Not only the Pandemic but one coin scam was Also responsible for the price dump and as you know the miners in china are mining and providing big percentage over total supply the price was supposed to be increase as supply was decreased but in my view one coin scam is the one because of which price drops.

[Hasmizara 64]

The epidemic has decreased a lot from before. However, it is true that Bitcoin originated from China, the center of Bitcoin. Bitcoin is first supported by China, which is why China is so advanced in terms of crypto.

[BrolySSJ 7899]

If i am not mistaken i actually think that china has the largest bitcoin mining network in the world and therefore it is only natural that when the virus outbreak had hit china so hard that it woudl reflect in the price of bitcoin so evidently. I think that china is the epicenter of bitcoin and if i am correct, i believe that they were also the first country to fully accept bitcoin as a form of payment in their financial infrastructure. Therefore i think that china is what sets the tone for the price of bitcoin in the world and this just proved it.

[qua186386 226]

i crutch not think therefore, most cryptocurrencies are not owned by Chinese, and this makes me think that they even sell what they mined in first date time.

[bachnhuc8273 231]

while bitcoin recovered, lots of stocks were recovering also, therefore i wouldn't see china/bitcoin connection to be the deduce.

[pablomarwan 3082]

Yes, you are right, but do not forget that there are companies that have a hand or part in the price movement of Bitcoin and its changes to it, since Al-Athaid was locked from it until this case recovered and the prices collapsed. With the recovery of China, one of the companies returned and the results were satisfactory in recovering the price of digital currencies