Quote from: n2004al on January 07, 2017, 07:37:48 AM

Quote from: iamTom123 on January 07, 2017, 05:23:30 AM

What is happening right now with the value of Bitcoin can all be partly traced to China. Chinese hold a big portion of the quantity of Bitcoin now circulating globally...they can manipulate its value and whatever they do that can affect Bitcoin will have a direct and indirect impact on its market value. Not to mention the fact that pronouncements from the China government in relation to Bitcoin can send the value of Bitcoin tumbling down or rolling up.

And this leads me into thinking...is Bitcoin now tied to China and is there something we can do about it?

It is true that Chinese country have to do to much with bitcoin nowadays. The last pump was dedicated to them. The same can be told even the actual dump. What can we do about this? Only one thing: spread the word about bitcoin everywhere. In this way bitcoin will not depend more only from Chinese market and for more from the statements of the Chinese Government which are even the reason of this actual dump.

We don't know exactly who have manipulated the market price. Yes, China miners and users hold big portion as the biggest trading volume happens in there. Big whales that always manipulate the market obviously, but we can't say that come from China if there's no any legit evidence as the bitcoin transaction consider as anonymous. If they sold out their bitcoins, and the price go down, then it's the right time to buy instead of panic sell too.