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?
I had this similar question on my mind when I had read Chinese news and knew the prices would tumble down and so did it. We are really helpless of you see as there's no way to fight it. They have cheapest electricity and have a major share of the Bitcoin in their hand. We all are just playing mere spectators and will have to watch as to how the Chinese government will further affect the Bitcoin prices.