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?
We already know that the china thing was just a rumor and was nothing to worry about, but even then it caused panic sell. "Sell the rumor..." it seems still applies, but the real question is: Would it have corrrected anything without the china government crap? Who knows, it may or may have.
The conspiracy theorist in my thinks that this was planned by the chinese government, they knew they would crash it, so they shorted positions then they made the shitty announcement of literally nothing happening other than warning about how unstable bitcoin price can be.