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 can not do anything with bitcoin because chinese demand is too high and Once there are anything happened with bitcoin or chinese investors of bitcoins. that is very big problem because They owned biggest bitcoins in the world (90% bitcoin amount from China). I think we need another digital coin for the rest of the world.
Sounds in your reason you became panic. Its not just because China owned biggest bitcoin in the world they can freely control the price of Bitcoin. No its not like that, have you forgotten bitcoin is DECENTRALIZATION not centralization. Always remember and keep that in your mind.
Yes China has the biggest number of bitcoin users in the world. But don't you think that many of this users will cash out their bitcoins before Chinese New Year for presents and celebration? Such mass withdrawing can make the price for bitcoin to drop very fast.
I don't like to make any prognoses, but it's pretty possible scenario.
I do not think there is a need for them to cash out for the new year. Having them bought bitcoin in the first place means they have more than enough of money for their dailies and that they are able to buy and save Bitcoin. Aside from that those who bought bitcoin because they are escaping their own currency will not cash out, because that is the exact opposite of what they intend to do.