At moment the news talk about BTC BAN for chinese exchanges.
First its a news that pops up on many websites. I dont hear its a government confirmed news.
I wonder there are so many ways to exchange BTC fast in everything. Most can be done online. Some can be done in neighbor countries. Agents can provide services for exchange. Credit Cards that convert BTC in minutes can be use in China as well. Chinese Tourists travel everywhere and have many ways to to exchange or open bank accounts.
I do not see any reason for a panic. But there is a panic. I guess its the lack of knowledge.
Or is it a hoax to drop the BTC price?
Actually, the simplest logic is that people wants to take as much profit as possible before the price dumps. Most of the bag holders and experienced bitcoiners knew that there will be always a dip whenever there are bad news, so instead of they suffer the dip, they would rather be the one to sell first... and then there goes the domino; small time investors and the newcomers would panic because they fear loss, and after a while here goes the weak hands cutting losses. That's how the ecosystem works.