So, as many of you are painfully aware, bitcoin crashed around 30% over a couple of days, reportedly due to regulatory pressures in Asia, and a potential ban in China due to energy wastage and tax evasion risks etc. Reports suggest that China contributes as much as 70% of the worldwide hashing power, and yet we only saw a 30% drop.
Source:
Report: PBoC Quashes Bitcoin Mining Ban Rumor in ChinaFurthermore, we saw 30%+ drops in other cryptos, even unminable, non-decentralized ones. So, conspiracy theorists, why do you think bitcoin
really suffers these sporadic crashes, could it be large-scale market manipulation? Or is it simply FUD leading to a wide-spread panic selling?
This already happened late of 2017, we have seen how bitcoin value was affected due to reported news related to China banning of ICO. Tgere is no denying that China takes a large role in the changes of price for bitcoin basically because there is a large market people in the country. Though China may manipulate the value, they cant still have the full control over it and make it totally dump. There arr still large number of people around tge world whose into it.
An attempt from China before succeed to decline the price, but luckily bitcoin showed that its price not dependent on a country. In tact ita value was regain ang and hit even harder.