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.
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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?
Here not a single factor affecting the bitcoin market to go up and down , specially here our discussion is targated over the dump in the market price of the bitcoin .
Here we can see that every time a negative news enter in the bitcoin market and gave a big impact regarding the trust that most of the people have with the bitcoin and that results into panic to have bitcoin in bulk .
Here recently a big factor that is running in the bitcoin market is that taxation rules that will government take from the Bitcoin users ( even bitcoin is not legalised ) and also government is taking all the old statement of used bitcoin amount.
So people are thinking that bitcoin will no more remain like that which was easy to earn and make profit ( newbie like thinking ) .