The reason for the 5K drop today is....

[Cuddles]

Chinese miners will suss it out, buy a large swathe of land in outback Australia, import Chinese solar panels, and set up house / start mining from Oz using first home buyer tax payer subsidized subsidies.
Register the company overseas and pay no tax.

Bitmain and others have been shifting operations out of China. I think they have a giant farm in Texas.

 

[Millionaire]

Yet we are being handed a 50% discount from the high for all prior mined BTC because of the news.

Hmmm...

Buying more BTC now...

Hold that buy order, you'll be able to get a 80% discount soon

 

[maxinger]

the 5K drop occurred during the US session, just after the US stock market opened.



anyway, congrats to those who earned $5k/ lot.

 

[johnarb]

the 5K drop occurred during the US session, just after the US stock market opened.



anyway, congrats to those who earned $5k/ lot.

I do not think anyone on ET has mentioned they ever shorted bitcoin spot and/or futures

 

[Peter8519]

But wait, i though Bitcoin was decentralised and free from government control, so why should this matter?

Or could the reason be Bitcoin is backed by Tether which is an even bigger scam than bitcoin itself?
The way Bitcoin is propped up by Tether stinks of another ponzi scam to me.. Ponzi scams on top of Ponzi scams, the whole crypto space looks like a giant house of cards to me.

How can the China government allow crypto currency? It's stealthy nature goes against central planning and control.
Communism Definition (investopedia.com)

 

[VicBee]

Chinese miners will suss it out, buy a large swathe of land in outback Australia, import Chinese solar panels, and set up house / start mining from Oz using first home buyer tax payer subsidized subsidies.
Register the company overseas and pay no tax.

And white Australians will be like aboriginals 400 and some years ago, staring at those crazy strange people, wondering wtf they are doing...

 

[Master Pu]

Or...Chinese may have simply decided to manipulate the crypto market, shake out weak hands by creating a price discount window, scooping BTC at discount and all they have to do afterwards is pump it up again with some real good positive shit, price rockets & Chinese make out like bandits. Would this surprise anyone?

 

[Pekelo]

Apparently miners only sell less than half of their daily new coins. So when the news came out, I think they just quickly dumped their reserves, causing the drop.

That is all...

 

[Scataphagos]

Or...Chinese may have simply decided to manipulate the crypto market, shake out weak hands by creating a price discount window, scooping BTC at discount and all they have to do afterwards is pump it up again with some real good positive shit, price rockets & Chinese make out like bandits. Would this surprise anyone?

More likely the CCP is trying to prevent the use of cryptos for people trying to get their money out of China.

 

[yc47ib]

BTC futures is on my day trading observation list now, want to watch it for a few weeks to see whether it is tradable from a PA stand point with enough predictability on short term momentum. Heard from a risk control manager in China that it is actually behaves pretty well comparing to other instruments such as ES or NQ. We will see.