China bans BitCoins, prices fall 40%

Bitcoins are being dumped by the tons after China banned them. The article says $800, but right this minute they're trading under $670....just 48 hours ago they reached $1200+

Almost a 50% freefall in less than 2 days.

http://www.coindesk.com/baidu-stops-bitcoin-price-slumps-again/

Thank god I'm out

BTC will return back to what its real purpose is and away from the mainstream speculators.

American must be happy now

okiedokie said:

American must be happy now

Click to expand...

Not the American people but the greedy ass law makers are I bet.

Time to move onto litecoins, they've been increasing in popularity and value.

Called the bubble a couple days ago -- even though this really was only because of China's new regulations... the prices were entirely speculative anyway.

People are panicking already... I am keeping my BTCs

From what I read here it seems to be a very unstable market. Lots of money to be made in short selling.

BTC prices in real time: http://preev.com/

BTW if they drop below $300 I'm buying..

I am happy BTC holders are panicking every time and that that their news interpretation is so wrong...that gives me an opportunity to earn at least +25% each time this happens.

Muhahaha next to come > America.. Best of luck BC traders

Well this will pick up soon

This will go one of a couple of ways...

1) The crash will continue, levelling out at a 'corrected' price, with people panic selling. This will be around the $200-500 mark (gut feel).

2) BTC will [briefly] rally again, like it has the last couple of days, then fall again dramatically.

3) It will rise again, due to a surge of speculators believing they can buy up coins at a 'good' price. This, then stimulates growth similar to before, until news breaks and people end up panic selling again. The cycle continues.

I've been 'on' BTC back around the $60 mark, buying and selling BTC for a profit back then, but also at the highest peaks - the above is purely my gut speculation... and I've got sneaky feeling number 3 is going to happen.

fall is temporary, it will come up after some corrections in market

1 btc = 778 usd right now seems like it corrected already .

Real marketers read that news in a different way.

Here you go now.

1. BTC price always start dropping Friday night (Buy Friday-Sell Monday, that's how it goes if you follow the crypto markets)
2. China did not banned BTC. If you read between the lines you will see that they allowed Chinese people to trade it as any other commodity.

SkyrocketSEO said:

Real marketers read that news in a different way.

Here you go now.

1. BTC price always start dropping Friday night (Buy Friday-Sell Monday, that's how it goes if you follow the crypto markets)
2. China did not banned BTC. If you read between the lines you will see that they allowed Chinese people to trade it as any other commodity.

Click to expand...

I guess they can trade it as commodity, but since their central bank banned it as currency then it's no longer considered money....it's like memorabilia or some other thingy you can collect. That's not good news, they're still being traded betweent 650 and 806 today(see mtgox)...that's a long fall from last week's 1000+ value.

Thanks you China & Greenspan!

This news brought on one of my most profitable day trading days. (Lucky as well of course) Natural rule of thumb everything that goes up must come down.
For someone that day trades BTC, the fluctuations/volatility in these markets (btc-e/mtgox/bitstamp/btcchina/etc.) are desired when you have the cash flow to play the up and down swings. (Getting in early also helps). With all the positive and negative news this digital form of trade has been a nice addition to my assets even though its consistently playing an endless game of hoops and ladders.
I have been messing with bitcoin since its infancy pre $13 dollars and anyone that thought the price @ $1100-$1200 wasn't a bubble was smoking some truly good west coast green.
It had to correct it self at some point, there aren't enough people using this a form of currency for it to have this kind of value. $200-$300 is my estimation or lower.
It definitely has some serious potential, once its adopted further, though for now we are just riding current events. If the bitcoin community can adopt a less anonymous infrastructure and play nice with governments to be able to tax the gains. We could easily see prices skyrocket well over 10X+ what we have already seen. Time will tell as more and more places in Russia, Europe, Asia, etc. adopt this digital form of trade.

My 2 cents!

BW