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It doesn't. The title is clickbait. Nobody knows why Bitcoin goes up and down, but people listen to whoever talks authoritatively on the subject. China's annou
by sillysaurus3 9y ago
It doesn't. The title is clickbait. Nobody knows why Bitcoin goes up and down, but people listen to whoever talks authoritatively on the subject.
China's announcement was probably a trigger that caused people to sell, rather than being directly responsible for people selling.
- frutiger 9y ago> China's announcement was probably a trigger that caused people to sell, rather than being directly responsible for people selling. So you're agreeing with the title - the announcement (directly or indirectly) is what caused the fall in price.
- rothbardrand 9y agoIt does seem that consistently this year, every time Bitcoin hits an ATH or psychological price, that the PBOC issues some edict or warning that causes the price to drop. There's even a meme for this phenomena: https://www.youtube.com/watch?v=Ry6PpRXk0dQ https://www.youtube.com/watch?v=Ry6PpRXk0dQ This is from 2014! (I know the link goes to content not typically found on HN, I'm doing it for the purposes of illustrating that this is such a seemingly common occurrence.)
- sillysaurus3 9y agoIt's helpful to remember that BTC has had strong upwards pressure for several months now: http://imgur.com/IWwOgm9 http://imgur.com/IWwOgm9 A graph like that was going to correct, one way or the other. PBOC's decree seems incidental rather than the root cause.
- lend000 9y agoTrue, Bitcoin was already reversing before the announcement. However, NEO was definitely impacted by the news.