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RE: Bitcoin price drop - what did we learn?
I think it is the sudden appreciation of the RMB which caused the price pressure of bitcoin. Remember, bitcoin has become THE way to get funds out of China these days. When the Chinese government purposefully forces RMB to appreciate in order to drive out hawkers like Soros to short the currency, bitcoin is bound to suffer.
@yalu1006 - You might be correct. I had written about this in my blog https://steemit.com/bitcoin/@ajain/dark-side-of-bitcoin and this is one of the factors that make Bitcoin attractive as well as dangerous. I, however, believe, that Bitcoin exchanges don't convert the currencies equivalent as trading is done in currency of your choosing. So essentially, instead of using the currency ratios (determined by banks), bitcoin users create the true value of currency ratios. Isn't that cool!