We just had another round of news from China hit the bitcoin markets and drive down the spot price. One thing that is very clearly the case is that news (or pseudo-news) about Chinese policy will change the price of bitcoin more than the policy itself. Markets usually react sharply and suddenly to news from China, but this is because markets are driven by psychology.

Whenever you get news from China, the markets go crazy, but then because it’s all psychology they typically bounce back rather quickly, and within a few days people forget about the news. This raises the…

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