If you look at the chart you can see the sharp drop within a few trading days only early in January 2017.
But China is unable to keep control of capial outflows as everybody can see today, obviously. The BTC is back above 1.120 USD. Expect another steps from Chinese authoryties to bring down Bitcoin again. Otherwise take it as a serious alarm signal about China, if ever BTC is rising again fast. No matter what - long or medium term this is a major risk for global stockmarkets.
And China has been funneling billions of dollars into its economy to keep it chugging along despite an increasing number of cracks in its credit system and to prevent its currency from depreciating too quickly. Despite all its efforts to prevent money from leaving the nation, capital outflows are continuing.
On the Outs
China's monthly capital outflows have been growing
Quote: Bitcoin hits all-time high as talk of US ETF approval intensifies
Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Source: http://www.cnbc.com/2017/03/03/bitcoin-h...