Will crypto market be better after China's ban?

[MrSpasybo 1049]

Several large Bitcoin miners opted to cease operations in China this past weekend following the news that Chinese authorities were planning a crackdown on cryptocurrency mining.

By Monday morning, three Bitcoin mining pools had announced plans to halt activities in China. BTC.TOP, which accounted for as much as 2.5% of the overall Bitcoin hash rate during the past week, said it would close up shop on the Chinese mainland and shift its operations to North America.

Huobi cryptocurrency exchange’s offshoot company, Huobi Mall, also announced on Sunday that it would no longer sell crypto mining rigs in China and that it would suspend its mining operations there. Meanwhile, mining company HashCow said it would cease purchasing new Bitcoin mining rigs for the time being.

 

Source: Chinese Bitcoin miners abandon ship ahead of incoming crypto crackdown

 

We are not surprised by the FUDs coming from China, that have been talked about a lot in 2017 and are just a media tool to explain price fluctuations or a way for China to manipulate crypto market. However, this year will be a difficult year for Bitcoin miners in China as they are forced to look for a new place to mine crypto.

I consider this to have a positive value, because it helps Bitcoin's decentralization become higher, not dominated and manipulated by China anymore. The fact that Chinese ETH miners's plan to launch a strike against EIP-1559 is more than enough, I don't want that to happen to Bitcoin or other POW blockchains.

Anyway, FUD is still just FUD, crypto market is recovering strongly after the big volatility on May 19th.

 

What do you think about this, are you worried about crypto market before the negative information coming from China? Are you someone who dared to buy dip a few days ago?

Edited May 28, 2021 by MrSpasybo

[Whited35 15285]

On 5/28/2021 at 3:25 PM, MrSpasybo said:

What do you think about this, are you worried about crypto market before the negative information coming from China? Are you someone who dared to buy dip a few days ago?

It is strange, China has itself released its own crypto to assist its economy but now on the way to crack down the market in mainland of China? I do not think practically China will be heading in that track and more likely it is a FUD released for a temporary purposes. You might read this balanced article:  https://decrypt.co/72276/heres-how-chinas-crypto-fud-will-play-out

[MrSpasybo 1049]

On 5/30/2021 at 5:12 AM, Whited35 said:

It is strange, China has itself released its own crypto to assist its economy but now on the way to crack down the market in mainland of China? I do not think practically China will be heading in that track and more likely it is a FUD released for a temporary purposes. You might read this balanced article:  https://decrypt.co/72276/heres-how-chinas-crypto-fud-will-play-out

@Whited35 Regarding e-CNY, I don't consider it a crypto because it is not operated on a decentralized network. Everything is still under the control of the Chinese government, it is simply an improved version of the digital money.
Many people think that China intentionally attacked crypto to win the market for e-CNY, but I think this is just a trick for China to buy more BTC from the market. Chinese investors missed selling too much BTC at the end of 2020 at $20K.

[Della Bennet 78]

I don't think that the crypto market will be better after the China's ban, because I think China has the great hold on cryptocurrencies. The people of China are using it a lot that always support the cryptocurrencies. The market will be crashed a lot when the Chinese people stop using the cryptocurrcy after ban in China.

[AMAN KHAN 579]

It's pretty hard to say bcoz China is playing an important role for modification of bitcoin's worth. If China will consider it ban then we can just imagine that it's the world's most populated country and it surely will affect the whole price of bitcoin. 

[khan22 3478]

Crypto market is a great market and it touches the sky in future and i hope soon this market is legal in the china and also in all over the world other countries and that time the BTC cross the 200,000$ value.

[Maaz sultan 265]

Crypto is a broader field and don't need anyone country its beyond the borders , one day china will accept crypto or it will make policies about crypto field , At this time many countries are introducing their policies about crypto , And china needs Too .

[Rabbi6860 150]

Many people think that China intentionally attacked crypto to win the market for e-CNY, but I think this is just a trick for China to buy more BTC from the market. If China will consider it ban then we can just imagine that it's the world's most populated country and it surely will affect the whole price of bitcoin. 

[Maaz sultan 265]

On 6/6/2021 at 3:56 PM, Della Bennet said:

I don't think that the crypto market will be better after the China's ban, because I think China has the great hold on cryptocurrencies. The people of China are using it a lot that always support the cryptocurrencies. The market will be crashed a lot when the Chinese people stop using the cryptocurrcy after ban in China.

These news are come from china every years , I knows china is powerful tech country and when it anownce crypto market will disturb , but now the investors knows that these news have come from china and the impact will lesser and lesser by the time . 

But I thinks one day when crypto policies and will clears and every country will accept these crypto with china .