Again China Intensifies Crypto Crackdown

[Whited35 15285]

Once again, the Chinese government has announced more detailed information regarding their cryptocurrency ban in the nation. The government has accused the following factors to be responsible to issue the ban against cryptocurrencies.

1. Raising crypto trading hypes.
2. The major economic and financial orders are disrupted.
3. Criminal activities are increased as the gambling.
4. Scam, fraudulent Pyramid schemes, and illegal money laundering rate is increasing. 

The government has clearly stated that all virtual currency-related activities are illegal in the mainland of China & they have published notice here.
China has always been the major player in the cryptocurrency markets and after this announcement, impacts are also noticed in the price of the major cryptocurrencies like BTC, ETH, etc. 
What do you think, what can be the further impact in the cryptocurrency markets due to the recent moves from China? 

[kyoukage01 3181]

20 hours ago, Whited35 said:

What do you think, what can be the further impact in the cryptocurrency markets due to the recent moves from China? 

If the crypto miners have already seen the proverbial "writing in the wall" a few months earlier and have 'set up shop' somewhere else, then there shouldn't be much of a problem. I wonder where they are now.

 

The ones who are definitely most affected are the people residing in China. Now that transactions are illegal, traders are stuck with their digital assets. Hmmm... come to think of it, there were some massive sell-offs the previous weeks. Do you reckon that the traders over there have gotten tipped somehow over their government's imminent move and already sold their assets before the announcement hits? If so, then there won't be as much downfall today as expected since the crypto market has already been in a state of fear over the past few days due to such sell-offs.

 

[Dagamand007 12021]

On 25.09.2021 at 07:50, Whited35 said:

China has always been the major player in the cryptocurrency markets and after this announcement, impacts are also noticed in the price of the major cryptocurrencies like BTC, ETH, etc. 
What do you think, what can be the further impact in the cryptocurrency markets due to the recent moves from China? 

As practice has shown, the next ban of cryptocurrencies from China did not significantly affect its price. Although the price as a whole has sunk, but not for a long time. Now cryptocurrencies are starting to grow well. I wonder how long this bullish mood can be in the market?

[Whited35 15285]

12 hours ago, Dagamand007 said:

Now cryptocurrencies are starting to grow well. I wonder how long this bullish mood can be in the market?

@Dagamand007 It is strange to see, BTC is looking bullish in the market, are Chinese repurchaing BTC at dip or they were unable to sell BTC due to the restriction 😁! Venezuela's recent move, Binance future's open interest growth,etc were the key for the recent bullish trend & I think this trend won't last for a long time. IMHO, there will be a massive sell of before the Christmas.  

[Dagamand007 12021]

12 hours ago, Whited35 said:

@Dagamand007 It is strange to see, BTC is looking bullish in the market, are Chinese repurchaing BTC at dip or they were unable to sell BTC due to the restriction 😁! Venezuela's recent move, Binance future's open interest growth,etc were the key for the recent bullish trend & I think this trend won't last for a long time. IMHO, there will be a massive sell of before the Christmas.  

I agree with you, it's strange to see that BTC has started to grow so much. In a few days I was able to reach the level of $ 55,000. I also believe that he will be able to fall before the Christmas holidays. Since in winter, many traders usually sell their stocks to buy something for the holidays.