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MrSpasybo

China wants to ban or want to accumulate crypto?

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China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source: China declares all crypto-currency transactions illegal

The information is not new, because China has continuously issued bans on the crypto market: ban on use, ban on mining, ban on trading… This has been going on for many years and after each ban, Bitcoin & crypto market growing stronger. I am even glad that China's influence on the crypto market is not as great as before.

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

What do you think about China's bans? Will they be enough to make the crypto market go into winter right now? Is this just a way for China to buy the dip?

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On 27.09.2021 at 01:27, MrSpasybo said:

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source: China declares all crypto-currency transactions illegal

The information is not new, because China has continuously issued bans on the crypto market: ban on use, ban on mining, ban on trading… This has been going on for many years and after each ban, Bitcoin & crypto market growing stronger. I am even glad that China's influence on the crypto market is not as great as before.

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

What do you think about China's bans? Will they be enough to make the crypto market go into winter right now? Is this just a way for China to buy the dip?

This is not the first time China has introduced such bans on cryptocurrencies, so this is not surprising. In principle, the Chinese government can be understood, these bans reduce the risks of money flowing into other sources. This should, in theory, give greater dynamics to the country's economy.


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On 9/27/2021 at 4:12 AM, MrSpasybo said:

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

I also used to think the same because price is not massively affected after their announcement. It is not the first time, China announced the ban against crypto multiple times. I will be wondering, if they were repurchasing the Bitcoin after cracking down its price to the dip. But, there are several news which suggest, so many Chinese mining farms exiled. 


 Minima

.🌍Decentralized, ultra-lean blockchain running entirely on mobile & IoT🌍

|📲 JOIN INCENTIVE CASH   | TELEGRAM   DISCORD |   RUN A NODE & EARN COINS 📲| 

 

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