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Bank of China continue its war against cryptocurrencies

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On 3/23/2020 at 10:54 PM, Tomas2020 said:

Governments and banks in general do not prefer citizens to deal in cryptocurrencies because they will lose their customers who benefit from them in taxes and interest, and not be guilty after users discover the ease of cryptocurrencies and deal with them freely.

That's right. 

That's one of the main reason why some countries don't accept cryptocurrencies. 

But once they can make taxes from it maybe they will approve it. 


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20 hours ago, Treat1234 said:

 it will favor their citizens to other people,

Of course mate because this their own coin so that this will be more favorable to their citizens, i hope that you may understood right now, happy posting everyone.

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1 hour ago, Mcd0d0 said:

Of course mate because this their own coin so that this will be more favorable to their citizens, i hope that you may understood right now, happy posting everyone.

I'm not sure if the chinese are happy with their country banning bitcoin and force them to use their own coins which are centralized.

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2 hours ago, Basad said:

Good number of population Chinese are already exposed to cryptocurency system so it will be very difficult for banks to stop the people from accepting, using or appreciating cryptocurency 

This applies not only to the population of China, but also to other countries, have a large number of investors and traders who store bitcoin. 

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5 hours ago, deepown said:

I'm not sure if the chinese are happy with their country banning bitcoin and force them to use their own coins which are centralized.

They wont be Happy about it, they need to enjoy the same benefits as other people of the world are enjoying, not by just limiting themselves 

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2 hours ago, kabanidze said:

the own coin of any country will be very useful first of all for the citizens of the country themselves

Absolutely yes mate, if your country has make or publish a coin, are you willing to support this by investing it? I think you will support this and if this will be going popular, there has a possibility to increased its price and also the outsiders will also used it too.

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21 hours ago, teminalibug said:

It is not too late yet, but the longer they ignore it, it becomes too late for them, the future is only bright if you invest now.

Certainly, this is true. ”And I meant that it was too late for people trying to prevent the spread of cryptocurrencies and dealing with them, as they have already spread and become strong enough in the markets.

 

Edited by DavCrypto

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12 hours ago, Roytuni82 said:

Financial markets are facing their worst crisis and people are looking for alternatives to protect themselves from collapse. One option that many consider is the cryptocurrency annoying Chinese authorities and others

This is completely true. I find that cryptocurrencies are now the best option for saving and storing money and many of us do that. In your opinion, Chinese authorities are very disturbed by that? Although it began to pay salaries to some military sectors through Bitcoin.

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1 hour ago, DavCrypto said:

Certainly, this is true. ”And I meant that it was too late for people trying to prevent the spread of cryptocurrencies and dealing with them, as they have already spread and become strong enough in the markets.

 

Oh if you meant that then they are too late indeed, you see they should have stopped they use if bitcoin when there was less than a hundred investors at least.

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22 hours ago, halloweed said:

Even if they do not follow the rules they will never get caught and that is exactly what i think they are doing, not following the rules.

Yea,, only the vigilant people will escape being caught, but this is possible that they will instilled all measures that will trace anyone that violate their laws set aside

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I have seen that many of the government of different countries are not accepting cryptocurrencies.  The major reason behind is that if crypto is made currency of a particular country then control of currency will go from government. 

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It will definitely affect people, if the Bank of China continues to publish about Bitcoin in this way, it will definitely affect new investors who want to enter the cryptocurrency market because after these statements they will choose to stay away.

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This is very natural and always expected, because most banks hate cryptocurrencies, and this is because they are unable to control the prices of these currencies, and also with what they track. For this reason, many banks have started to establish their own currencies, but with different characteristics from the currencies that we know.

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This decision may not affect cryptocurrencies, but maybe affect people. That is why all of us know about China,  its economy and others. But l can not deny that, despite big economy people are not rich. China doesn't want people to be free from her. 

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On 3/23/2020 at 6:58 PM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

We know that China banned crypto services in their country long time ago. But recently they are showing interest on crypto to adopt it. And this is a good news for the market.


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The bank of china is acting for anti-cryptocurency just because the country wants to develop there own technology and Cryptocurrency and later on they will be supplying their crypto coins in the international markets. 

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China wants to take under everyone for their economy and it is known as most powerful country in economy so cryptocurrency disturb in Chinese marketing because one can control cryptocurrency and people always give priority to cryptocurrency than country currency. It is waste of time for fighting against cryptocurrency.

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On 4/29/2020 at 10:54 PM, halloweed said:

Maybe after the economy of many countries been messed up with the COVID-19, those countries might finally consider recovering through crypto investments.

Yes I think that this news is bad and unfortunate because the people that use cryptocurrencies in China will fail because the government of China is now banning and fighting cryptocurrency in their country which is unfortunate to the people. I hope that they will accept cryptocurrency. 

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On 3/23/2020 at 8:58 PM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

Actually China is not against crypto currency in fact they are planning to launch their crypto yuan this year but I dont think that that will happen because of the corona virus outbreak maybe next year it will eventually happen if the problem of corona virus will be resolved.

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On 23.03.2020 at 15:58, Jone20 said:

Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

I think that this will not greatly affect the price of bitcoin and the miners, but fewer and fewer people will continue to mine bitcoin in China.


 

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Yes, it is true, that the Bank of China is one of the most opponents of the cryptocurrency, and this may negatively affect the encryption negatively, but temporarily, that China seeks to control the cryptocurrencies, and this is contrary to the concept of crypto

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Most of the banks and governments in the countries of the world are fighting Bitcoin not only in China. However, there are companies in China that carry out important projects in digital currencies.

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China may succeed in fighting cryptocurrencies on its soil, but it cannot prevent the whole world from using cryptocurrencies

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Life is great and enjoy it

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Bank of China can not stop crypto currency from spreading across the globe o heard that China government are planning to adopt crypto currency.

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I really don't think the war against crypto by the bank of china will really last long because lost of people have started adapting to the use of crypto and also looking for other means of investing and earning money. 

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Panic sentiment sharply intensified after the announcement on 24 June that creditor payments for the bankrupt crypto exchange Mt.Gox would begin in early July. The total amount of funds to be distributed among former clients is 162,100 BTC, roughly $10 billion. Bitcoin responded to this news with an 8% drop. It’s no surprise – such a volume of coins flooding the free market can seriously knock down prices. In the derivatives market, long positions worth $177 million were forcibly liquidated, and the total financing rate for futures contracts turned negative for the first time in June, indicating that sales exceeded purchases.   It is precisely on the expectations of Mt.Gox debt payments that the flagship crypto asset's quotes reached the lowest level in the past eight weeks last Monday. In this situation, two things are encouraging. Firstly, the deadline for repayment falls on 31 October, and it's possible that payments will be made in parts over four months rather than all at once. 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CEO of investment company CryptoQuant Ki Young Ju calculated that over the past two weeks, bitcoin whales and miners set a record by selling coins worth $1.2 billion.   According to 10x Research, all last week, US spot BTC ETFs recorded investor outflows, and on 21 June, net outflow exceeded $105 million. 10x Research believes that bitcoin will now need to find a new price range to stabilize the decline and then find growth catalysts. In the medium term, according to 10x Research analysts, it is not worth expecting BTC to return above $70,000.   Popular analyst Matthew Hyland noted that the combined bitcoin balance on centralized exchanges reached a multi-year low. In theory, this could be seen as a bullish signal, but the crypto market leader is not yet eager to show an upward trend. Naturally, the publication of key US economic data could serve as a vector for further cryptocurrency movements. If the Fed takes its first step in easing its monetary policy in September, it could support risky assets, including bitcoin. According to Cryptology experts, the chances of bitcoin reaching a new all-time high by the end of September are quite high, and what is happening now is a phase of accumulation.   Despite the current decline, many investors remain optimistic, citing the cyclical nature of the crypto market. They also do not forget about the US elections. For example, former Goldman Sachs CEO Raoul Pal predicted significant bitcoin and cryptocurrency market growth in Q4 2024. In an episode of The Wolf Of All Streets podcast, the financier noted that risky assets like bitcoin usually rally against the backdrop of US presidential elections. "The final quarter of an election year is a real 'banana zone' for all assets. It always is," Pal optimistically stated, noting that the "banana zone" for cryptocurrencies in autumn is much more pronounced than, for example, for the Nasdaq index.   Bitcoin was also supported by billionaire Michael Saylor. His company, MicroStrategy, is one of the largest bitcoin holders in the world, with 205,000 BTC on its balance sheet. Despite the negative trend, it increased its reserves by another 11,931 BTC (over $700 million) in the past month alone. Saylor is convinced of the first cryptocurrency's ability to grow to $10 million with support from China and other factors. He believes that in the future, governments, especially China, will fully embrace the first cryptocurrency and integrate it into the state infrastructure. The entrepreneur declared all pre-bitcoin economic instruments obsolete. "Before Satoshi Nakamoto, economics was a pseudoscience. All economists before Satoshi tried to develop economic laws with shells, glass beads, pieces of paper, and credit instruments," the businessman wrote, calling bitcoin a "perfect asset."   In previous reviews, we already wrote that the launch of exchange-traded spot ETFs on Ethereum could give a certain boost to the digital asset market. On 25 June, SEC (US Securities and Exchange Commission) Chairman Gary Gensler noted that the registration process for new ETFs is "going smoothly," and the approval date depends on how quickly applicants submit adjusted S-1 forms. Bloomberg analysts call 02 July the expected approval date for new products. Reuters, citing anonymous sources, reports that a consensus has been reached between fund managers and the SEC in negotiations, and only the "final touches" remain.   Co-founder of venture company Mechanism Capital Andrew Kang stated that after the approval of ETH-ETF, Ethereum's rate could correct by 30%, falling to $2,400. In his opinion, at this stage, the main altcoin attracts much less attention from institutional investors compared to bitcoin. Based on this, ETH-ETF will attract only 15% of funds compared to what BTC-ETF received at the start.   Kang noted that to increase Ethereum's attractiveness among investors, its ecosystem needs to be positioned as a decentralized financial settlement layer, a global computer, or a Web3 application store. At the same time, it will be difficult to sell new ideas for Ethereum's application to funds, as the asset is perceived by investors as an overvalued stock of a large technology company.   Significantly more positively views the future of Ethereum Matt Hougan, CIO of Bitwise, a company managing cryptocurrency funds. In his opinion, the appearance of a long-awaited exchange product is undoubtedly a positive factor, and the net inflow of investments into ETH-ETF over the first 18 months will amount to $15 billion. In his analysis, he relies on the experience of Canada and the EU, where in similar products the inflow ratio for Ethereum and Bitcoin is approximately 1 to 4 (i.e., 25%). In other words, if in the first quarter of work for spot Bitcoin-ETF the total inflow was $26.9 billion, for Ethereum it is expected to be at the level of $6.7 billion. In this case, in three months of work, the leading altcoin could rise to $4,400-5,000.   CEO of SkyBridge Capital Anthony Scaramucci believes that the price of Ethereum could rise even higher, reaching $10,000-12,000. Regarding bitcoin, the entrepreneur allows for its growth to $170,000-250,000. The main driver, in his opinion, will be the further institutional acceptance of cryptocurrency. Scaramucci called the approval of spot exchange ETFs an important regulatory barrier breakthrough for attracting new capital. Thanks to this, in his opinion, the share of digital gold in the portfolios of major players will soon be about 3%.   As of the evening of Friday, 28 June, BTC/USD is trading at $60,190, and ETH/USD is in the $3,390 zone. The total crypto market capitalization is $2.24 trillion ($2.34 trillion a week ago). The bitcoin Fear & Greed Index (Crypto Fear & Greed Index) has dropped from 63 to 47 points over the past 7 days, moving from the Greed zone to the Neutral zone.   In conclusion, here is another observation from Matt Hougan. The CIO of Bitwise presented three reasons why long-term investments in both bitcoin and Ethereum are more advantageous compared to investing only in bitcoin. These are: 1. portfolio diversification 2. the opportunity to earn on very different ecosystems and 3. economic benefit.   Considering the difference in the capitalization levels of bitcoin and Ethereum, Hougan believes that 75% of the capital should be invested in BTC and 25% in ETH. According to calculations, over the period from May 2020 to May 2024, the yield of such an investment portfolio is 3% per annum higher than one that only contains bitcoin. However, Hougan acknowledges that in the shorter term, a portfolio including 100% BTC outperforms a diversified one. Moreover, investing only in bitcoin carries fewer risks due to its higher market capitalization and features such as limited coin issuance and a phased reduction in the inflation rate to zero.   NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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