The crypto industry has once again fallen prey to the Chinese FUD. By the way, enthusiasts forgot about the number of bans imposed on cryptos. As a result, FUD derivatives reportedly wiped out $600 million worth of Bitcoin (BTC). The liquidations increased selling pressure, creating an imbalance between demand and supply, thus causing excessive volatility. For details Cryptocoin. com
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Bitcoin bans and China
The bearish prospects in fiyadollarsars are associated with herd investors and traders. Those who panic sell their assets, fearing terrible losses. It is worth noting that the industry has witnessed similar events in the past. And the crypto industry has known it to rise every time. People who are trapped in FUDs are actually more worrisome than the fall. The table below provides a clear understanding of historical events.
This time the situation is no different. BTC fiadollaryellow reached a 24-hour low of $40,936.56 from a 24-hour high of $45,080.49. But the coin is 41,422. It is trading at $06. Statistics are from the time of writing. Meanwhile, other top altcoins are following the BTC trend. The image below is a collective effort showing the number of bans crypto has seen. Popular analyst Molly states that the Chinese legislation was announced on September 3. And he asks traders and investors not to drop it. In addition, the internet community thinks stale news is of interest and is also looking for links to BTC prices yellow and the CME loophole.
Bitcoin is a seasoned sailor, he will break the waves!
Ironically, the whales buy the drop, while the amateurs get liquidated. The increase in Coinbase premium justifies the decrease in buying. If China bans something, it is because they firmly believe it is highly valued by its citizens. The activity of whales is evident from the statistics. The popular analyst recalls the events of the 2017 ban and how the bull rally continued. He is also waiting for a massive FOMO rally that will push BTC prices above $150,000. It also hints at the possibility of the coin reaching $333k. Facts and figures, collectively, give a bigger picture of things. We can expect a repeat of historical events by picking up crypto in bullish momentum. Many speculations are swirling amid the noise that also connects the Evergrande fall.
December 2013: China bans banks from handling BTC transactions
The People’s Bank of China said in a statement that Bitcoin is a “virtual good” without legal status and should not be used as a currency. This was the first crypto ban imposed on major financial institutions in the country. Many believe that the ban was implemented due to increased interest among Chinese citizens during a strong bull run in Bitcoin.
September 2017: China orders local cryptocurrency exchanges to cease operations. The country banned initial cryptocurrency offerings and ordered all local cryptocurrency exchanges to cease operations within the country. The move came amid a strong bull market for Bitcoin approaching $20,000 in late 2017.
May 2021: China bans various financial institutions and payment firms from offering a series of crypto services. The country reiterated its previous bans from 2013 and 2017, citing the dangers of speculative trading in cryptocurrencies, and strengthened the ban for a variety of cryptocurrencies-related payment platforms and transaction activities.
June 2021: China ramps up crypto mining pressure. The country has set its sights on banning cryptocurrency mining with various regulations for the industry. Following the new rules, Bitcoin mining immediately moved to more crypto-friendly countries, including the USA. China cited environmental concerns and excessive energy consumption as the reasons for its new restrictions.
September 2021: China bans cryptocurrency-related transactions. The country has made cryptocurrency-related transactions illegal and banned overseas exchanges from serving its citizens. The People’s Bank of China said in a statement that cryptocurrencies such as Bitcoin and Ether are “illegal and should not and cannot be used as currency in the market.” The ban effectively ends the trading of cryptocurrencies, but it is not illegal for its citizens to hold the asset at this time.