Again and again, how many times have we been through this? This Friday (24), another Chinese crackdown on cryptocurrencies made Bitcoin and all other altcoins fall in price quickly.
About R$700 billion was paid off in 24 hours causing the cryptocurrency market capitalization to drop to R$10.3 trillion (US$1.94 tri), according to CoinGoLive.
BITcoin retreated to $42,200 according to CoinGoLive and other altcoins also fall sharply with the announcement of China's crackdown
China Bans Bitcoin, Again. lol
This meme was from 4 years ago:
China makes Bitcoin shrink to $42000
Stop despair. Bitcoin was created EXACTLY with the purpose of being uncontrollable by the government or the banks. Every year FUD appears that China will ban BTC.
It turns out that the miners have already left China. The Chinese who have BTC will hold on to the force of hatred of a thousand Somali children watching you waste food in childhood. Probably the price there will skyrocket in p2p, the same happened in all countries where Bitcoin was "banned".
The start of the week was difficult for bitcoin bulls as the price of cryptocurrency plummeted on fears of China's housing crisis.
China's central bank has announced that all cryptocurrency transactions are illegal and should be banned, the clearest sign yet of its determination to crack down on the sector.
All cryptocurrencies, including bitcoin and tether, are not fiat currencies and cannot be circulated on the market, according to a statement published on the People's Bank of China (PBOC) website.
All transactions related to digital currencies, such as services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.
Bitcoin dropped 5.5% on Friday after the announcement of the new guideline, which coincides with tension in global markets increasingly concerned about the debt crisis at real estate developer China Evergrande.
The Chinese government may also be responding to signs that miners are covering up activities to stay in the market.
And that doesn't matter either, because somebody will. The profit from doing so accrues to those that do, allowing them to effortlessly outcompete those that don't. It's like being the only one in your neighbourhood with access to money accepted in real global trade while everyone else has to use vouchers you hand out, you get a massive advantage from that position and can use it to dominate anyone without that advantage.
China's economic planning agency said it was an urgent task to eradicate cryptocurrency mining and that control was important to meeting carbon emission targets.
Mike Novogratz, the CEO of digital asset management company, cryptocurrencies and blockchain technology sectors Galaxy Digital, says that $40,000 bitcoin shows the market is in good shape and recommended buying digital assets.
The crypto-billionaire told CNBC earlier this week that he thought the market remained in good shape, even after the sell-offs over fears over the housing crisis in China.
