Bitcoin Dumps to $32K as China’s Bank Announced a Ban on Crypto Usage

Vishnu.Reang

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Quote from: dunfida on June 27, 2021, 08:21:54 AM

How many times does China bans bitcoin since the last halving?

People are still buying this news? What a weak hands but no matter what they do bitcoin is still in the range of $30k, it hasn't been dropping below that. I don't know if they want to drop bitcoin below $30k or they were just eager for the bear market to show up.

Imagine if successfully made to break the strong support, we will be seeing a downward movement until it drops to where it want to stop. It's basically cleaning those weak-hands who can't hodl.

China is just a trigger and the whales are trying to manipulate the market using it. Individual users (especially the relatively inexperienced ones) are vulnerable to FUD and panic selling. The whales are using this opportunity to make these users dump their coins at cheap levels. And at the same time, they are accumulating coins without making much of a noise. The situation is similar to what we had in mid-2017, a few months before the crazy bull run took Bitcoin to an ATH level of $20,000 per coin.

dunfida

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How many times does China bans bitcoin since the last halving?

People are still buying this news? What a weak hands but no matter what they do bitcoin is still in the range of $30k, it hasn't been dropping below that. I don't know if they want to drop bitcoin below $30k or they were just eager for the bear market to show up.

Imagine if successfully made to break the strong support, we will be seeing a downward movement until it drops to where it want to stop. It's basically cleaning those weak-hands who can't hodl.

DapanasFruit

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I don't really agree that the market should go tank because banks based in China are now blocking cryptocurrency transactions. This is actually very old news...and should have been done in 2017. Let all the banks in China give press releases telling people they are no more into cryptocurrency, so that by 2022 the purge has already been done. The China FUD will soon stop and anything related with China will have no more effect on the market...and this is coming soon. And this is actually big good news...

mauriek

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Bitcoin price has dropped to a two-week low of over $32,000 as more negative news emerges from China. This time, one of the largest state-owned banks reportedly banned its clients from dealing with any digital assets.
According to a report from June 21, the Agricultural Bank of China has published a statement outlining a ban that would prohibit its customers from doing any business with cryptocurrencies.
It should be noted that the Agricultural Bank of China is also one of the largest banks in the world in general.
Client accounts will be terminated immediately if the bank finds out that they have interacted with bitcoin and other digital assets.
The bank also plans to report all suspicious transactions to the relevant authorities "in a timely manner."
Thus, the world's most populous country continues its crackdown on cryptocurrencies.

clint25n

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along with the halt made by the Chinese government, slowly the price began to drop drastically.especially with the addition of Elon Musk's tweets which increasingly made the bitcoin price sink to its lowest point at this time. This population is also very impacted by them withdrawing their assets in crypto. But we remain optimistic if this is only a short-term cycle

Argoo

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Quote from: Kakmakr on June 21, 2021, 07:18:42 AM

" It is worth noting that the Agricultural Bank of China is actually working on the national digital currency and has conducted several experiments to launch it. " Roll Eyes

So you ban other digital currencies to eliminate the competition to your own digital currency that are under development. I really feel sorry for the Chinese citizens that are supporting a government like that. Sad

This mentality borders on a type of Stockholm syndrome, where the victim grow feelings towards their captors. This is something that the Western world cannot understand and most people would expect something different from a civilization that are more than 5,000 years old.

Yes, on the eve of the official launch of its digitized yuan, the Chinese authorities decided to clear the way for it and remove possible competitors from the financial market. Cryptocurrency is the most unpredictable in this regard. Therefore, this reaction was quite expected. Do not expect the Chinese government to suddenly change its attitude towards cryptocurrency in a positive direction. This will never happen. Governments will work out their own financial mechanisms that they can control. Cryptocurrency miners need to leave China so that this problem is not a constant source of negative information.

clint25n

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this is the lowest point of what bitcoin is feeling at this time, especially since the price continues to decline sharply and the price is not stable.We hope bitcoin does not fall to its lowest point, maybe this is because the Chinese government also prohibits bitcoin from circulating in their country. maybe this also affects market prices. and we as investors only hope it is short-term and will return to stability in the long term

buwaytress

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Quote from: NotATether on June 21, 2021, 01:33:17 PM

Notice how the churn of negative news only comes when Bitcoin and alts start to recover. As another thread like this points out, it appears that entities in mainland China are trying to mess with some holders' trades by doing a coordinated announcement of these prohibitions or criticisms or anything else that's the scoop of the day, in as many places as possible at once, so that they can break these holders' stop gaps.

I'm starting to wonder how soon will bulls be numbed by these continuous, predictable pushes down and these entities start losing big money as the price breaks the resistance barriers to 60K. Maybe then we'll see less "bitcoin ban" news since they'll be much less coordinated manipulations behind the scenes then.

Might even work out this week, judging from the last two days of price action, but shouldn't be able to sustain downward pressure as it's shaken out as much as it can already.

Bulls are already numb. Those that couldn't withstand actually already dropped out years ago (in the post 2017 scenarios), and the last vestiges by last year's March crash.

iTradeChips

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Quote from: ?? on ??

Very sad news indeed, Red days are coming now, guys so buckle up and prepare for the worst, I think this a repeating process like last year. From Elon musk manipulation and then china banning bitcoin as well, But we know that this a test, I'm sure this could be a good time to still HODL and buy more bitcoins.

Well, this is what I have talked on the other thread. There are people who dismiss these "attacks" on Bitcoin as merely a price adjustment. They do not care about the sentiments of other people who are very afraid of their investments and their assets because it is being systematically being devalued by China and the elites. This is not a price adjustment in my opinion, this is an attack on the future of the financial system that can liberate people from the banking system. This has to stop and we need some powerful people on the side of Bitcoin as well to help.

verita1

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Okay! You guys are the best, each one of you has a very optimistic view of the current situation. Being a bitcoiner is definitely not for everyone. But the continued ban of China is a stone in the shoe, I worry that more than half of cryptomining is in China.

Quote

https://www.reuters.com/technology/chinas-central-bank-urges-financial-institutions-crack-down-cryptocurrencies-2021-06-21/

Cryptomining is a big business in China, which accounts for over half of global bitcoin production.

China has also blocked a slew of cryptocurrency-related social media accounts, and barred the search for major cryptocurrency exchanges such as Binance and Huobi on baidu.com and Twitter-like platform Weibo.

Although this would be the best thing that could happen to bitcoin that crypto miners have a great exodus to friendly crypto countries as well as that activities can be carried out more environmentally conscious.

Quote

Texas is an ideal destination for miners, thanks to its abundance of solar and wind power, its unregulated market, and its crypto-friendly political stance.

https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html

LoyceMobile

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People still don't get it: countries being afraid of Bitcoin should be considered bullish, not bearish!

oktana

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Quote from: buwaytress on June 21, 2021, 05:55:03 AM

This the best a China dump news part three can do? I'm so disappointed in the bears or shorters, or whatever they want to call themselves these days. If a 1-billion strong country bans Bitcoin on the back of influencers falling out of love with crypto, and best the market can do is test $30k, then I think we've got nothing to worry about.

Meanwhile, Chinese influencers be shilling the heck out of "Defi" Wink

Exactly my thoughts here. China has a big influence on many things, cryptocurrency included. And yet, all the ban could do was make us see 30k and alts going red. Isn't this the worse that can be done? What else can't bitcoin stand?! It just keeps getting interesting.

tygeade

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Well it’s very clear right now where china stands with this cryptocurrency thing, they have decided that they don’t want it in their country. Before now the first announcement was that a particular province in china has decided to ban cryptocurrency mining due to one reason or the other. And people said that it wouldn’t be the only one, that others will also do the same thing, and right now they are doing it, they have decided to ban it.

If a huge bank like this on China has decided to ban cryptocurrency, then others in that country might decide to do the same thing. But that doesn’t stop people from investing in cryptocurrency, because there is still another means which is P2P. China is not the first to ban cryptocurrency, other countries that banned it were never able to stop their citizens from trading, they still continued through P2P.

Anonylz

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Don't this guys get tired of doing this over and over again, I already lose count the number of times they have ban btc, just this year alone I think am reading the 2nd or 3rd similar headline about Chinese banning btc,
Why are they indecisive about their decision whether to allow btc or not! This guys are very funny.

NotATether

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Quote from: buwaytress on June 21, 2021, 05:55:03 AM

This the best a China dump news part three can do? I'm so disappointed in the bears or shorters, or whatever they want to call themselves these days. If a 1-billion strong country bans Bitcoin on the back of influencers falling out of love with crypto, and best the market can do is test $30k, then I think we've got nothing to worry about.

Notice how the churn of negative news only comes when Bitcoin and alts start to recover. As another thread like this points out, it appears that entities in mainland China are trying to mess with some holders' trades by doing a coordinated announcement of these prohibitions or criticisms or anything else that's the scoop of the day, in as many places as possible at once, so that they can break these holders' stop gaps.

I'm starting to wonder how soon will bulls be numbed by these continuous, predictable pushes down and these entities start losing big money as the price breaks the resistance barriers to 60K. Maybe then we'll see less "bitcoin ban" news since they'll be much less coordinated manipulations behind the scenes then.

Quote from: gabbie2010 on June 21, 2021, 01:08:24 PM

My position on the issue let their banks or the government ban or regulate cryptocurrencies once and for all so as to put a final stop or end to these negativity and let have a breathing space and allow the price action to be influence by hodlers and new adopters

Except... they already did those things (Chinese government banned commercial crypto payments, and now a big Chinese bank completely banning crypto from itself). You have to see it's not just news about bans that's driving the price bearish, it's the continued criticism that's pushing it too.

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Quote from: swiftbits on June 21, 2021, 11:57:13 AM

Quote from: buwaytress on June 21, 2021, 05:55:03 AM

This the best a China dump news part three can do? I'm so disappointed in the bears or shorters, or whatever they want to call themselves these days. If a 1-billion strong country bans Bitcoin on the back of influencers falling out of love with crypto, and best the market can do is test $30k, then I think we've got nothing to worry about.

Meanwhile, Chinese influencers be shilling the heck out of "Defi" Wink

We've been there so many times when they've tried to regulate crypto, but we still recovered. It also possible that more Chinese can shill the use of Cryptocurrencies. if they can bypass internet restrictions, they could still influence others to use it.

It's a pity that Chinese has more influence on the price of Bitcoin due to their large population thus any negative fundamental news will always have an immediate impact on the price of BTC, this had been reoccurring on numerous times, my position on the issue let their banks or the government ban or regulate cryptocurrencies once and for all so as to put a final stop or end to these negativity and let have a breathing space and allow the price action to be influence by hodlers and new adopters

swiftbits

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Quote from: buwaytress on June 21, 2021, 05:55:03 AM

This the best a China dump news part three can do? I'm so disappointed in the bears or shorters, or whatever they want to call themselves these days. If a 1-billion strong country bans Bitcoin on the back of influencers falling out of love with crypto, and best the market can do is test $30k, then I think we've got nothing to worry about.

Meanwhile, Chinese influencers be shilling the heck out of "Defi" Wink

We've been there so many times when they've tried to regulate crypto, but we still recovered. It also possible that more Chinese can shill the use of Cryptocurrencies. if they can bypass internet restrictions, they could still influence others to use it.

bryant.coleman

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$32K is almost the level at which Tesla made their Bitcoin purchase. When Elon triggered the crash with his irresponsible tweets, they were sitting on top of unrealized profits worth $1.2 billion (more than their annual profit for the year 2020). Now they are back to square one. I would like to know what will be the strategy from Tesla now. Are they going to sell their coins, or are they going to stay put? If they decide to dump their coins, then it represents another risk for us. This possible event can keep the prices suppressed for many weeks, if not months.

mayax

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Banks must not provide products or services such as trading, clearing and settlement for crypto transactions, the PBOC said in a statement.

So, all the exchangers and miners from China will be closed. What does mean? Well, normally the price should down to the bottom if Bitfinex will not generate its shit USDT to buy the BTC from market

)

I think they can generate 3-4 billions of USDT just to buy what the miners and chinesse exchangers will sell .

buwaytress

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Quote from: Beparanf on June 21, 2021, 06:37:15 AM

Quote from: buwaytress on June 21, 2021, 05:55:03 AM

This the best a China dump news part three can do? I'm so disappointed in the bears or shorters, or whatever they want to call themselves these days. If a 1-billion strong country bans Bitcoin on the back of influencers falling out of love with crypto, and best the market can do is test $30k, then I think we've got nothing to worry about.

Meanwhile, Chinese influencers be shilling the heck out of "Defi" Wink

Hell yeah, This is the reason why Bitcoin growth always been halt whenever the momentum is already build up. FUD always start to China then follow by Korea and Japan by releasing a repeated news like government banning Bitcoin or whatsoever. I don't know what's wrong to Bitcoin investors but this kind of news was already recycled many times before though.

Bitcoin's growth isn't halted by the market. Price maybe, sure, yeah, and we've all had our fun and games with that wholly unsustainable momentum, I think we can do with a bit of recovery and normalisation.

China FUD's not new either, which is why I said Part 3 (but I'm not counting every cycle of bad news from there). Korea and Japan though? Korean banks yes, but Japan's progressed quite a bit since Mt Gox, can't see them being part of FUD anymore.

Topic: Bitcoin Dumps to $32K as China’s Bank Announced a Ban on Crypto Usage (Read 456 times)