With the release of more negative news from China, the price of Bitcoin fell to its price level of two weeks at $ 32,000. This time, it is reported that one of the largest state-owned banks in China has banned its customers from dealing with any crypto assets.
The Agricultural Bank of China said in a statement on June 21 that its customers were barred from doing any business with cryptocurrencies.
It is worth noting that the Agricultural Bank of China is generally one of the largest banks in the world.
Customer accounts will be blocked immediately if any interaction with Bitcoin and other crypto assets is discovered.
The bank also intends to report all suspicious transactions to the relevant authorities "in a timely manner".
Thus, the world's most populous country continues to deal with digital currencies.
As previously reported, the country officially banned BTC at its borders nearly a decade ago, but it always likes to reiterate its position on a regular basis.
The crypto currency community believes that China is more focused on dealing with digital currencies this time around because of the launch of the digital yuan, which will be quite different from the decentralized nature of bitcoin. 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.
However, today's statement from the giant bank immediately affected the cryptocurrency market.
Within hours, Bitcoin fell more than $ 2,000 to a two-week low of $ 32,300. In the 24-hour timeframe, the price of Bitcoin dropped by approximately $ 4,000. With the significant double-digit price declines of Ramzars, the situation of Altcoins has worsened.
It should also be noted that, according to a Twitter user, the bank apparently deleted the warning shortly after it was issued.
The Agricultural Bank of China will issue a statement stating that the accounts of any customer dealing with cryptocurrencies will be closed.
Fifteen minutes later, they appear to have deleted the statement
Source: https://cryptopotato.com/bitcoin-dumps-to-32k-as-chinas-third-largest-bank-announced-a-ban-on-crypto-usage/
The Agricultural Bank of China said in a statement on June 21 that its customers were barred from doing any business with cryptocurrencies.
It is worth noting that the Agricultural Bank of China is generally one of the largest banks in the world.
Customer accounts will be blocked immediately if any interaction with Bitcoin and other crypto assets is discovered.
The bank also intends to report all suspicious transactions to the relevant authorities "in a timely manner".
Thus, the world's most populous country continues to deal with digital currencies.
As previously reported, the country officially banned BTC at its borders nearly a decade ago, but it always likes to reiterate its position on a regular basis.
The crypto currency community believes that China is more focused on dealing with digital currencies this time around because of the launch of the digital yuan, which will be quite different from the decentralized nature of bitcoin. 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.
However, today's statement from the giant bank immediately affected the cryptocurrency market.
Within hours, Bitcoin fell more than $ 2,000 to a two-week low of $ 32,300. In the 24-hour timeframe, the price of Bitcoin dropped by approximately $ 4,000. With the significant double-digit price declines of Ramzars, the situation of Altcoins has worsened.
It should also be noted that, according to a Twitter user, the bank apparently deleted the warning shortly after it was issued.
The Agricultural Bank of China will issue a statement stating that the accounts of any customer dealing with cryptocurrencies will be closed.
Fifteen minutes later, they appear to have deleted the statement
Source: https://cryptopotato.com/bitcoin-dumps-to-32k-as-chinas-third-largest-bank-announced-a-ban-on-crypto-usage/
Reason why am not worried about it :
1. We saw what happened in the past there was a massive unrest amongst the crypto users but soon enough bitcoins recovered
2. People are buying at such a low price end especially companies like microstrategy they literally brought a lot more that one could encompass so I believe the price will be right up in few months.
3. This ban would mean eventually china would get out of the news because usually there is always a matter about the government banning mining and overtaking the hashrate etc...this way they won't be able to influence the market more ! (But ofc only if they decide to go with the ban )
Think about other countries accepting Bitcoins as a legal currency! Do not let such negative new affect you.
