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

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.

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.

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...

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.

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

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.

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

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.

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.

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.


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.

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

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.

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.

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.

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.


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.

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

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.

$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.

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 .

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.

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.

I am curious who will buy all the BTC from miners and for what price... 

The market is witnessing some unexpected dips due to all these Chinese ban and FUD created resulting in panic selling of Bitcoin in the market.Most probably the Chinese traders and miners are cashing out the profits to settle their funds but all this will end soon as other start accepting it.Soon miners will setup the mining farms in crypto friendly zone again increasing the hashrate and prices.So when this will be over sellers might be regretting.

In my opinion its the best time to buy btc. We wont get another chance like this unless Elon tweet something against btc. Just wait and watch ,the price of BTc will jump back to 40000Dollars within 2  weeks and I am sure about it. China is just trying to shake crypto investers and who knows whether they are also utilizing this dump situation to pile up more crypto. You cant predict anything abount China. They say something and do something.

Take a look on this situation from a different angle. There were so many miners in China, that if they continue to enlarge the amount of miners, they might turn into a monopolists someday. Just imagine, biggest cryptocurrency and being controlled by a single country.

Despite what a lot of people think you have to look at the real global consequences if such a ban really is put in place. It might not matter to a man in Poland or Suriname as he is not affected but it matters of global adoption, thus on the price and usage Bitcoin would have. Basically, you're excluding from usage and buying 1.3 billion people and a country with the second-largest GDP in the world, and more importantly, a country of such power makes this move.

People here were cheering for the news Salvador adopting BTC, it was all good, then we started thinking who is going to be next if you think with a cool head why wouldn't there be a country that also follows China in its steps? It's perfectly rational for this negative view to be taken into account by traders.

Remember, those are traders, for them BTC is an asset that goes up and down and makes them money, they care about BTC and know as much about it just as they know about lumber, sheep, and iron, all are just some values on a screen. A bitcoin thinks, yeah China doesn't matter thinks will not be bad long term, a trader sees a possible downtrend for a while and acts accordingly.

This was due to many different reasons. But this is temporary.

It is a blessing in disguise and no one is really comfortable with the fact that 70% to 80% of the mining hash power is concentrated in China. There are several countries with more friendly cryptocurrency policies. But the issue is that the vast majority of the mining hardware is produced in China and therefore it is cheaper to set up mining farms there. In countries such as Russia, the electricity cost is low, but it is expensive to import all the mining hardware from China. But eventually, the miners need to take this step if China remains hostile.

Perhaps China's constant production of bad news that keeps BTC prices from rising in the near future is a foreshadowing scenario, but this will disappear in a few weeks and BTC prices will return to momentum increase. The next growth, our job now is to buy BTC when its price is as low as possible.

Currently, the price is hovering just above 32500$. The FUDs are getting too much these days and especially China is trying to put its miners below their feet. The has rates are going back to mid-2020 levels. In my opinion, this is actually a good thing for the BTC's future. The mining % will be less under the Chinese communist and this will also create more mining plants outside China. So this news might be a blessing in disguise for the crypto community.

FUD is coming and so panic is happening.

Bitcoin dropping after it hit an ATH should be expected, the dump today is not even worst, we didn't see a double-digit percentage dump yet, so it's better for us to be realistic and expect the worst scenario so we will not be surprised. For sure bitcoin will recover in the long run but we have to understand that the trend now is a down trend, because the market is already bearish.

Lots of FUD from China and I don't they don't have power to dump the market. FUD is tool to dump the market when price touches its point to be corrected.

What's next?

• FUD does not last forever, months or years. The market need to rally as dead cat bounce or begins its new bull run
• Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke. I wait for such pump from China, not now, not in next one or two months, but later than October this year.

let's just leave it first, and we'll see how the next step will be carried out by the Chinese state and Elon Musk, let's just follow their game first,, they want to drop bitcoin, and want to make the price of bitcoin fall, even though they want to make every effort to bring it down. bitcoin, I believe bitcoin remains at the top, because there are still many millionaires and other countries who are still willing to adopt bitcoin..

The only thing that I can think of when it comes to the difficulty converting Bitcoins to Cash, would be the ease the crypto black market might bring. We saw Bitcoin used illegally in the past and we feel that there might still be a possibility that a black market still exist in the real world when it comes to legalizing crypto that is considered banned or illegal in a certain territory. That might be the only way for them to legalize or launder their bitcoins and convert it to cash for their personal use or possibly for moving their equipment and their selves overseas.

" 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. "  

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.    

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.  

Repeat the cycle every 4 years, even to the grandmother do not go:

1) high April 13, 2013, bottom July 1, 2013, then a lot of X's for the new year
2) high June 5, 2017, bottom July 10, 2017, then a lot of x's for the new year
3) high April 12, 2021, bottom ... july 2021, then a lot of x's for the new year

The drop is temporary for now and great for the long run. I personally so very much wanted to see the entire Chinese population out if the crypto market as soon as possible. This is probably happening because Chinese people have started cashing out their bitcoin. Once this outgoing volume stabilizs, the price will go up for sure.

This move will make the crypto market immune from Chinese government's decision once and for all. Not to worry!

Its sad when nations with large economies do this and then people actually take to serious sales like, a ban in bitcoin or cryptos at large would have any effect on the commodity as to it actually going out of existence. I'm not against people selling cryptos, no. By all means you could sell but with a reason, a reason far from the FUD that is being spread about by the whales, the government of all these large economy nations. Crypyos is decentralized and as such, you've got nothing to fear from any ban or negative projections of the whales.
Stop flooding the market with coins more than necessary, your only feeding the whales more who are very ready to buy from you. Whats there to fear from having a country to have ban bitcoin only to come back and work with it again? If at all there is nothing to learn, you could learn that, they actually can't stop it. Thats where we should bank our hopes on.

Okay then this is my time to buy more bitcoin. Actually I planned to buy bitcoin at 20k price level. Maybe it's a bad news for many people but it is a good news for me as contrarian investor. I believe that if Bitcoin price go down then it will go up again and vice versa. I will accumulating more Bitcoin and Trx, I think Trx has big probability to increase 2000% in the next bull run. But it is just my expectations. I think this banning is not forever.

we cannot blame them since China always makes an impact when there's such news across the internet and it really forcing a bunch of hodler to sell off immediately even before. The sad fact here is they still lack of confidence to keep hodl and still don't understand how this things works after such scenario wherein mostly just always regret and become upset at the end when there's a good improvement afterwards..

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.

The only thing that disturbs me is how the Chinese miners are gonna get paid,when they sell their BTC?
Do they have bank accounts in banks located outside of China.
What if a crypto miner located in China sells some BTC and receives money in a Chinese bank account?
The bank finds out that the money in that account are obtained via crypto trading,so the bank decides to block that bank account with all the money inside.What happens next?
Anyway,I think that the crypto community and the crypto markets will be safer in the long term,if more miners decide to run away from China and move to other countries.

Similar to the previous episodes of FUD from China, the impact of this news will be gone in one or two weeks. All we need to do is to wait. It actually surprises me that China still holds so much influence on the cryptocurrency exchange rates. They have crashed the cryptocurrency prices at least two dozen times and the traders still haven't learnt the lesson. I don't know the mentality of those idiots who dump their coins when some negative news from China appears in the media. Are they so dumb to sell their coins in panic?

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"

so Elon Musk and China are changing issues to make crypto market shaking and dumps like this.
till How long will people finally understand that even without china keeping Bitcoin/crypto yet there are many countries starting to adopt crypto now.
and with this we will progress and increase in value together.

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/