China's regulatory measures are becoming stricter

Lee_Mire

jr. member

Activity: 56

Merit: 13

Quote from: AakZaki on June 22, 2021, 01:50:33 PM

Panic has started and the market crashes for the umpteenth time because of several FUDs and China's decision to expel miners from China. China's regulations regarding the use of cryptocurrencies are very strict, even large companies that want to start adopting cryptocurrencies in China are warned not to add cryptocurrency payment options. I don't know why China's regulations are too strict and controversial, whether this is just manipulation by some elites. I dunno, but I still believe Bitcoin will be bullish at the right time.

The market was correcting from a consecutive 5 month rally. Human nature always wants to find a "reason" for technical corrections caused by PA, profit taking and overall structure. I assure you even if we were getting good news every 1 hour, the market would have crashed due to natural market movements. In other words this china "fud" is another way to explain what was always going to happen.

Shenzou

sr. member

Activity: 1400

Merit: 283

Quote from: lucky9475 on June 22, 2021, 03:37:33 AM

China's regulatory measures are becoming stricter
6.22 Morning News

On June 21, the official website of the central bank stated that the relevant departments of the People's Bank of China have recently interviewed some banks and payment institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China, on the issue of providing services for virtual currency transactions by banks and payment institutions. Subsequently, Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank, Industrial Bank and Alipay issued announcements prohibiting the trading of virtual currencies such as Bitcoin. This news caused a panic in the crypto market, and the currency circle plummeted.

Yeah i mean with the news that china was going to take strict regulations toward mining bitcoin and crypto in general made the prices dip, because china has been saying that they are going to do something about it and every time they say so they cause the price to dip and than they don't and everything goes back to normal, but this time they are actually taking actions and that is what really causing the second price drop.

AakZaki

legendary

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zknodes.org

Panic has started and the market crashes for the umpteenth time because of several FUDs and China's decision to expel miners from China. China's regulations regarding the use of cryptocurrencies are very strict, even large companies that want to start adopting cryptocurrencies in China are warned not to add cryptocurrency payment options. I don't know why China's regulations are too strict and controversial, whether this is just manipulation by some elites. I dunno, but I still believe Bitcoin will be bullish at the right time.

dkbit98

legendary

Activity: 2212

Merit: 7064

I think that Chinese government is still holding around 1% of Bitcoin supply seized from PlusToken Ponzi and I suspect they have much more Bitcoin than this, but they need to be more strict now because of their new Digital Yuan is being introduced.
People had time to play with Bitcoin and learn how it works, now government introduced ''better'' and ''safer'' solution that is totally controlled and centralized, and Bitcoin is not needed for the masses.
There are still a lot of connections between Alipay and BlackRock connected with Bitcoin, so I don't think Bitcoin story is totally finished for China, but operations will have to go underground, and mining will move to other countries.
Question is can something similar for Bitcoin happen for western countries in future, as they look a lot more like China in recent times...

Kez1817

member

Activity: 909

Merit: 17

www.cd3d.app

China always finds ways on how to control the digital currency using their strict regulatory measures. Let's see if how far China can go. Yes, it has an impact in crypto market but it will not stay at the bottom. I know many people are happy now at the current market situation because they have an opportunity to but at a lower price.

mk4

legendary

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Paldo.io 🤖

Quote from: ?? on ??

It was absolutely the wrong decision in my opinion. Why did they do it?

Something something Chinese Communist Party and something something all they want is control and power. Bitcoin takes away that control and power so it's just common sense for them to heavily escalate regulations.

meanwords

full member

Activity: 1624

Merit: 163

Quote from: crwth on June 22, 2021, 09:44:58 AM

IIRC, China has banned cryptocurrency multiple times, right? Or it's just a ploy to get more BTC? Lol.

Yes, but not to this extent where they are really creaking down large miners to the point of shutting down. I think China right now is really dedicated to stay away from Bitcoin. On the other hand though, China won't have the majority of the miner anymore. Obviously, different miners will migrate to other country instead of completely shutting down their rig.

crwth

copper member

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https://linktr.ee/crwthopia

I wasn't aware until now about this. Is there something relevant to the decline of BTC prices today? Everything is a disaster right now because of this. After BTC reaching $29k, I think it's helpful to be prepared with this kind of happening, and knowing what to do will be beneficial for us. IIRC, China has banned cryptocurrency multiple times, right? Or it's just a ploy to get more BTC? Lol.

Fesatmas

sr. member

Activity: 2268

Merit: 275

Quote from: yazher on June 22, 2021, 04:03:34 AM

That's why the price in the last 7 days was sinking I wonder up to how much the price will go down this month since we are experiencing bad situations one after another. Looks like China is going to wash their hands from any crypto currencies-related thing. It will cause some panic especially to those people who don't know what's going on and they only look at the market for some updates. currently is not good right now.

it's been a few days the growth of Bitcoin and altcoin is really sad, whether this will continue next month or temporarily. We're still looking for exciting news. Lately, we've had enough of asking about China, China and China. such an effect on our finances that no fresh room can be given.
I hope that in the future, countries with potential such as China will not have to deal with Bitcoin. because we learned from this incident, they are not aiming to revive Bitcoin, but to take profit. in principle they are just a business, not voluntarily supporting cryptocurrencies.

Are we going to boycott Chinese products? (i need support vote) Grin

Yakou99

newbie

Activity: 1

Merit: 0

Quote from: clint25n on June 22, 2021, 05:19:18 AM

as we predicted earlier that the pressure on bitcoin from the Chinese government is very tight, and the impact is so large on the world bitcoin stock market price, but we must remain optimistic about some of the pressure that occurs on bitcoin.

To be honest, I have seen this scenario playing out other times. Some regulatory body says "Bitcoin bad", it goes down, then some other country voice its support for Bitcoin and it goes up. I wonder if the CCP is just speculating. It is not the first time they have driven the price down, then they backwalk a bit and the price goes up.

clint25n

sr. member

Activity: 840

Merit: 250

as we predicted earlier that the pressure on bitcoin from the Chinese government is very tight, and the impact is so large on the world bitcoin stock market price, but we must remain optimistic about some of the pressure that occurs on bitcoin. will happen in the last few years.If indeed the price has not gone up in the short term, we hope it will increase in the long term. because the stock market is very influential on world pressures in the midst of the globalization pandemic

Yaunfitda

hero member

Activity: 2870

Merit: 594

It will definitely have an impact, just like what we have seen in recent months. But we can't do anything about it but to remain calm right now. It's not like bitcoin will go to 0 or something, we might see a huge drop, but this is not the first time in history that we've experienced it.

On the contrary, if you are a firm "believer" that bitcoin can regain and bounce back from all of this negative news, then why not take advantage of the situation and continue to stack sats? Instead of being nervous and push the sell button.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

That's why the price in the last 7 days was sinking I wonder up to how much the price will go down this month since we are experiencing bad situations one after another. Looks like China is going to wash their hands from any crypto currencies-related thing. It will cause some panic especially to those people who don't know what's going on and they only look at the market for some updates. currently is not good right now.

lucky9475

newbie

Activity: 6

Merit: 0

China's regulatory measures are becoming stricter
6.22 Morning News

On June 21, the official website of the central bank stated that the relevant departments of the People's Bank of China have recently interviewed some banks and payment institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China, on the issue of providing services for virtual currency transactions by banks and payment institutions. Subsequently, Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank, Industrial Bank and Alipay issued announcements prohibiting the trading of virtual currencies such as Bitcoin. This news caused a panic in the crypto market, and the currency circle plummeted.

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