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

[clint25n]

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

[Argoo]

" 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.  

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]

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

[mauriek]

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.

[DapanasFruit]

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...

[dunfida]

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.

[Vishnu.Reang]

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.