Yeah, today's news was kind of a bummer. With China being such a huge economic power, this one decision could send all Cryptos tumbling down.
Please explain, in detail, how this decision could send all cryptos tumbling down?
China .Gov said "bitcoin can't be accepted by financial institutions cuz it's not currency," "bitcoin is dumb lol, totally not a currency," "exchanges and such need to use KYC/AML so we can spy on you," and that is supposed to send all cryptos tumbling down?
You can still buy and use cryptos in China just like before. There's just a little more bureaucratic red tape/gobbledygook. Just like in the US and it's not exactly hard to get bitcoins in the US (heck, now you can even ACH in and out of CBX...)