China bans Bitcoin again in 2021

[Sithara007]

US government banned it  much earlier didn't it? Most crypto exchanges are not supported in the US

What sort of rubbish? When did the Americans banned cryptocurrency? In fact many of the earliest cryptocurrency exchanges are based in the United States. On the other hand, there is a fiat ban on cryptocurrencies in China and direct fiat to cryptocurrency trading is not possible there. And that is the reason why a lot of Chinese users depend upon exchanges in Hong Kong and South Korea. But in the United States, the exchanges don't face any sort of restrictions (in any of the states).

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[Argoo]

For years, China has been constantly looking for a way to ban bitcoin. There will even be those who remember, he was constantly manipulating the market with the news about banning bitcoin in the 2017-2018 bull season. When a news headline “China banned bitcoin” was published, the market was going down. I hope they will return from their ban, which is not a good thing for both the market and Chinese investors.

It is unlikely that the Chinese authorities seriously fought with the cryptocurrency and its distribution in the world. Certain restrictions exist for government and especially financial institutions. Citizens still do not have any significant restrictions on the use of cryptocurrency. Restrictions were imposed on the activities of cryptocurrency exchanges in China and the illegal use of cheap electricity when mining bitcoin. Therefore, it is hardly worth saying that the Chinese government intends to ban the circulation of cryptocurrency in the country.

[dongyi17]

I guess China's banning Bitcoin again is another way of their strategic plans, Bitcoin is gaining popularity among all countries and is gaining their trust and making hit in the market, a lot wealthy people are investing to it and because of these ithas effect on their economic status, I think no matter how strong their restriction is Bitcoin will always find it way.

[michellee]

what you say is something that should be understood and owned by everyone who wants to join crypto. because what you say is true, that even though bad news will always affect the movement of bitcoin but there are times it may not shake bitcoin and keep increasing. So it just depends on the situation and the bad news.

but the most important thing is where there is a good side with this correction, providing an opportunity for those who have not had the opportunity to have bitcoin to have it at the current price drop. because opportunities like this might be hard to find.

always have to believe that bitcoin will be able to get through something like this, because bitcoin is used and able to get back up because there are still many who need bitcoin and will continue to buy and make an attractive investment. what you are saying is the truth that bad news can be bad news for those who do not believe that bitcoin will ever increase again. they will never have another chance like this.

Indeed. It is a chance for people out there to buy bitcoin at a low price. Although $30k is not cheap for most people but they can still buy bitcoin fraction by fraction. So that can not stop people to buy bitcoin with small money continuously. The correction gives a chance for bitcoin to get more support from the people who bought bitcoin, giving bitcoin more opportunities to increase step by step in the future.

Believing in bitcoin will be necessary if people want to invest in bitcoin and not panic if the price is down like today because bitcoin is not weak as they thought and when the right time comes, bitcoin price will increase and will break the high price.

[MFahad]

US government banned it  much earlier didn't it? Most crypto exchanges are not supported in the US

What sort of rubbish? When did the Americans banned cryptocurrency? In fact many of the earliest cryptocurrency exchanges are based in the United States. On the other hand, there is a fiat ban on cryptocurrencies in China and direct fiat to cryptocurrency trading is not possible there. And that is the reason why a lot of Chinese users depend upon exchanges in Hong Kong and South Korea. But in the United States, the exchanges don't face any sort of restrictions (in any of the states).

You are right as US are free to use crypto and they can easily buy crypto using coinbase. I just wonder why binance does not allow US to use their exchange and have a separate US version for US citizens ?

[pakhitheboss]

This has happened in the past Chinese government had banned cryptocurrency trading and it did cause a meltdown. People panicked at that time and they have again now. I do know Chinese hash rate is way higher and I think the market might have thought that such step by the Chinese government would hamper Bitcoin mining. That might be the reason for panic selling.

[Bilgent]

It's really hard to get China about this. It is one of the number one countries which are working to create their own digital currencies. But China is totally against the cryptocurrency market also. It thinks that allowing the cryptocurrency usage would cause yuan to devaluate.

[wack slacker]

The news has been confirmed, the Chinese government is making laws with miners and that is causing Bitcoin to drop in price. Bitcoin mining factories in Inner Mongolia are subject to government action, they have to move elsewhere for power and permission. We are facing the worst news recently when TESLA stopped accepting Bitcoin due to environmental issues.

We are very confused about the market because the negative news happened after the good news. Whales have been buying into Bitcoin in recent times in large numbers.
Perhaps more time is needed to conclude on the crypto market.

[verita1]

There are several indications of the ban of bitcoin in China. Everything points to Inner Mongolia as cnbc and other media had reported months ago.

If the problem is environmental, Why not work on it?

Mongolia is also accused of falsifying its energy consumption reports. In addition to this, the concern of the financial regulators of the Chinese nation about the high risk implied by the volatility of bitcoin, ethereum, dogecoin, etc., which has been more notable in recent days.

https://www.cnbc.com/amp/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

Inner Mongolia, located in northern China, failed to meet central government assessment targets regarding energy use in 2019 and was scolded by Beijing. In response, the region's development and reform commission laid out plans to reduce energy consumption.

Part of those plans involve shutting down existing cryptocurrency mining projects by April 2021 and not approving any new ones. They also involve reassessing other energy-intensive industries like steel and coal.

[ene1980]

Believing in bitcoin will be necessary if people want to invest in bitcoin and not panic if the price is down like today because bitcoin is not weak as they thought and when the right time comes, bitcoin price will increase and will break the high price.

Anyone investing in Bitcoin should believe in the market and even if the price goes down there is no point in panicking because you should be confident that the market would reach those valuation at a later period of time and if you have the bank balance you should average your investment capital if the market goes down.

Since i have seen the market going down multiple times and in the past i was confident about the price recovering but this time around i am not too confident to invest during a correction until the market settles down as the price is really high. Expect more FUD news to come out in the coming days that might pull the market down.

[Freezingel]

What can we really expect though? Even common applications and social media are banned in China, not to mention something unusual like bitcoin. But maybe since China is really influential in economic, it might affect bitcoin in some way. Of course if China accept cryptocurrency payment, it will be such a huge step and have a lot of benefits for cryptocurrency world. I just hope people won't really get affected by this news and let the market fall again just because of this. We shouldn't repeat the same mistake and do another panic selling that might destroy bitcoin.

[geegaw]

This has happened in the past Chinese government had banned cryptocurrency trading and it did cause a meltdown. People panicked at that time and they have again now. I do know Chinese hash rate is way higher and I think the market might have thought that such step by the Chinese government would hamper Bitcoin mining. That might be the reason for panic selling.

This is not a reason for panic, panic is starting from Tesla and a special investigation into the funds and taxes in a most prestigious exchange, China's ban is very difficult to integrate into this process and affects bitcoin as this is relatively old news and everyone has faced it, not too surprised for these changes. Since this news first surfaced, the crypto community has been trying to balance and reduce the influence of China on Bitcoin, a multi-year effort that has had some effect, the ban now only affects China, instead of everyone here

[carlisle1]

This has happened in the past Chinese government had banned cryptocurrency trading and it did cause a meltdown. People panicked at that time and they have again now. I do know Chinese hash rate is way higher and I think the market might have thought that such step by the Chinese government would hamper Bitcoin mining. That might be the reason for panic selling.

I recall that and there's also panic that happened way back. Knowing that there are investors and miners from
China who are silently making a living using this system,

with them to sell out a huge portions of Bitcoin has been sold around the market bringing more artificial movement as newcomers who
don't understand the game are simply being moved by this incidents.

Keep calm and try to get something good out from this news, there are experienced traders who keeps adding more investment while there are  many
panic sellers out there, knowing that momentum will bounce back in favor of those holders who can wait.

[Reosta_]

Chinese government is really funny. They banned cryptocurrencies before but stepped back after some time. Now, they are doing it again. What is the purpose of these people in the government really? They are just toying with the industry.

[selenafox]

We need to have confidence that Bitcoin will be able to go through something like this because Bitcoin is used and capable of returning. There are still many who necessary Bitcoin and will continue to buy and make a good-looking investment. What you are saying is the reality that bad news can be bad news for those who do not accept it as truth that Bitcoin will ever increase again. They will never have another chance like this. Cheers. 

[nightxglow]

No surprise to see China banning bitcoin, isn't that happen already before? like in 2017 if I recall it correctly? Not many countries supported bitcoin, many already ban and make bitcoin as something illegal too, china is not the only one. This news will make everyone panic, since China impact is huge. We need to be careful and anticipate the market downfall soon i guess.

[DatKing]

I don't really know what we are gonna do with these FUDs. I don't think that it will end at some point. It looks like some people like Elon Musk or governments won't renounce from manipulating the market. But there is this thing that the market is starting to absorb this kind of news much better than before as it continues to grow.

[michellee]

Believing in bitcoin will be necessary if people want to invest in bitcoin and not panic if the price is down like today because bitcoin is not weak as they thought and when the right time comes, bitcoin price will increase and will break the high price.

Anyone investing in Bitcoin should believe in the market and even if the price goes down there is no point in panicking because you should be confident that the market would reach those valuation at a later period of time and if you have the bank balance you should average your investment capital if the market goes down.

Since i have seen the market going down multiple times and in the past i was confident about the price recovering but this time around i am not too confident to invest during a correction until the market settles down as the price is really high. Expect more FUD news to come out in the coming days that might pull the market down.

Maybe people involved in bitcoin really trust bitcoin and do not doubt what bitcoin can in the future. But people who are new to bitcoin and lack knowledge about bitcoin will doubt it, especially if the price suddenly getting down deeper, like a few days ago. They can lose their belief in bitcoin and that is why they need to learn more details.

The market will recover at the right time and during this correction moment, we are given a good time to invest in many potential coins. But it needs more research to find a good time to enter the market because the situations are not unpredictable.

[Sithara007]

No surprise to see China banning bitcoin, isn't that happen already before? like in 2017 if I recall it correctly? Not many countries supported bitcoin, many already ban and make bitcoin as something illegal too, china is not the only one. This news will make everyone panic, since China impact is huge. We need to be careful and anticipate the market downfall soon i guess.

China has never taken a favorable view of Bitcoin. The first time they attempted a ban was in 2013, which sent Bitcoin prices crashing back then. And then from time to time, the Chinese government has caused corrections in the cryptocurrency market with their policy changes. But all that said, it is important to note that China hasn't explicitly banned Bitcoin. The ban only covers conversion of Bitcoin to fiat (and vice versa). Chinese nationals are free to do Bitcoin trading using stablecoins.

[zanezane]

I don't really know what we are gonna do with these FUDs. I don't think that it will end at some point. It looks like some people like Elon Musk or governments won't renounce from manipulating the market. But there is this thing that the market is starting to absorb this kind of news much better than before as it continues to grow.

FUDs won't stop, this will go on forever, like how people still hate their countries even though it is doing good. I don't get the part where it absorbs the news much better because I think people still panic the same as back then.