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

[Leviathan.007]

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/

[Chato1977]

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.

[buwaytress]

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"

[bryant.coleman]

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?

[davis196]

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.

[Beparanf]

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"

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.

[Ararbermas]

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?

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..

[Nunoluck]

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.

[CryptocurencyKing]

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.

[avikz]

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!

[alevlaslo]

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

[Kakmakr]

" 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.  

[iTradeChips]

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.

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.

[Dhoe]

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..

[tranthidung]

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.

[Yamifoud]

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.

[johnwest]

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.

[mckinleeanael07]

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.

[bryant.coleman]

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.

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.

[stompix]

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.

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.