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

[TopTort777]

Take a look on this situation from a different angle. There were so many miners in China, that if they continue to enlarge the amount of miners, they might turn into a monopolists someday. Just imagine, biggest cryptocurrency and being controlled by a single country.

[Fire Rabbit]

In my opinion its the best time to buy btc. We wont get another chance like this unless Elon tweet something against btc. Just wait and watch ,the price of BTc will jump back to 40000Dollars within 2  weeks and I am sure about it. China is just trying to shake crypto investers and who knows whether they are also utilizing this dump situation to pile up more crypto. You cant predict anything abount China. They say something and do something.

[worle1bm]

The market is witnessing some unexpected dips due to all these Chinese ban and FUD created resulting in panic selling of Bitcoin in the market.Most probably the Chinese traders and miners are cashing out the profits to settle their funds but all this will end soon as other start accepting it.Soon miners will setup the mining farms in crypto friendly zone again increasing the hashrate and prices.So when this will be over sellers might be regretting.

[mayax]

I am curious who will buy all the BTC from miners and for what price... 

[mayax]

I am curious who will buy all the BTC from miners and for what price... 

They stay on a lot of BTC so... who will buy it? Normally, the price should go down

[mayax]

I am curious who will buy all the BTC from miners and for what price...  

They stay on a lot of BTC so... who will buy it? Normally, the price should go down if Bitfinex will not generate 2B USDT shit to buy everything just to keep the price up. lol

[fiulpro]

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/

Reason why am not worried about it :

1. We saw what happened in the past there was a massive   unrest amongst the crypto users but soon enough bitcoins recovered

2. People are buying at such a low price end especially companies like microstrategy they literally brought a lot more that one could encompass so I believe the price will be right up in few months.

3. This ban would mean eventually china would get out of the news because usually there is always a matter about the government banning mining and overtaking the hashrate etc...this way they won't be able to influence the market more ! (But ofc only if they decide to go with the ban )

Think about other countries accepting Bitcoins as a legal currency! Do not let such negative new affect you.

[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"

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.

Bitcoin's growth isn't halted by the market. Price maybe, sure, yeah, and we've all had our fun and games with that wholly unsustainable momentum, I think we can do with a bit of recovery and normalisation.

China FUD's not new either, which is why I said Part 3 (but I'm not counting every cycle of bad news from there). Korea and Japan though? Korean banks yes, but Japan's progressed quite a bit since Mt Gox, can't see them being part of FUD anymore.

[mayax]

Banks must not provide products or services such as trading, clearing and settlement for crypto transactions, the PBOC said in a statement.

So, all the exchangers and miners from China will be closed. What does mean? Well, normally the price should down to the bottom if Bitfinex will not generate its shit USDT to buy the BTC from market )

I think they can generate 3-4 billions of USDT just to buy what the miners and chinesse exchangers will sell .

[bryant.coleman]

$32K is almost the level at which Tesla made their Bitcoin purchase. When Elon triggered the crash with his irresponsible tweets, they were sitting on top of unrealized profits worth $1.2 billion (more than their annual profit for the year 2020). Now they are back to square one. I would like to know what will be the strategy from Tesla now. Are they going to sell their coins, or are they going to stay put? If they decide to dump their coins, then it represents another risk for us. This possible event can keep the prices suppressed for many weeks, if not months.

[swiftbits]

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"

We've been there so many times when they've tried to regulate crypto, but we still recovered. It also possible that more Chinese can shill the use of Cryptocurrencies. if they can bypass internet restrictions, they could still influence others to use it.

[gabbie2010]

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"

We've been there so many times when they've tried to regulate crypto, but we still recovered. It also possible that more Chinese can shill the use of Cryptocurrencies. if they can bypass internet restrictions, they could still influence others to use it.

It's a pity that Chinese has more influence on the price of Bitcoin due to their large population thus any negative fundamental news will always have an immediate impact on the price of BTC, this had been  reoccurring on numerous times, my position on the issue let their banks or the government ban or regulate cryptocurrencies once and for all so as to put a final stop or end to these negativity and let have a breathing space and allow the price action to be influence by hodlers and new adopters

[NotATether]

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.

Notice how the churn of negative news only comes when Bitcoin and alts start to recover. As another thread like this points out, it appears that entities in mainland China are trying to mess with some holders' trades by doing a coordinated announcement of these prohibitions or criticisms or anything else that's the scoop of the day, in as many places as possible at once, so that they can break these holders' stop gaps.

I'm starting to wonder how soon will bulls be numbed by these continuous, predictable pushes down and these entities start losing big money as the price breaks the resistance barriers to 60K. Maybe then we'll see less "bitcoin ban" news since they'll be much less coordinated manipulations behind the scenes then.

My position on the issue let their banks or the government ban or regulate cryptocurrencies once and for all so as to put a final stop or end to these negativity and let have a breathing space and allow the price action to be influence by hodlers and new adopters

Except... they already did those things (Chinese government banned commercial crypto payments, and now a big Chinese bank completely banning crypto from itself). You have to see it's not just news about bans that's driving the price bearish, it's the continued criticism that's pushing it too.

[Anonylz]

Don't this guys get tired of doing this over and over again, I already lose count the number of times they have ban btc, just this year alone I think am  reading the 2nd or 3rd similar headline about Chinese banning btc,
Why are they indecisive about their decision whether to allow btc or not! This guys are very funny.

[tygeade]

Well it’s very clear right now where china stands with this cryptocurrency thing, they have decided that they don’t want it in their country. Before now the first announcement was that a particular province in china has decided to ban cryptocurrency mining due to one reason or the other. And people said that it wouldn’t be the only one, that others will also do the same thing, and right now they are doing it, they have decided to ban it.

If a huge bank like this on China has decided to ban cryptocurrency, then others in that country might decide to do the same thing. But that doesn’t stop people from investing in cryptocurrency, because there is still another means which is P2P. China is not the first to ban cryptocurrency, other countries that banned it were never able to stop their citizens from trading, they still continued through P2P.

[oktana]

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"

Exactly my thoughts here. China has a big influence on many things, cryptocurrency included. And yet, all the ban could do was make us see 30k and alts going red. Isn't this the worse that can be done? What else can't bitcoin stand?! It just keeps getting interesting.

[LoyceMobile]

People still don't get it: countries being afraid of Bitcoin should be considered bullish, not bearish!

[verita1]

Okay! You guys are the best, each one of you has a very optimistic view of the current situation. Being a bitcoiner is definitely not for everyone. But the continued ban of China is a stone in the shoe, I worry that more than half of cryptomining is in China.

https://www.reuters.com/technology/chinas-central-bank-urges-financial-institutions-crack-down-cryptocurrencies-2021-06-21/

Cryptomining is a big business in China, which accounts for over half of global bitcoin production.

China has also blocked a slew of cryptocurrency-related social media accounts, and barred the search for major cryptocurrency exchanges such as Binance and Huobi on baidu.com and Twitter-like platform Weibo.

Although this would be the best thing that could happen to bitcoin that crypto miners have a great exodus to friendly crypto countries as well as that activities can be carried out more environmentally conscious.

Texas is an ideal destination for miners, thanks to its abundance of solar and wind power, its unregulated market, and its crypto-friendly political stance.

https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html

[iTradeChips]

Very sad news indeed, Red days are coming now, guys so buckle up and prepare for the worst, I think this a repeating process like last year. From Elon musk manipulation and then china banning bitcoin as well, But we know that this a test, I'm sure this could be a good time to still HODL and buy more bitcoins.

Well, this is what I have talked on the other thread. There are people who dismiss these "attacks" on Bitcoin as merely a price adjustment. They do not care about the sentiments of other people who are very afraid of their investments and their assets because it is being systematically being devalued by China and the elites. This is not a price adjustment in my opinion, this is an attack on the future of the financial system that can liberate people from the banking system. This has to stop and we need some powerful people on the side of Bitcoin as well to help.

[buwaytress]

Notice how the churn of negative news only comes when Bitcoin and alts start to recover. As another thread like this points out, it appears that entities in mainland China are trying to mess with some holders' trades by doing a coordinated announcement of these prohibitions or criticisms or anything else that's the scoop of the day, in as many places as possible at once, so that they can break these holders' stop gaps.

I'm starting to wonder how soon will bulls be numbed by these continuous, predictable pushes down and these entities start losing big money as the price breaks the resistance barriers to 60K. Maybe then we'll see less "bitcoin ban" news since they'll be much less coordinated manipulations behind the scenes then.

Might even work out this week, judging from the last two days of price action, but shouldn't be able to sustain downward pressure as it's shaken out as much as it can already.

Bulls are already numb. Those that couldn't withstand actually already dropped out years ago (in the post 2017 scenarios), and the last vestiges by last year's March crash.