China says all crypto transaction are illegal

[Farma]

I didn't expect that the same news from China had the same effect over and over again. bitcoin - altcoin - crypto, banned many times and made the price drop fast. however, I don't think that such information will bring the price down again, but it looks like China has considerable power in making moves on bitcoin and others crypto. In fact, just a moment ago, Evergrande also affected the prices of investments, including crypto, and that was also related to China. but I believe the price will recover. So, let's see how the price recovers
 

[Johnyz]

What’s new here? Every year they release a bad statements about cryptocurrency and it looks like the panic is getting slow because we already get used to this kind of news from China. They are trying to create another FUD so they can buy more maybe, hopefully people already realized that China is just messing around and ignore this statement, for sure they’ll make crypto legal again before the year end.

[glendall]

I think China doesn't update the news for bitcoin, always uses the same news, unfortunately many new players panic about this news, but if newcomers like to read, they definitely won't panic if there is bad news from China, China should also be more forward in spreading fud . by acting first and seriously then publishing the same news about the ban on bitcoin mining

[john_nautica]

I think China doesn't update the news for bitcoin, always uses the same news, unfortunately many new players panic about this news, but if newcomers like to read, they definitely won't panic if there is bad news from China, China should also be more forward in spreading fud . by acting first and seriously then publishing the same news about the ban on bitcoin mining

We all have been hearing this for years now, and still is being a cause of panic and impulsiveness of the many until this time around. Newcomers are definitely being affected by this repeated news because they have no idea, but I hope just like what you have said that they won’t be gullible and do their readings regarding it. I do not know what is the definite intention of China for releasing such but one thing is for sure, crypto won’t stop because of it.

[samcrypto]

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

China is a big market, a lot of crypto companies there and before, this kind of news was created a huge panic in the market but today, it seems that market is not reacting that much maybe because this news has been made many times already, and yet they failed to destabilize cryptomarket.

This is temporary only, we only knew how the Chinese government plays the game, they can’t totally control cryptomarket and they knew this one even if they spread news like this, they wont succeed.

[bussybuddy]

I think China doesn't update the news for bitcoin, always uses the same news, unfortunately many new players panic about this news, but if newcomers like to read, they definitely won't panic if there is bad news from China, China should also be more forward in spreading fud . by acting first and seriously then publishing the same news about the ban on bitcoin mining

We all have been hearing this for years now, and still is being a cause of panic and impulsiveness of the many until this time around. Newcomers are definitely being affected by this repeated news because they have no idea, but I hope just like what you have said that they won’t be gullible and do their readings regarding it. I do not know what is the definite intention of China for releasing such but one thing is for sure, crypto won’t stop because of it.

Honestly, I myself feel quite indifferent to the current news of the market, there is good news that it will increase in price and vice versa, this has happened all too often in this market. But anyway, those are lessons for those who are new to this market as well as will be trained more in patients, perhaps the next time will be really exciting so no need to worry much and relax with it.

[tvplus006]

I think China doesn't update the news for bitcoin, always uses the same news, unfortunately many new players panic about this news, but if newcomers like to read, they definitely won't panic if there is bad news from China, China should also be more forward in spreading fud . by acting first and seriously then publishing the same news about the ban on bitcoin mining

In this case, it is surprising that a publication like Bloomberg publishes fake news that is not even news, since it was published back in 2017. It can be assumed that Bloomberg is fulfilling someone's order to discredit bitcoin and undoubtedly this was aimed at reducing the price of BTC.

[Sweetbtc]

China is doing the same thing to crypto that elon tried with doge and bitcoin, remember to fill your bags when the market is bleeding. You'll thank yourself later.
They done did this a few months ago they're just using their Media power to lower the price... This is like the 10,000th time China has done this... It proves to me that China is still very much involved in crypto because why else would they keep banning it every few months... There's nothing left extra to do ... China banned crypto in 2010

[danherbias07]

I have a different opinion here if ever the said published article is the truth. Whatever China says, against or to support will just strengthen the crypto industry.
People, investors, average cryptocurrency purchasers today have different views and whenever they feel like someone or something is being attacked by a strong entity they will check it or better, they will side with it.
This is not much different with the social media and business industry, China bashes one business and suddenly that business grows exponentially.

[Btczaddy]

Things that China has banned:
Google in 2010
YouTube in 2009
Facebook in 2009
#bitcoin in 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, and 2021.
The bit coin of a thing will continue given them problem. If this news happen to be true, they should leave bitcoin for other friendly countries.

[jakasantosa]

In my opinion, although the article explained that The China Central Bank said all crypto transactions are illegal, but many Chinese people like crypto, especially Bitcoin. In the local china sub forum there are still those who participate in this forum. And what is clearer is that there has been no closure of  market exchange cryptocurrency  in China. So I think cryptocurencies still exist in that country.

[Shallow]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

China is one of the major countries with power thus the reason most of these fuds affects the market even till today. But one of the funny things about China bans is that, since time immemorial they have been banning Bitcoin or cryptocurrencies, and till date they are still banning it, that is to say, all these are just fuds to manipulate the market because for them to keep coming up with news like this means their citizens are still very much involved with crypto and everything that concerns it.
Also, I came across a twitter post where it was said that, the ban was made since 15th and the news only appeared today, if such is right, it is enough reason to know that all these are just manipulation to shake off weak hands.
This is crypto where volatility is high and where opportunities are boundless, thus one need to make good decisions and hold on to coins that are worth it while paying little to no attention to all these fuds.

[aylabadia05]

In crypto activities, I don't like the way China is playing, let alone the content of this news. The strategies played by them are too easy for children to know and children can also practice them too. They raise negative issues about crypto then if the issue is successful, then they will buy in large quantities. So, don't focus too much on news like that.

[wxa7115]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

You need to understand it very simple fact, the majority of the people that are in this market are not really interested in the intangible benefits that bitcoin provides, like being able to be your own bank, not relying on a third party at all, having money that cannot be printed at will by the governments, etc. they do not care at all about things like that, so we need to wonder what do they care about?

And that is making money in this market, this means that any news that is believable that goes against the potential  world adoption of bitcoin is something that they are going to use to sell their coins, push the price of bitcoin down and then buy it again but for a cheaper price, so I recommend to you that you do not worry about such people in the same way they do not really care about this market.

[Desmong]

I don't know, but the news is intentionally made to buy bitcoins at a low price.
and as usual it managed to make everyone panic, it's like the same thing being done over and over again but people seem to be hypnotized and follow the news to panic, and as it usually happens it works.

This is really crazy but I'm still wondering why people will choose to deceive other while they take the lead. We I don't know the accuracy of the news but if this is true then it's the same old story we used to hear...China ban Crypto activities. It's normal and we are not surprised about the news. Maybe it's makes us stronger everyday we look into trading.

[Coyster]

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

Temporarily, yes. If we're talking about the Bitcoin network, then the government can prolly influence the market and cause a plunge in the price, but that can only be sustained for the short period, as the coin will definitely shake it off and appreciate again, even though one doesn't like how governments make most of their decisions, but we can't deny the fact that they have quite a lot of influence, and even though they can't control the network, they can influence it, either positively and negatively.

Having said that, it all depends on the coin you're holding, if it's shitcoins/pump and dump, then this sort of news can knock them out completely as there will be a major exodus of investors from their network, but if your portfolio is made up of long term projects like Bitcoin and Ethereum, then you should be rest assured that the Chinese government nor any other government for that matter can only temporarily affect the network with their sanctions.

[timerland]

What can they actually do to enforce this though? Pretty much nothing.

If that's the reason for the dip today then evecryone should buy up.

They cannot trace pseudoanonymous addresses to actual people with 100% accuracy and they would certainly not expend that much energy in enforcement efforts.

[ene1980]

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

The Chinese government is doing these gimmicks for a very long time and whenever these sort of news comes out the market usually reacts and still i could not understand why that happens over and over again. There is no data suggestion that the government is manipulating the market and making  a huge profit doing that and unless we have these evidence we cannot come to a conclusion that they are manipulating the market to benefit.

 

[Rengga Jati]

Actually, this issue is rising up after the problem of mining in that country is solved. Many miners move their mining activities to other countries.
But, China is still China, this country will always give bad news to crypto, this country will never end, from the past to the future  
And yes, although we don't like it much, in fact, China can shake this crypto market. China is a big country, this is the competitor of the US.
We know that this country always uses its power seriously and significantly to do whatever they want to do and they must be successful in doing that thing.
Actually, this news is ever raised several months ago and today it is common up again with bigger trouble.

[TastyChillySauce00]

Another day and another FUD was coming to the crypto. So many time china was spreading FUD to the crypto. it seems like crypto must not touch this country again. Crypto was feeling fine without the adoption was coming from the china. that's why there's massive migration by china miners to the another country. it seems like another FUD will come but bitcoin still able to retrace its position to the above 40k after it gets dumped to the less than 40k in a short time. I think that the community must also start to ignore any news that was coming from the china. even if this is an old news but people are still taking this as a serious problem while evergrande's impact still happening right now.