China says all crypto transaction are illegal

[Ever-young]

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?

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[makishart]

China is a well known as the major country like US, that's why any bad statement may give bad impact to the crypto but to be honest it's fake news. https://www.trustnodes.com/2021/09/24/bloomberg-publishes-fake-news-on-bitcoin-as-china-prints-100-billion

I guess bloomberg already ordered to create fake news and such statement already created a few weeks ago. So many times china was banning bitcoin and it doesn't give big impact. This will become a short term dump

[jrrsparkles]

WTF? How many times they can ban the same thing again and again?

I don't want to see the article because these kind of articles are posted everyday on the portals and even if they are really banned it still there is no effect on the crypto prices for sure.

[imamusma]

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

All developed country governments always have certain strengths in several fields including the economy and investment so that this can happen if the Chinese government wants to do it with sincere intentions.

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

I think everyone's trust in cryptocurrency lies not in the Chinese government, but lies in itself when it really understands the market and the conditions of the crypto space completely.

[masterrex]

China is irrelevant to give such statement's who cares about the Chinese Government actions about crypto, China is not the world so let that story vanished and die besides many Chinese are still using Bitcoin and other major cryptocurrencies I believe that dump has not associated with that statement if it's true a and verified article because there's a lot of faked news nowadays, IMO, China has no power to control crypto that's why just relax and wait till the market will recover.  

[vv181]

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

Try to compare it with the recent fake news about Litecoin and Walmart. Such big companies can even shake the market temporarily. It is no doubt that the government is able to shake the market this much. As you all know China is at its behaviour again, banning crypto for the nth time. Cryptocurrencies spaces are still early yet if you look at the bigger pictures, it able to prove cryptocurrency especially Bitcoin are here to stay. Not to mention that the regulatory issue across countries toward crypto hasn't yet been at its finest. So the volatility of the market is expected.

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

People don't follow an authority government willingly. It doesn't mean if some countries haven't yet had clarity about crypto regulatory, people didn't believe it has potency. It is rather the opposite, people believe cryptocurrencies have a lot of things to offer rather than stick to what their governments provide in terms of monetary things.

[gaston castano]

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.

[cryptoaddictchie]

Honestly, I am tired of this fud of China. We all knew that they are simply manipulating the market by putting up a serious act to ban everything about crypto, then when yhe market plunge to death, then they will buy massive coins and started to renounced something of support to crypto. Its like they wanted so badly to buy at very cheap and slowly pump it and sell again. Damn China, worse pump and dump on crypto.

[ryzaadit]

China says again ~LOL How about, we ban china now and then we never see any news from them anymore. IMO, this is already manipulation because the same news about ban is always coming from the same country. Keep hold, never sell while the news only "Ban" from China because we already got this type of news since 2017. This is the most stupid news/fud/manipulation from China.

[inanilujimi]

they have said the same thing over and over again.
I think as a person who is in crypto, you are familiar with China, but believe me crypto is not owned by China so whatever they say will not have a big impact on the market.

[herizal85]

Because it is the Chinese words that make the price of bitcoin now drop drastically, they speculate that trading bitcoin and other currencies will disrupt the economic order and lead to money laundering and other illegal activities.

[marilynmanson21]

1-2 weeks news from china will have an impact on the bitcoin market and other altcoins, but time will go on, survive and bitcoin will continue to be real and exist in the market because it is not only China that contributes to BTC. many countries are transacting,


does the Chinese government have the power to shake up the market with just a statement
it could be "yes" because China is the second big country besides the US so anything is always the main topic and a threat to what is considered a nuisance to the country's economy

[MaiQwaN]

If this message turns out to be true, and not just another fake, then the only thing China can achieve is that all crypto activity will move to other, more crypto-friendly places. As a result, China will remain on the margins of history.

[Bitstar_coin]

I think we have more new people in crypto that still believe in the China crypto ban fud otherwise the market won't be greatly affected anytime this type of news pop up, by now old crypto investors are already use to China everytime crypto ban fud, it is getting annoying and they don't seem to care about this constant repetitive news, it is a shame the market still react to such old news.

[Beparanf]

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?

Technically, it's illegal since it has a value and the government don't get any tax on each transaction for those transaction coming from defi that earns profit from staking. Each country has an specific regarding this and I'm sure that China has a law that really being violates by crypto transaction since they already publish an official statement about this. But this not general, Press just emphasise to create a great story for a better publicity. Actually this kind of issue is already present few years ago and China keeps using that statement whenever cryptocurrency is on hype mode.

[mindrust]

Who cares? Bitcoin don't need WaChyna. China needs bitcoin. Just like how they backpedalled before, they will do it again. Even if they don't, it doesn't make a difference. Bitcoin will just keep kicking ass as it has been since 2008. The fundamentals are still as strong as it was in 2010. Nothing has changed.

[tsaroz]

This statement from china might be the reason for current fall in price but the Chinese crypto users have always stepped up to circumvent the restrictions and I believe they would find a way. People in China are more suspicious with the government regarding their wealth and more and more people are moving towards crypto as a way of saving. Even if the make it hard, most of the Chinese could easily and cheaply cross a border to make their transactions happen.

[sunsilk]

Mate, this has happened before. Why people are still surprised whenever there's a cracking down in China and whenever they're announcing that crypto transactions are illegal? How many times did they ban bitcoin, icos, and crypto transactions before?

This is nothing new anymore and they're riding the Evergrande's drop and I think they're now doing things so that they can accumulate as much as they can.

Do not ignore the sign guys, buy and hold.

[Jackl87]

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

Ahh ok pretty interesting, i was already wondering what has caused the big and very sudden price dump a few hours ago but i guess this news pretty much explains that. I also have to say though that i am surprised that this kind of news still has any impact on the market. I mean, come on, how many times has china now banned crypto, declared that crypto is illegal or did other similar stuff? To me it feels like that we have such news from China at least once every two months or so. If this was the only cause for the price dump that happened today, then i am pretty confident that the prices will recover pretty soon and that it will not go down any further.

[Dread Pirate Roberts]

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?

Negative news about crypto from China always has an impact on the crypto market, perhaps because many of the main sources there are related to crypto. previously about the binance. then about the ban of miners in china . and now about the illegality of bitcoin transactions there. and maybe many people believe think like this will have a big impact on the crypto market. personally i dont.