Bitcoin slumps as China bans all cryptocurrency transactions

[Emitdama]

China’s renewed crackdown against crypto mining and trading activity started in May. That was the first time top officials had singled out crypto mining at the national level since dropping it in 2019 from a proposed list of dirty industries to be eliminated.

The move caused a collapse in crypto prices, with Bitcoin losing about half its value between April and July this year. While the market has since recovered some ground, it’s still far below the all-time high of $63,000.

I saw another news that claims that this is just a rumor and I think that is true, this news is just another rumor. By the way the bitcoin market is up again after falling below $40,000 and now it is headed for $45,000 and might as well get pass that. This is just the same news that came around 2017 when China talked about banning Bitcoin, so the media are just digging up something that already happened in the past to create panic in the market. Nobody should be believing all these news, before you believe something like this you should first of all think and do a research before accepting it.

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[sana54210]

Maybe through their heavily censored Internet, they have a different Internet than US and they ban every site if they deem it offensive or illegal to their government. VPN doesn't make you out of the country, your geo location is still in China so a conventional VPN won't work.

That's why people rely more and more on browsers like TOR. BTW, in normal cases a VPN ensures your anonymity. It assigns you a new IP address, which makes it near impossible for the government agencies to track you. But in case of China, they have technologically advanced surveillance tools, so the safety can't be guaranteed. The problem here is that the ISP provider will be knowledgeable about your VPN usage. If the police request them about the details, then they will forced to share it. The catch here is that the police needs a court order to make such a request. I guess in China getting a court order is relatively easy.

You can't use TOR in China without worrying about death. In other nations it is still not accepted, depends on which website you go to of course, if it is just google and facebook or something then I doubt you would be in trouble.

However in China, you would be in a big big trouble if you used TOR and did something against the governments wishes. It is not even just "you will go to jail" when you are in China, it is literally just a huge concentration camp there and you would either be forced to do free labor forever, or you will be executed if it is too bad. All in all I would say that it is smarter to end up doing something legal and not go against CCP at all.

[Abiky]

Just when you thought the price will recover faster after the dip, China wants to push it down. They have done this before and they know BTC won't die that way.
The government clearly doesn't want cryptocurrency mining, in general, that's very clear at least.

But regulations about Bitcoin and owning cryptocurrencies have different rules for this country and I think the same is happening in most countries even in the US the regulations is not very clear.

China doesn't want people using other alternative monetary system other than the Renminbi. The government knows it can't destroy Bitcoin, so it's targeting centralized exchanges and miners in order to prevent as much people from using it. The more restrictions there are against Bitcoin, the more people will be forced to use the Chinese Yuan (Renminbi). With the Digital Yuan soon to become a reality, we should expect more opposition against Bitcoin.

At least, Bitcoin will survive thanks to its decentralized and censorship-resistant nature. China may be able to prevent people from gaining access to Bitcoin through centralized services, but that's it. People will eventually find other ways to use Bitcoin in secret. TOR, VPNs, and even decentralized exchanges make it possible for anyone to access Bitcoin regardless of government restrictions. Regulations can be imposed, but the rule of law cannot be enforced because of the way Bitcoin was designed. We should take advantage of the recent dip in price in order to accumulate as much Bitcoin as possible. I have a feeling it'll bounce back, as the FUD fades away into oblivion. Just my thoughts

[Sterbens]

China seems to have its own policy that does not support the global crypto market. maybe china has a different view of the global market or has a specific goal towards bitcoin. But what China is doing is very detrimental to the global market and disrupts the market. China should be able to think more about its policies so that the global crypto market can continue to run

Unfortunately, China is not a country that has quite the compassion you'd like. We couldn't have hoped for more about the things China had already done. The price drop was especially apparent after China started an attack on social media and declared a complete ban on cryptocurrency. China will continue to try to make reforms from the economic sector that makes it seem as if China can control the global market.

The level of losses caused by China has a wide impact, that's because they have a number of large companies. Even if the Chinese themselves don't agree with their country's rules and he still insists on investing in Bitcoin then what Chinese citizens can do is invest in Microstrategy shares which are one of the stocks that hold Bitcoin (Michael Saylor).

[Haunebu]

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

BTC usually falls in price at around this time of the year and rises rapidly before the year ends based on historical data. The Chinese government continue to highlight the fact that they fear the rising power of BTC and other popular cryptocurrencies.

They are probably trying to secure their own centralized digital currency by implementing these pathetic restrictions.

[bryant.coleman]

You can't use TOR in China without worrying about death. In other nations it is still not accepted, depends on which website you go to of course, if it is just google and facebook or something then I doubt you would be in trouble.

However in China, you would be in a big big trouble if you used TOR and did something against the governments wishes. It is not even just "you will go to jail" when you are in China, it is literally just a huge concentration camp there and you would either be forced to do free labor forever, or you will be executed if it is too bad. All in all I would say that it is smarter to end up doing something legal and not go against CCP at all.

LOL.. if the situation is this bad, then I would just advice the local cryptocurrency users to stop doing transactions until there is a policy change, or till the time they are able to secure a foreign passport. Even if the user travels to some other country (say South Korea or Japan) and do cryptocurrency transactions in these countries, I don't think that they will be 100% safe. I am sure that the CCP surveillance will follow them wherever they go. If you get a US or Canadian passport, at least they will think twice before targeting you.

[Abiky]

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

BTC usually falls in price at around this time of the year and rises rapidly before the year ends based on historical data. The Chinese government continue to highlight the fact that they fear the rising power of BTC and other popular cryptocurrencies.

They are probably trying to secure their own centralized digital currency by implementing these pathetic restrictions.

Regardless of the China ban, Bitcoin will move on thanks to its decentralized and censorship-resistant nature. An event like this will only affect prices temporarily. China knows it can't beat Bitcoin so it's trying to prevent people from accessing it as much as possible. This is nothing more than an agenda to force the use of the new Digital Yuan. Miners won't be able to continue operations on China, but they can flock to other countries to stay ahead in the game.

I believe El Salvador will become the next Bitcoin mining hub, due to recent laws supporting the cryptocurrency. You can bet Chinese people will gain access to Bitcoin through other means (TOR, VPN, DEXs, etc) in order to continue enjoying financial freedom. To take down Bitcoin, the whole Internet must be stopped. And we all know this is practically impossible to achieve. With or without China's support, Bitcoin will be here to stay for a long, long time. Just my thoughts

[Kong Hey Pakboy]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

[Finestream]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

[semobo]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Ban news caused a little red trend to be honest but in no time the trend reversed and now back on track hope the 50K resistance will break and the price will continuw to grow. What else China can do because they tried everything as they can to stop the decentralization but nothing really worked in long term.

[Shasha80]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

[Viscore]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then  bannings from China will never be relevant at all.

[24Kt]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

If we look at the price of Bitcoin which has increased by 12% compared to last week, it is evident that Bitcoin is getting more bullish. This means
that the bad impact of the news regarding the ban on crypto by China did not last long. The market is slowly recovering, although I admit Bitcoin is
still struggling past the $50k price, but I believe it can be achieved in the near future. Most importantly as long as we still believe in the future of
Bitcoin and don't panic with the circulating FUD everything will be fine.

Yes. China has not succeeded this time because instead of the market to get dump, bitcoin is gaining more momentum to move upward. And with bitcoin almost reaching $50k this time, i know it will be even more bullish in the next days. I think the market has been used already with China's frequent banning of crypto and so even if there are still coming breakouts from China, more likely it will never leave a huge impact on bitcoin and with the crypto market. And considering that there are more progressive and developed countries by now that are thinking to accept bitcoin as a medium of exchange, then  bannings from China will never be relevant at all.

Really curious what are the thoughts of Chinese officials here? Are they expecting that they will greatly influence the bitcoin or crypto market because of their move? Because if they are, sorry but they are not successful. Clearly, this market can't be manipulated even with the world's most populous country in the world. But unfortunately, the action of their government is not favorable to its citizens. Now, they will be finding other routes, maybe even underground network that can provide crypto services.

[markdario112616]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

I don't see it either. Bitcoin is still in a good shape with its present price at $47,600 so this new banning from China has never affected bitcoin that much. Even the whole crypto market is doing fine this time. Gone are those days that every time China makes a FUD, bitcoin will struggle all of a sudden. And all other coins crashed by then. But this time, there is no much effect as bitcoin continues its momentum to go up, followed by those potentials coins in the market.

Ban news caused a little red trend to be honest but in no time the trend reversed and now back on track hope the 50K resistance will break and the price will continuw to grow. What else China can do because they tried everything as they can to stop the decentralization but nothing really worked in long term.

This has happened before so for others, it may be bad news, but for others hell, this is an opportunity. Nevertheless, a lot of FUDs have been recently posted from different platforms, trying to manipulate the market as well as create chaos. China seems to be repeating history again, but for sure it is also for their gain. They have known what has happened before, probably they so they saw this coming and a lot of them surely benefited from this one.

[pinggoki]

To say that it had slumped is a bit of an exaggeration since it barely dumped Bitcoin's value, and to top it all off, for only a short matter of time. Goes to show that people have become smarter and learned to pick which news to focus on and which to shrug off. That being said this is a taste of the things to come and would signify that bitcoin will not be fazed by any negative news coming from China moving forward.

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

Exactly. Bitcoin bounced back a few days prior to the said news and the dump following it so it means that neither was the news that impactful nor was it a slump. If it were a slump we would've seen a much disastrous drop in price. Regardless if it were a dump or a slump, good investors will see opportunity in red situations like these.

[The Sceptical Chymist]

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

And....the slump has reversed itself, and bitcoin is climbing back toward $50k as I write this.

The China news was pretty big, but I figured it wouldn't affect the price long-term.  Bitcoin has survived and thrived through pretty bad news events in the past, from exchange hacks to EFT rejection to strong governmental regulation changes.  I never expect it to move upward in a straight line, but I've come to expect that bad news doesn't keep it down for long.

[freedomgo]

Slump? Lol. It fell by a small percentage and quickly recovered soon after. Currently, it is trading in the $40K - $45K range which has been its average range for sometime now(Way before the ban).

And....the slump has reversed itself, and bitcoin is climbing back toward $50k as I write this.

The China news was pretty big, but I figured it wouldn't affect the price long-term.  Bitcoin has survived and thrived through pretty bad news events in the past, from exchange hacks to EFT rejection to strong governmental regulation changes.  I never expect it to move upward in a straight line, but I've come to expect that bad news doesn't keep it down for long.

This has happened a lot of times where big news come to affect bitcoin negatively but after a couple of days, bitcoin's value starts to recover again as if nothing has happened. It is only a proof that no matter how big or small the impact is, bitcoin might get slump but will always get up and move up again. And with this recent FUD made by China, i have seen that bitcoin has experienced a minor dump but it does not stay long because i know bitcoin won't really stay in dips. It's trend will always come up rising no matter how many times its value falls back. And as of this moment, bitcoin is already $48,726 which means its now close reaching its new ATH.

[7788bitcoin]

Slumps is a big word, bitcoin is doing just fine so I really don't see how the Chinese ban made a difference, people has learned overtime that if China is involved, it's better if you don't panic at all because things will eventually smooth out.

It is clear that if there is any FUD news from China the market is always going down and then after a few trading day the market would usually recover and that is what we are seeing for sometime. We have seen that the market touched an all time high valuation this year and we had a slump in price and then it took some time to recover and with every push we usually see a correction and i see this as that correction and the market recovered after that FUD.

[shield132]

What I see is that China hates when it sees bitcoin's price higher than 47K USD. After the Elon Musk's statement, the price was rebounding but when China made an announcement, bitcoin was higher than 40K at that moment if I am correct and it felt as low as 30K that day. Then bitcoin reach 50K and somehow quickly dropped, it surpassed 47K lately and China immediately announced something.

What we can learn from these is that China's announcement has immediate serious effect but it vanishes in a days. I think if USA or any major European country makes an announcements similar of Chinas, then there will be a serious dip that won't be fixed in a days.

[bryant.coleman]

If there is status quo, then the Bitcoin prices should naturally move up. This is due to two factors - more and more younger people get attracted to Bitcoin and they start investing in them. Those who were in the 15-18 age group during the last bull run (2017) are now aged 19-22, and at least some of them have disposable funds available with them. And secondly, those who were in the 20s four years ago have now moved into an age group where they have a higher amount of funds available. This process will go on for some time. But the natural growth can be disrupted by external actors, and one of them is China. Now it needs to be seen whether the impact from China will last for more than a few months, as has been the case with their earlier interventions.