Bitcoin slumps as China bans all cryptocurrency transactions

[jaysabi]

China has been against the existence of cryptocurrency for the recent time making the market to ranging with cost. No matter what happens now, I believe Bitcoin and the crypto market will still surge ahead the track. Bitcoin had been having similar attacks for the past years now and these had been making the crypto market more strong every single time the market recovers.

Countries have generally not outlawed bitcoin, so not sure what you mean by bitcoin having similar types of attacks for years.  China has never been bitcoin-friendly, but they've only very recently been this hostile about it.  It stems from their need to make the digital yuan an integral part of the economy.  They can't have a digital currency they can't control competing with it if they want a digital yuan to work, and they very much want this.

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[Hamphser]

China has been against the existence of cryptocurrency for the recent time making the market to ranging with cost. No matter what happens now, I believe Bitcoin and the crypto market will still surge ahead the track. Bitcoin had been having similar attacks for the past years now and these had been making the crypto market more strong every single time the market recovers.

Countries have generally not outlawed bitcoin, so not sure what you mean by bitcoin having similar types of attacks for years.  China has never been bitcoin-friendly, but they've only very recently been this hostile about it.  It stems from their need to make the digital yuan an integral part of the economy.  They can't have a digital currency they can't control competing with it if they want a digital yuan to work, and they very much want this.

They've never been friendly ever since it did exist because its never been appealing to the government about being decentralized.How much more in a country like China? On where they do really love to control things up

or would really be following on what they do really have in mind.Yeah it could slump or do make out some significant effect but we know that the market could really make out some recovery sooner or later.

Which does prove out that bitcoin doesnt really always tied up nor greatly affect whatever sentiments or fundamentals around.

[jaysabi]

China has been against the existence of cryptocurrency for the recent time making the market to ranging with cost. No matter what happens now, I believe Bitcoin and the crypto market will still surge ahead the track. Bitcoin had been having similar attacks for the past years now and these had been making the crypto market more strong every single time the market recovers.

Countries have generally not outlawed bitcoin, so not sure what you mean by bitcoin having similar types of attacks for years.  China has never been bitcoin-friendly, but they've only very recently been this hostile about it.  It stems from their need to make the digital yuan an integral part of the economy.  They can't have a digital currency they can't control competing with it if they want a digital yuan to work, and they very much want this.

They've never been friendly ever since it did exist because its never been appealing to the government about being decentralized.How much more in a country like China? On where they do really love to control things up

or would really be following on what they do really have in mind.Yeah it could slump or do make out some significant effect but we know that the market could really make out some recovery sooner or later.

Which does prove out that bitcoin doesnt really always tied up nor greatly affect whatever sentiments or fundamentals around.

China is exerting increasing levels of control over many aspects of their society, banning bitcoin is just another example.  China has also implemented strict video game bans for children, limiting them to 3 hours per week and only 1 hour per day on the weekends at a nationally set time; exerted control over tech companies, both on levels of profitability and the offering of services in the country; and continues to exert tight control over the press in the country, among many other ways they control everyday society.  In short, it's a hellhole.

[junmisakiro]

This kind of FUD has certainly been published frequently by China and the latest news is currently less affected by the decline in bitcoin price, as experienced bitcoin investors have realized that the Chinese government will do anything to destroy bitcoin when the price starts to rise to high levels.

[patientforzhou]

The FUD issued by the Chinese government last time caused the price of Bitcoin to fall below 30,000, and when more favorable documents were issued, Bitcoin steadily defended the $40,000 line of defense. I am very happy to see that the de-Chineseization of Bitcoin has been successful.

[milewilda]

China has been against the existence of cryptocurrency for the recent time making the market to ranging with cost. No matter what happens now, I believe Bitcoin and the crypto market will still surge ahead the track. Bitcoin had been having similar attacks for the past years now and these had been making the crypto market more strong every single time the market recovers.

Countries have generally not outlawed bitcoin, so not sure what you mean by bitcoin having similar types of attacks for years.  China has never been bitcoin-friendly, but they've only very recently been this hostile about it.  It stems from their need to make the digital yuan an integral part of the economy.  They can't have a digital currency they can't control competing with it if they want a digital yuan to work, and they very much want this.

They've never been friendly ever since it did exist because its never been appealing to the government about being decentralized.How much more in a country like China? On where they do really love to control things up

or would really be following on what they do really have in mind.Yeah it could slump or do make out some significant effect but we know that the market could really make out some recovery sooner or later.

Which does prove out that bitcoin doesnt really always tied up nor greatly affect whatever sentiments or fundamentals around.

China is exerting increasing levels of control over many aspects of their society, banning bitcoin is just another example.  China has also implemented strict video game bans for children, limiting them to 3 hours per week and only 1 hour per day on the weekends at a nationally set time; exerted control over tech companies, both on levels of profitability and the offering of services in the country; and continues to exert tight control over the press in the country, among many other ways they control everyday society.  In short, it's a hellhole.

Trying to see it on general perspective it could really be that beneficial because some restrictions could really make avoid specially on that video game addiction on the youth.The thing i dont like is that they are trying to choke up their citizens with those regulations been set or simply shows up that there's no really freedom on what are things you should gonna do but the government do knows on what
are the things that they do need to do for progress.They might have banned crypto but its their choice, it is indeed no surprising that they dont like on things that they cant control.

[Beparanf]

The FUD issued by the Chinese government last time caused the price of Bitcoin to fall below 30,000, and when more favorable documents were issued, Bitcoin steadily defended the $40,000 line of defense. I am very happy to see that the de-Chineseization of Bitcoin has been successful.

Too early to say that, Until now Bitcoin is on indecision phase that's why the current price action is sideways which is very scary. Retail investors are still holding despite the continuous news about exchange being affected by the China campaign which verifies that there recent statement is true. As you said this happened before so it will take only a few whales to dump the price to make this retail investors that still holding to follow. The chart too is very bearish so its better to trade safe and wait for reversal confirmation before we assume that FUD is over.

[SquallLeonhart]

China is exerting increasing levels of control over many aspects of their society, banning bitcoin is just another example.  China has also implemented strict video game bans for children, limiting them to 3 hours per week and only 1 hour per day on the weekends at a nationally set time; exerted control over tech companies, both on levels of profitability and the offering of services in the country; and continues to exert tight control over the press in the country, among many other ways they control everyday society.  In short, it's a hellhole.

They would definitely increase the control because when you are ruling with a dictatorship then there is no chance that you would be able to give people a bit of democracy or a bit of freedom. If people get a taste of it a little bit then you are going to have a big problem.

How could you tell people "I am going to let you be free and not be involved in your life but also I would be your dictator and you are forced to do whatever I say"? You can't do those two things together, you are either a dictator or you are not and when you are one then you can't let people do whatever they want.

Crypto is freeing, it is freeing in every nation and not just in NK or China, which means that there is no chance we could end up with a good result for the parties ruling those nations when people are so free. You can do it in USA, there is a fake democracy there (two parties, basically same people) but in China you can never do that, not in NK neither.

[goldkingcoiner]

I don't see how China plans to stop people from buying/selling Bitcoin. People will always find a way. This is demonstrated greatly by the big useless firewall of China. People still find functional VPNS to sidestep any ridiculous rules set by some older, corrupt party officials who ridiculous only care about themselves. China is headed towards a collapse and they know it.

[geegaw]

This kind of FUD has certainly been published frequently by China and the latest news is currently less affected by the decline in bitcoin price, as experienced bitcoin investors have realized that the Chinese government will do anything to destroy bitcoin when the price starts to rise to high levels.

Such a sweep of China makes us very vague about their intentions and unable to officially declare that they want to destroy bitcoin, all their status is just prevention like an epidemic and it can be said that after many sweeping efforts with many such movements, the country of China is gradually clean and polished again, there is no longer a black spot called bitcoin. Bitcoin being passive and receiving such intense news will have negative but purified and pure from China, bitcoin will escape the range of miners here and will reduce many bad rumors from this scandalous country

[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

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.

Never trust China at all even if they adopt crypto though. There is no mercy in the economic business of communism, which spearheads their principle to become a superpower. This is all inseparable in order to make China a country to be reckoned with. See the growth of crypto and China is interested in learning all about how to create crypto based on its version. First they launched Yuan, then they had the crazy intention of duplicating the Chinese version of Bitcoin that they had studied for a long time, when the legality of mining was opened. Furthermore they block and spread bad FUD against crypto by destroying crypto prices in the market.

[bryant.coleman]

China is exerting increasing levels of control over many aspects of their society, banning bitcoin is just another example.  China has also implemented strict video game bans for children, limiting them to 3 hours per week and only 1 hour per day on the weekends at a nationally set time; exerted control over tech companies, both on levels of profitability and the offering of services in the country; and continues to exert tight control over the press in the country, among many other ways they control everyday society.  In short, it's a hellhole.

These are just stupid moves. How they are going to make sure that the children play video games only for 3 hours per week? They can just login with someone else's account and play as much as they want. I don't understand the urge from authoritarian regimes to dictate personal life of its citizens. If they go beyond a certain limit, then the best citizens are going to emigrate abroad. China is already having a brain drain problem, but if the government goes on like this, then it will get much worse in the coming years.

[sana54210]

China throwing out miners is the best thing that can happen for decentralization of mining. The rest of the world is anyways tired of the Chinese copying everything and then claiming technological superiority over the world. The earlier the crypto world is rid of the deceitful and opportunistic Chinese community and government, the better it'd be for the free people of the world who see crypto as an innovation, an opportunity and a revolution in how we transact and manage finances.

Most Chinese community I am aware of are anyways just meme-scammers pumping their bags with bots and shilling. Even if they try to build something, it always has some sort of underlying deceit that is controlled by the Chinese. The upbringing and conditioning within a regime that you cannot question and where you cannot follow the natural human urge of freedom has ensured that most Chinese products are a result of the sole pursuit of money. Lets be done with their hypocrisy, atleast in the crypto world.

China has always been trying to rule with iron fist and then claim they are doing great. If any nation in the world ever managed to rule with iron fist and use their own citizens as slaves and then steal IP from all other nations, then they would become great as well. Whatever helped China so far has always been unethical and immoral, they have not done a single thing that helped their nation but also helped their citizens.

So, who cares if they banned miners or banned transactions, I wish all of them just cut out from rest of the world and live all by themselves because I have not seen one good thing come out of that nation ever. I hope that we would see China losing all its power.

[Vishnu.Reang]

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.

[24Kt]

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.

And if they are suspecting some illegal activities, they can easily get the nod from their government agencies to collect necessary information. I don't think crypto users from their country will be comfortable using VPN or other techniques how to go around this new protocol. I think, it is more on, they will request relatives or colleagues who are residing overseas to do some of their crypto transactions. But will this be permanent approach on crypto? Or just for the moment, I think, in the future, they will change their mind.

[MyRihanna]

It is not surprising that any opposition from a major country will cause the price of Bitcoin to fall. For Chinese citizens, selling Bitcoin to avoid breaking the law is their only option. In fact, short-term ups and downs do not have reference value. Bitcoin represents a more advanced idea and will not be affected by national policies.

[YOSHIE]

China always does things that shock the world, two years ago corona, now crypto/Bitcoin, for me it's no longer surprising China's behavior towards crypto, I actually hope that what China Bitcoin does can hit the lowest level again like it did in 2016, I will buy and save more, I know these are all Chinese tricks to be able to control Bitcoin like they control corona, this is what they do, but wait they don't work on this one, do as they please Bitcoin never shakes.

You need to know that chinese people are spread all over the world, they have access to crypto/bitcoin in other countries, china is cunning and smart, remember 1000 people who trade crypto/bitcoin in their country, 5000 other people trade crypto/Bitcoin in other countries, some think that way, no, what many know China is closing access to crypto in their country, outsiders/other countries, Chinese people trade/invest in crypto, who knows, so take it easy, there are more chinese people in other countries than their own country, try you go to singapore, majority chinese 80% they are involved with bitcoin, then who forbid them, nothing.

[kayiboyu]

Bitcoin price went down after China made a statement like they banned cryptocurrencies and the transactions related to it. But it was not a very big drop in the price. The price just went down to $41k and after a little time passed, it recovered to a level around $43k again. As far as I see, the price isn't affected highly by these FUDs anymore. And this shows that Bitcoin is getting stronger than ever.

[AicecreaME]

I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.

Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.

[dimonstration]

I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.

Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.

We will see what their reason of accepting it again after few weeks or months, there’s always a news of banning from China almost every year, may it be in doing transactions or for miners. We can say that it’s still affect the market due to number of users from China but we’re already aware that after the restrictions dump then recovery will follow. Those who already in the market since 2016 will know how many countries announce banning yet the crypto market still able to survive so there’s no need to worry now just take advantage of the chance to buy or study coins we are eyeing.