China Bitcoin Ban false alarm

[BIN-BIN]

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

[oktana]

From my research, that was not a false alarm or news. There was a ban on crypto in China(as if it hadn't occurred alreaady). Actually, China is widening its ban on cryptocurrency transaction, and mining. As it stands, Crypto activities in China will be considered as an illicit financial activity. They believe that it is responsible for some fraudulent activities, money laundering, and they even mentioned it's "excessive energy usage"(Sounds like they're pained). Anyways, the news on coming out tougher will only affect the price (for a while).

I read the news here: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown

[Oceat]

Well, at least it's not that worst unlike in the past where Bitcoin didn't have much time to recover and it goes straight to bearish season after that news of China banning crypto currency. What do we expect with them to do when they don't fully support Bitcoin then that's the only way they could get rid of it. Despite of what they keep telling where there are fraudulent activities well we don't know what's the truth so let them ban crypto on their country miners will have a choice to relocate their equipment or sell them to others but I have a doubt they would do that.

[bhooscream]

-snip-

Please do some research before claiming "true or false" news.
The news your read is old news but just posted and spread by the media lately.
Check this Fillippone's post: https://bitcointalk.org/index.php?topic=5361664.msg58012462#msg58012462

Don't be easy to be influenced by new issues or news, we all know that some people probably use that fake news for their own purposes. I am not surprised with much fake news, there are many big players in crypto investment now. Those big players must want bigger profits by buying at a very cheap price. They want Bitcoin price to drop by spreading the old news (FUD).

[Kong Hey Pakboy]

The problem with this is that the ban is taken seriously by a lot of people and they don't know what's happening right now and they still think that it's a bad omen that China is making some move in the Chinese market.

[tranthidung]

Look at the FUD. Do you believe it is real?

China will lose a huge income from tax if they ban crypto transactions and crypto exchanges in their mainland. With the greed they have, do you think they will self eliminate opportunity to earn income for their country and their regime?

Many exchanges try to move their main offices out of China main land years ago and they will continue this trend. Only if China want to reject such income, other nations have no issue with China ban as well as cryptocurrency investors or traders.

Crypto has recovered from China's FUD over a dozen times in the last 12 years

[boyptc]

The problem with this is that the ban is taken seriously by a lot of people and they don't know what's happening right now and they still think that it's a bad omen that China is making some move in the Chinese market.

It's because many of them are new to the market, they haven't seen the old news that China did the same thing before.

Many will still be scared of this news and they're likely to panic sell and that's what happened before that has burned a lot of weak hands.

[michellee]

Let China ban bitcoin and it is better they do not get involved in bitcoin at all. China does not like crypto but they want to make their own digital currency and that means they want to take down the market by their currency. China's expansion will not stop just by ban crypto, but they will do other things to conquer all countries. It is just another bad news for bitcoin, but we know that bitcoin will not stop because of that news and we will see the rising of bitcoin soon.

[Kong Hey Pakboy]

~~~

It's because many of them are new to the market, they haven't seen the old news that China did the same thing before.

Many will still be scared of this news and they're likely to panic sell and that's what happened before that has burned a lot of weak hands.

That's not an excuse anymore, crypto is the talk of the town for a long time already, maybe about 5 or 6 years or so it's acceptable but it has been a decade, I don't think that people that's getting into crypto isn't fully aware of this kinds of issue as a lot of news outlets are picking up on every crypto stories.

[Kemarit]

It's not a false alarm, they have been banning crypto since 2013, LOL.

So why are investors still affected by this news? I haven't check the price, but today it is $42,000-$43,000. We are still above or at least in the average for this month. So I guess the drop will be temporary. On the contrary, if history repeats itself, this kind of statement from China will fuel another bull run.

[Darker45]

There might have been rulings, statements, or other official decisions against crypto in China, but I don't think there was ever a time when an ordinary Chinese citizen is really prohibited or deprived of any access to crypto. So whether or not these were not false alarms or mere FUDs doesn't matter that much at all, because, if my memory serves me right, there was somebody who was in China at the time of the 2017 crypto crackdown and he/she posted here that they could still pretty much buy and sell crypto.

[tranthidung]

Let China ban bitcoin and it is better they do not get involved in bitcoin at all. China does not like crypto but they want to make their own digital currency and that means they want to take down the market by their currency. China's expansion will not stop just by ban crypto, but they will do other things to conquer all countries. It is just another bad news for bitcoin, but we know that bitcoin will not stop because of that news and we will see the rising of bitcoin soon.

How many FUD from China in history, especially China ban events?

I did not count and did not finish my research on it but please look at the chart, there are some massive crashes and I believe many of them were triggered by China ban events. Anyway, after all, Bitcoin recovered and grown up significantly.

Think about such events ^[1]?
^[1] Crypto has recovered from China's FUD over a dozen times in the last 12 years

Have you ever thought that such events are good supplementary sources for Bitcoin growth?

[zanezane]

Not for the newbies though, they're going to be panicking over this thing because they're not up to date with information regarding the influences in crypto market and they are part of the greedy masses that just jumps in because there's money to be made without making any research.

[MIldic1c]

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

The key is to look at people's views on the ban. Some news has spread before being confirmed. This may be done deliberately by someone for other purposes. So we are in the market. Don't be misled by the news. Their purpose of making news is to create panic and affect our emotions.

[Melody kdl]

Many people see that some news in the market will affect their emotions. Now as time changes, more and more new investors join the market. Their experience and experience make it impossible for them to keep their emotions calm under negative news. However, some experienced investors will inevitably panic because of the sharp decline of Bitcoin these days.

[michellee]

Let China ban bitcoin and it is better they do not get involved in bitcoin at all. China does not like crypto but they want to make their own digital currency and that means they want to take down the market by their currency. China's expansion will not stop just by ban crypto, but they will do other things to conquer all countries. It is just another bad news for bitcoin, but we know that bitcoin will not stop because of that news and we will see the rising of bitcoin soon.

How many FUD from China in history, especially China ban events?

I did not count and did not finish my research on it but please look at the chart, there are some massive crashes and I believe many of them were triggered by China ban events. Anyway, after all, Bitcoin recovered and grown up significantly.

Think about such events ^[1]?
^[1] Crypto has recovered from China's FUD over a dozen times in the last 12 years

Have you ever thought that such events are good supplementary sources for Bitcoin growth?

I do not count as well as I do not care with what China said. Their government does not like crypto and will do many things to stop the growth but unfortunately, they can not do that. No matter how hard they do, crypto will grow because the other countries will support the growth of crypto.

I do not worry about the FUD or other things. I consider that is part of the crypto journey and it is normal to see some people do not like a new thing that can change the whole world if it gets more adoption.

With so much bad and good news, that affects bitcoin while more people get benefits from bitcoin. So people from other countries will see and think if bitcoin is good or bad for them.

[DapanasFruit]

One thing is certain here and that is the fact the despite the previous bans there is considerable number of people and transactions going on in the cryptocurrency market in China, otherwise they would not again issue such a notice. I am wondering how many times will China be banning Bitcoin. This time around the impact is not that bad so that next time around maybe we can expect the market to just shrug off things as if China is already a non-factor.  My question is this: why does the market still listening to China? Let's already discount China in cryptocurrency as there is no future with them under its oppressive regime.

[Nunoluck]

I don't really focus on countries ban or accept bitcoin anymore. It is important but I think the more important things are fundamental and technical analysis in trading. Company with good governance will survive again bad economic situations because they have great people behind it, who know what to do. Now we face a reality that most of bitcoin users are trader so we have to know how to deal with it. In my opinion as long as we already take good position in trading then if there are any bad news then we don't need to worry about that, it's just a matter of time.

[cryptoaddictchie]

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

This is a big sabotage of China. Im sure everyone are all aware of this news already and been fed up with the fud. Its not surprising they keep coming back. I assume the whales on China arent satisfy enough with their gains or already been sold their asset and wishing to buy back some cheaper one when they initiate this fud attack. The article has been recycle many times over. China is really something, persistent on their goal to bring down crypto.

[magnum1010]

I don't think that we are to blame chinese authorities for this decrease. Crypto market was really overheated (not only bitcoin, but all altcoins as well), so it is a usual correction after a protracted growth. Moreover we see many economic news around the world. Chinese giant company nearly defaulted on bonds, there are news that the US is about to default, so stock market is also decreasing.