Bitcoin price is dropped approximately 10% after China announced it had summoned chiefs to reiterate the ban on providing cryptocurrency services in their country.
On Monday China government announced that they summoned its officials of the biggest banks to reiterate a ban on providing any services to cryptocurrencies. This indicates that China is planning to do whatever it takes to close any loopholes left in cryptocurrency trading.
The representatives from all major commercial and industrial banks of China and other payment services like Alipay were reminded to follow the rules to prohibit Chinese banks from engaging in crypto-related transactions.
After this news, the crypto market is in big shock and the prices of Bitcoin and Altcoins are continuously dropping. All small investors are in a panic because they in such a situation where they can neither hold nor sell.
We have seen many such crashes like this in the crypto industry. After every crash market booms again.
Here are the Tweets of Experts about the Chinese crackdown.
The dominant driver of #Bitcoin right now is the crackdown on mining & trading in China that began in May. This created a forced & rushed exodus of Chinese capital & mining from the Bitcoin network – a tragedy for China and a benefit for the Rest of the World over the long term.
— Michael Saylor⚡️ (@saylor) June 19, 2021
#copper breached 50-day MA after psychological level of 10,000 fails to hold. Lower lows formed on fears of crackdown from Chinese authorities pic.twitter.com/qh5FPqcfJL
— Yeap Jun Rong (@Yeap_IG) June 15, 2021
The leftover Chinese miners just dump #Bitcoin after China provinces did a total crackdown on the mines.
— tegar (@TAPNFT) June 20, 2021
Now #BTC network is fully decentralized-powered by green energy, starting from volcano-powered mining by #elsalvador, which will not be the last country to adopt $BTC. pic.twitter.com/9ZzmtRSHwk
Bitcoin (BTC) Bull Mike Novogratz on Chinese Crackdown: ‘Will Take Some Time To Play Out’ – https://t.co/Jqclziiv3d via BTCnews for iOS https://t.co/53BFIUVvbZ
— BTCnews iOS App (@btcnewsapp) June 21, 2021
Total Crypto Market Cap Drops Below $1.4 Trillion After A $100 Billion Sell-Off: Meanwhile, Chinese Authorities Are Pushing Their Crypto-Oriented Crackdown Even Further, Closing More Than 90% Of Chinese Miners https://t.co/Pv2bd614F2 pic.twitter.com/5EJFPriz30
— CryptoBrowser (@Crypto_Browser) June 21, 2021
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.