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.
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.
