The cryptocurrency market collapses every time China extends its crackdown on the world's most popular digital asset. Earlier, BTC could have plunged by as much as 50%. Today, however, every other ban by the Chinese authorities evokes a calmer response from the market.
During the meeting of the State Council, Fan Yifei, the deputy governor of the People's Bank of China, said that bitcoin and stablecoins had become “tools for speculation” and were bringing potential risks to financial security and social stability. Since the Chinese regulator is controlled by the ruling Communist Party, Fan Yifei’s statement can reflect the official stance of the country’s government on cryptocurrencies.
“We are still quite worried about this issue, so we have taken some measures,” the deputy governor said.
As a result, the world’s most valued digital coin only fell by 2%. It seems that the cryptocurrency market reacts now more cooly to China’s attacks, and BTC looks more stable.
In June, China introduced a ban on bitcoin mining and trading. Back then, four Chinese provinces immediately prohibited mining. Later, banks and other financial organizations were barred from carrying out cryptocurrency-related transactions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $1000 more!
In April we raffle $1000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST