October 28, 2021

Bitcoin and other crypto crash as China’s PBOC declare it Illegal

Crypto

Crypto

Bitcoin and other crypto crash as China’s PBOC declare it Illegal. Today marks another China’s way to crash the Crypto market as Bitcoin and other cryptocurrencies crash and erase gains. The crypto market is already recovering from China’s Crypto mining crackdown that happened in May 2021. The market corrected 40-50% of some coins nearly crashing 80%.

Bitcoin Highlights:

  • China’s PBOC (People’s Bank of China) said Bitcoin, Ether, and other stable coins are not legal tender and cannot be used in the normal currency market.
  • The central bank declared all virtual currency-related activities illegal, including derivative transactions and overseas virtual currency exchanges serving Chinese residents.
  • The PBOC also has highlighted outside crypto exchanges to not provide any services to Chinese nationals.
Coingecko
Coingecko

As per the 1-hour chart source – Coingecko. All coins seem to recover but most of them are already 5%-10% some even more. Regulations are always welcome but currently, a lot of negative and FUD are revolving under crypto markets. The adoption of all coins and use cases is parabolic. So, a general note to all investors if you are in for the long term nothing to worry about. Make sure you don’t take any random decisions and always be updated.

Reserve bank of India releases positive circular for Cryptocurrencies, asks banks to follow Due Diligence process

If you have any questions or if you need any help, do let me know. You can connect with us on Social Media as well. If you are planning to start investing do check out Binance and WazirX. Check our Cryptocurrency tab for more related stories.

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