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Markets are buying back another Chinese attack on cryptocurrencies
The main anti-hero of the crypto market recently has been China again. The country's authorities are vigorously trying to eliminate everything related to cryptocurrencies, mining and trading. Bitcoin Recovers to $44, Quickly Overcoming Impact of China's Bans The most negative impact was a report that illegal activities include providing cryptocurrency trading services to citizens of mainland China. Residents of the Middle Kingdom used the services of exchanges and other crypto platforms that had jurisdiction outside mainland China, but now the provision of such services could be sanctioned by Chinese regulators. China's National Development and Reform Commission...
Markets are buying back another Chinese attack on cryptocurrencies
The main anti-hero of the crypto market recently has been China again. The country's authorities are vigorously trying to eliminate everything related to cryptocurrencies, mining and trading.
The most negative impact was a report that illegal activities include providing cryptocurrency trading services to citizens of mainland China. Residents of the Middle Kingdom used the services of exchanges and other crypto platforms that had jurisdiction outside mainland China, but now the provision of such services could be sanctioned by Chinese regulators.
China's National Development and Reform Commission now counts the suppression of mining activities by local authorities as a plus in key performance indicators. The document is dated September 24 and draws a line under any development and investment in the sector in the country.
Additionally, the People’s Bank of China added to the fire by issuing an announcement that cryptocurrency-related activities are illegal.
News events are particularly active in the crypto market because their influence is much greater here than in traditional finance. As always, there are many people who want to buy at a discount when the price drops.
The new week is likely to bring the crypto market higher. is up over 5% on Monday morning and this price will soon offset the latest round of corrections. , the leading altcoin, even recorded a 10% growth yesterday, almost offsetting the recent decline.
Other leading altcoins are also in the green zone and unless we face new negative news factors, the crypto market will soon cross the $2 trillion cap cap again and rise even higher.
The FxPro analyst team
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