Yesterday the market was shocked Because of the negative news from China. from Bitcoin (BTC) The price has fallen and panic is still good for many traders and investors! But the old hands in this market would have slept peacefully tonight. This is not the first time we have seen such news from China.
Chinese Bitcoin (BTC) Banned from the Past
China was early on when it came to banning cryptocurrencies. Back in 2009, the state banned the use of cryptocurrency to pay for goods. In the years since, the country has also banned bitcoin and we have occasionally seen fake reports that have also caused huge price swings, as happened in 2014.
Then, in 2017, the cryptocurrency exchange was banned. Remember that China made up 90% of the total cryptocurrency market at that time. So the (authoritarian) central bank of the country went with a straight leg through cryptocurrency exchanges and Initial coin offerings (ICOs) Ban. Then did the Deputy Governor of the Central Bank pronunciation “There is only one thing left to do: sit on the river bank and watch the bitcoin body float by one day.”
In the ensuing years, China has also taken all kinds of measures. For example, Chinese banks were ordered not to do business with bitcoin miners, and of course mining was subsequently banned altogether. The latter caused a correction of more than 50% against Bitcoin absolutely high (ATH) of about $65,000 in April of this year.
China is still waiting on the bank of the river
Of course, it was somewhat expected that a country like China would do everything in its power to combat centralized and transparent Bitcoin. A cryptocurrency that enables people to own money themselves, and send it to anyone, anywhere in the world, does not fit the context of a country that has social credit scoreThe system is trying to control everything.
But what amazes me is that Bitcoin is stronger than ever. Despite all the intense reports of widespread bans in the country that once made up the bulk of the cryptocurrency market, bitcoin is still around. The Chinese government has been sitting on the beach for years, waiting for the Bitcoin corpse they believe will float next to it. But will this ever happen? I think that China seriously underestimates the power of decentralization, transparency and democracy.
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