Markets tumbling under Asian trade today as fear escalate for further clampdowns across the region. The authorities in China are working to prevent their citizens from shopping in crypto curves, which may have triggered a panic wave that is sold across the board.
According to reports, the Chinese government plans to expand its breakdown of domestic crypto trading by targeting methods to do so, including over-the-counter trading, offshore sites used for centralized trading and peer-to-peer trade with large transactions.
China Increases Pressure On Crypto Traders
It is not the first time China has cracked down on crypto. A ban on exchanges in September sent the markets into a free fall, but they soon recovered. A recent clampdown on Bitcoin mining created an exodus as China-based companies and mining syndicates moved their operations to friendlier countries.
A number of China’s major crypto exchanges, such as Huobi and OKCoin, shifted operations overseas to Hong Kong where more freedom is granted. Huobi is also planning to set up two crypto exchanges in Japan, which is far more open to cryptocurrencies this year.
Read more: scoop.co.nz
I read this news, but I also know that the long-term plan in globalization is to build China's economy to 5x what is today by 2050. I think China may greatly affect how cryptocurrency is traded there, but in the upcoming years I expect to see it relax a bit. The UN is calling for equal access for all to economic markets.
Same thoughts
Blockchain threatens their monopoly on control, so of course they are threatened.
Good post @tradewonk
Thank you
Very bullish in the long run for decentralized exchanges like BitShares. Increased trading in bit.CNY is an obvious sign of an influx of capital.
Agree
This post has received gratitude of 10.87 % from @appreciator thanks to: @tradewonk.
It is very distressing the drastic losses of the cryptocurrencies, it is a total madness as people fall into despair and think if it will continue to fall or how much more money they could lose, it is difficult
very information post
China is pressuring everything, just like here in Venezuela... The police are taking off every crypto... trade...
Excellent insight to what happened. Don't you think also the upcoming Chinese new year with expected high withdrawals due to massive travels will also shock the crypto market. Nice one and keep it coming.
My Ultimate is Charging ...
China is crypto king they control a big percentage of the ups and downs of crypto.