Scrolling the channels on TV just now, something on CNBC caught my eye.
China now bans all crypto activities, not just mining like it did in May. All in an effort to stem outflows of capital away from governmental issued coins.
Imagine that?????
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Energy-intensive mining is being given as the excuse. Not all cryptos use mining, and those which do aren't necessarily energy-intensive. It lets China use "climate chgange" as an exuse for the bans on crypto. This could be the first time that China expressed concern about climate change.
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China’s crypto trading ban on Friday is the most serious yet as per some of the Chinese citizens.
Its central bank has declared all virtual currency-related activities illegal, naming Tether for the first time and sending down bitcoin and ether prices.
This one will have a huge impact on the markets for a few days. This is the ATH of the Chinese FUD.
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