Crypto and controversies are connected to each other so when we talk about crypto then its not possible to think of some controversial news. This time its CHina is behind all this negativity and this is why the bitcoin price is going down. As per the news now China has declared the full ban on crypto trading in the country and its obvious that holders started selling their coins. When more people are selling because of this negative news so we are seeing this drop in price.
So a question arises that if this is the final move by China that they will never be part of the crypto revolution? To be honest, this is a difficult question and I would love to have an answer from you amazing people but as of now, I don't know what would be the answer. Now when some small countries like Al Sevadaor have made crypto legal tender then a big country like China is taking the opposite move is something that put a question on the situation. Although this is not the first time when China did a similar thing. Let's have a look at the history when china tried to ban crypto before.
China has been trying to ban crypto since 2013 and now they have finally done it. Are they going to revoke their decision later or this one is final? Until now China has been trying to create FUD in the market and now again with this news they did the same.
There has been a dip in the market for sure but its a big one so can we assume that if China exists from crypto space then it will not bring a bigger impact because many other countries have started increasing their hold in Bitcoin and other cryptos.
Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".
The world is realizing the potential of crypto and slowly they are adopting this revolution and this time such decision by China is a kind of disaster decision. I think that market will recover since more institutional investors will be coming in and one thing is confirmed that the part of china in crypto is not too much and there are many other countries who are leading the trend. Now India is on the 5th rank by the number of users and investment and there is no regulation as of now.
So this china news has not impacted much and now its good as well because once banned then at least they will not able to manipulate the market as we have seen many times in the past. Although its always great to have more countries coking in crypto space but countries like China is doing things a different way. Even they have already stopped mining and miners have started moving to another place.
I can see many coins in the dip I am not at all worried about the news and still buying in parts. Its buy time for sure and this can help us get more profit once the market comes back to its normal price or if we see some good price movement in last quarter of this year. There is nothing to worry about after china ban news for me and with a long term mindset, such things don't matter much
Thank you so much
Stay safe