Bitcoin Prices Whipsawed by Looming China Crackdown – But Not for Long
As the rumors of a crackdown by the People’s Bank of China have solidified over the past few days, Bitcoin prices have been hit hard. Last week, we told you that China’s central bank was rumored to be planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15. That news pushed the CoinDesk BitcoinPrice Index from about $585 on Wednesday to as low as $477 on Thursday. Over the weekend the price of Bitcoin recovered somewhat to about the $500 level.
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In recent times, China has made moves to halt all forms of Bitcoin mining in its vicinity. According to the government, the operation is consuming more energy than necessary. There have been concerns on how the crackdown will affect crypto prices, given that other countries also picked up the trend. China’s action led to a […]
China has suspended registration of new businesses with finance-related names, saying that these firms first need approvals from financial regulators. What effects will these measures have on the Chinese fintech competitive space? The restrictions imposed are part of the Government's measures to restrict the proliferation of online financial companies. According to reports citing Caixin, a Chinese magazine, the crackdown is expected to last one year and is expected to focus on P2P lending, crowdfunding, online insurance, etc. The reasons given for the crackdown include failure of P2P....
Several U.S. lawmakers see China’s authoritarian crackdown on cryptocurrency, including bitcoin, as “a perfect opportunity for American leadership on cryptocurrency.” One senator noted that it is “a reminder of our huge structural advantage over China.” US Lawmakers Comment on China’s Cryptocurrency Crackdown Following the latest news of China’s crackdown on cryptocurrency, several U.S. lawmakers have shared their views on the situation. Senator Pat Toomey from Pennsylvania said: China’s authoritarian crackdown on crypto, including....
Fewer new bitcoin may be hitting the market because miners in China can't sell their bitcoins due to a crackdown by their government.
China’s crackdown on crypto has had negative effects on the crypto space as a whole and decentralized finance (DeFi) has not been left out. The news of China’s crypto ban saw prices go down across the board, given that China has always been a big part of the crypto space. Despite the negative effects the […]