Crypto has recovered from China's FUD over a dozen times in the last 12 years
Since 2009, China and Hong Kong have "banned" or otherwise caused FUD in the crypto space on 18 separate occasions. The price of Bitcoin fell 5% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal.With that in mind, let's take a nostalgic look at the last 12 years of FUD out of China, and see if we can spot any patterns.China banned 'virtual currencies' for the first time in 20091: Chinese regulators have never exactly been crypto advocates. When cryptocurrencies were still in their infancy, i.e.....
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China’s ban on cryptocurrencies causes a mild slump, but recovering from this FUD is not new for crypto as China’s motives come under the scanner. Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government's June prohibition on cryptocurrency mining activities.The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to....
While institutional Bitcoin products have experienced outflows for 13 of the past 17 weeks, the sector has now seen three straight weeks of inflows. Institutional investors were buying the dip on the back of China’s latest FUD, with digital asset investment products generating $95 million worth of inflows last week. According to CoinShares’ Sept. 27 Digital Asset Fund Flows Weekly report, a surge in dip buying helped drive a sixth consecutive week of inflows for institutional crypto investment products broadly.The $95 million worth of inflows between Sept. 20 and Sept. 24 marks a 126%....
The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People’s Bank of China Cracks Down on Coin Trading in Shenzhen The branch of China’s central bank in Shenzhen is cracking down on illegal cryptocurrency trading, the Chinese business news outlet Cnstock.com revealed Tuesday. As part of the new campaign, the PBOC has....
Bitcoin and most major altcoins have recovered from last week’s sell-off, but they are still facing selling at higher levels, suggesting that the market could remain range-bound for a few days. Bitcoin (BTC) and Ether (ETH) recovered a large part of the losses that happened due to the knee-jerk reaction to China's regulatory crackdown on Sept. 24. This suggests that crypto markets have absorbed the news-based selling, with long-term investors likely using the dip to accumulate.However, a rally may have to wait as market participants watch the outcome of the infrastructure bill this week,....
The crypto asset bitcoin has seen a phenomenal year gaining 261.5% over the last 12 months and the second leading crypto asset, ethereum, rose by 819.9% since mid-November 2020. However, a slew of digital currencies saw much larger gains during the last 12 months and a dozen crypto assets have gained anywhere between 7,000% to a whopping 27,000% in value. 12 Crypto Assets That Spiked 7,000% to Over 27,000% in Value Since Mid-November 2020 On Wednesday, November 17, 2021, the crypto economy with its 10,870 coins and 523 exchanges, is worth over $2.7 trillion. Meanwhile, during the last....