- The Asian dragon has reiterated its tough stance on
cryptocurrencies yet again declaring all crypto-related activities as ‘illegal’. - In the process, the
crypto market has ended up in the red after barely managing to recover from the fear, uncertainty and doubt (FUD) caused by the Evergrande crisis. Bitcoin is down by more than 5% amid the market reaction and evenAvalanche could not evade the dip.
Historically, $4 for cryptocurrencies, especially during the year which follows a ‘halving’ event — it’s when the reward for mining Bitcoin is cut in half and it happens every four years. The trend was seen after the first halving event in 2012 and after the second one in 2016.
However, what makes the FUD in the market different this time is China’s $4 on $4.
On September 24, the People’s Bank of China (
Moreover, employees working for crypto exchanges that are not based out of China will be investigated.
The statements, although not entirely new, rocked the crypto market. The overall market cap is down by 5.6% as compared to yesterday at 5:45 pm Indian Standard Time (IST). Bitcoin, Ethereum, Binance Coin and other large cryptocurrencies are in red — barring stablecoins like Tether and USDC.
Even Avalanche's AVAX token, the blockchain platform which was recently seen $4 due to $230 million in funding, was not spared either.
China isn’t a fan of cryptocurrencies and that secret has $4. However, each announcement by the Chinese government in the years that followed have expanded the scope of the so-called ‘ban’.
What started off as a simple move restricting initial coin offerings (ICOs) has expanded to banning crypto exchanges, crypto mining and really $4, including news reporting, that has to do with cryptocurrencies.
This year has been especially harsh with Bitcoin and other cryptocurrency miners having to move out of the country in order to continue operations.
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