China Will Heavily Crack Down on All Bitcoin Trades
From Cointelegraph
It’s been a tumultuous couple of weeks in the Bitcoin community, as negative news spread throughout, driving prices lower. News of a China Exchange Ban, as well as negative rhetoric from the CEO of the world’s largest bank (JP Morgan Chase), knocked the legs out from under the Bitcoin price.Read more: https://www.cointelegraph.com/news/china-will-heavily-crack-down-on-all-bitcoin-tradesHowever, a recent article in the Wall Street Journal indicates that the negative news still isn’t done. According to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. According to the WSJ:
So with China cracking down on bitcoin does this mean we could see a major shift in the bitcoin mining network? What do you think current bitcoin mining operations in China will do? That's an awful lot of hardware they have invested in. Will perhaps see a firesale of commercial grade mining equipment on ebay soon?
Leave your thoughts in the comments.
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Japan is wise and sees this as an opportunity to buy cheap BTC. Their market is looking strong in the crypto world. China's loss.
Upvoted and also resteemed!
I like this article I read today. Japan has absorbed much of the volume.
https://www.techjuice.pk/japan-overtakes-china-biggest-bitcoin-market/
I think the main thing is that Chinese exchanges wouldnt be able to pass an internal audit and are closing up before any regulations would force them to open up their books. We have already seen a significant bump up in price, and overall, he market has recovered very nicely.
Much of it is FUD imo, and weak hands panic sold and then got completely massacred after btc and many other alts rebounded the very next day
Capitalism at its finest.
China is actually trying to bring up their crypto supported by their Central Bank that's why they taking this measures to halt bitcoin exchanges. Awesome post. Check out my new post too @jakemore.. Thanks
A similar situation happened before...
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