China Initiates Crypto Ban and Markets Slide Down – But the fact is they can’t Ban it
( 0 )
Prices are down once again. At first people thought it was because of a weekend downtrend that we normally see anywhere from five to ten percent down during the weekend, but it appears there is a reason for the prices going down. Once again like everything else but it's warranted and unwarranted at the exact same time. So what has happened is apparently China is to ban and block foreign crypto currency trading platforms and ICOs throughout the country. China is reportedly aiming to block all websites, both domestic and foreign related to crypto currency trading and initial coin offerings, and what could be the country's final crackdown on the industry. According to a report by the Financial Times a newspaper run by China's Central Bank authorities are reportedly lining up a number of regulatory measures to further a crackdown on the cryptocurrency industry.
The People's Bank of China began ramping up its scrutiny against domestic exchanges in early 2017, as reported by the state-funded website the paper dot CN. An excerpt from the article by PBOC affiliated source read to prevent and mitigate financial risk authorities will take regulatory measures against ICOs and virtual currency exchanges inside and outside of the country including the banning of relevant businesses, banning and disposing of domestic and foreign exchange of virtual currency websites. Whenever this word ‘ban’ or ‘block’ or ‘China’ is in a sentence, when it comes to cryptocurrencies people begin to panic but it is known about this for quite some time now. First issue the notice of a sweeping ban on ICOs on September 4th quickly followed by restrictions of effectively shutting down domestic cryptocurrency exchanges. This is just another part of the fear that has taken over the market. China ban could be the resulting fear from this, it could be the continual fear from things about South Korea and or India or what a lot of people think is happening is as well is that Asian markets are doing a sell-off around this time of the year. They, more or less buy back into the market around February and March. There were a lot of ups and downs in 2013, 2014, 2015, 2016 and 2017. Everything has kind of repeated itself and these panics happened before but what it is now, there are a lot of new people who are in the game and cryptocurrency trader or holder fear the most. V waters are being tested around how low that it can go by the whales. This isn't a speculation. There are a lot of heavy hands who are obviously in the market. People know exactly how low the price has to go in order for hit to hit a certain resistance level for other people to buy in. These things have a purpose when it comes to money and investing. The prices have steadily gone down for the couple of hours.