Again…the cryptocurrency market enters a sharp correction after the latest China announcement
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Answer Again…the cryptocurrency market enters a sharp correction after the latest China announcement
The cryptocurrency market entered a sharp correction after the country of China announced hours ago that cryptocurrency transactions are illegal.
The crypto market was affected and cryptocurrencies lost more than $150 billion in value with a sharp drop of 5.8%.
This comes after China’s intensified crackdown on cryptocurrencies and the announcement that cryptocurrency transactions are illegal.
On the afternoon of Friday, September 24, the People’s Bank of China (PBoC) told that the latest decision was to further prevent risks associated with cryptocurrency trading, and the PBoC indicated that this decision stems from its interest in maintaining national security and social stability.
In a Q&A posted on its website, the Chinese central bank said that all crypto-related activities such as order matching, trading services, issuing tokens and digital derivatives are prohibited.
Read:Another crypto lending platform suspends its services and freezes withdrawals…Details here
The central bank also announced a total ban on offshore trading platforms operating in China.
According to the translation of website To CNBC, China’s central bank noted:
Cryptocurrency exchanges operating abroad and providing services to local residents are illegal.
He added:
Those working with forex trading platforms will be investigated.
We are strengthening the infrastructure to identify cryptocurrency related transactions and eliminating any kind of speculative trading activity.
Non-bank financial and payment institutions cannot provide services for activities and operations related to digital currencies.
Bitcoin enters correction and altcoins are following it:
Bitcoin is down 5.4% at the time of writing this article and is currently trading at $41,346 with a market capitalization of $778 billion.
On the other hand, there is a bloodbath in the altcoin space that wiped out all of Wednesday’s gains.
All top 10 cryptocurrencies collapsed by 10-15%.
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Thus, their losses extended well above 20% on the weekly chart.
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