Cryptocurrency Market Suffers After China Ban On Digital Currency

Cryptocurrency Market Suffers After China Ban On Digital Currency

Cryptocurrency And Risk

Cryptocurrency is what we call a mine. Digital currency that just someone created in the comfort of his home is now worth millions and trillions of dollars. Right now, everyone wants to deal with cryptocurrency. Now cryptocurrency suffers after China’s Ban on Digital Currency. Here is every detail.

Cryptocurrency is actually far from safe but many are investing in this. Although, many are still hesitating because of the very high risk. The weird aspect is that it can make you a millionaire in no time or keep you in debt for a long time. Many people have invested their life savings into cryptocurrencies like Bitcoin and failed miserably.

China, Elon Musk And Cryptocurrency

ElonMusk’s tweet about dogecoin actually thrown Bitcoin very harshly. Bitcoin has even gone down 10 times because everyone is now investing in dogecoin. So why China has banned cryptocurrency? How Cryptocurrency Suffers After China Bans it?

Last month, China started looking into virtual currency and its trading. It started forming plans to launch Digital Currency Electronic Payment (DCEP) in China. Looking at the trend and confirming cryptocurrency as the future, China said that DCEP Will be popular soon.

Chinese president Xi Jinping is making some interesting discoveries in the 2021 video he even passed cryptocurrency-related rulings Which game in effect from January 2020. As we see, China was never against cryptocurrency.

But now it is growing. Cryptocurrency is getting out of hand in China, so now they want to control it. But can 1 country create that great effect on something? Let’s see.

China’s Impact And Strategy

Cryptocurrency Market Suffers After China Ban

The above graph of Bitcoin clearly shows how China’s decision Is going to affect it. Bitcoin will be falling further than it has been in or past seven weeks. China has refrained every bank from providing this service. On Tuesday, three industries give this statement came. Sources tell us that it is China’s yet another attempt to keep cryptocurrency trading in control.
Although China now claims to be against groups cryptocurrency, individuals can still legally hold it. In 2017 also China did the same thing affecting 90% loss. China claims that virtual currencies are not supported by any real value. The industries are

The national Internet Finance Association of China
• Payment and Clearing Association of China
• The China banking Association

“Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.

Cryptocurrency Suffers After China Ban and will continue to! these are all the updates and we will be updating you with new information every day. Say Tuned!

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