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Analysis

FUD from China: The Reason BTC Was Dumped To $ 32,000 Is This?

June 21, 2021 - Around 2 mins mins to read

The Central Bank of China (PBoC) has called a meeting with a group of commercial banks and mobile payment service providers to suspend the accounts of users of crypto OTC trading.

fud-trung-quoc-2
FUD from China: The Reason BTC Was Dumped To $ 32,000 Is This?

After that the hash rate of Bitcoin miners in China continued to decrease as a result of the influence of Sichuan Province, crackdown on crypto-related actions in China continued.

Earlier this week, the Central Bank of China (PBoC) urged domestic commercial banks to freeze the accounts of these trading cryptocurrencies over the counter.

Specifically, on June 21, the PBoC called a meeting with a range of national banks and mobile payment providers. The parties for this meeting include:

  • Chinese Agricultural Bank
  • Chinese construction lender
  • Industrial and Commercial Bank of China
  • Chinese Postal Savings Bank
  • Industrial Bank of China
  • Alipay mobile payment program

According into the PBoC, speculation and trading in cryptocurrencies have severely disrupted the equilibrium in the Chinese financial system. This risks illegal capital flows from national boundaries in addition to money laundering.

The PBoC also urged attendees to enhance the internal monitoring algorithm to more accurately identify cryptocurrency transactions.

Also on June 21, the Agricultural Bank of China declared that:

“If it is found that a user is trading in cryptocurrencies, the bank blocks the customer’s account and reports the matter to the relevant authorities.”

However, this note was eliminated from the lender shortly afterwards.

fud-trung-quoc-1
Post-and-delete notification to the Agricultural Bank of China

Although cleared, Bitcoin price immediately fell below $ 32,000, almost 10%. Not only Bitcoin, but also a number of different cryptocurrencies are badly affected. May be mentioned as:

Ethereum (ETH) has dropped as low as $ 1,950down -13.59% as of press time. Other cryptocurrencies have a bad situation when XRP -6.73%; ADA -4.46% and DOT -11.24%…

Market 6/21/21
The market was bleeding earlier in the week

Synthetic

You might be interested in:

Author

CoinX

Analysis

FUD from China: The Reason BTC Was Dumped To $ 32,000 Is This?

The Central Bank of China (PBoC) has called a meeting with a group of commercial banks and mobile payment service providers to suspend the accounts of users of crypto OTC trading.

fud-trung-quoc-2
FUD from China: The Reason BTC Was Dumped To $ 32,000 Is This?

After that the hash rate of Bitcoin miners in China continued to decrease as a result of the influence of Sichuan Province, crackdown on crypto-related actions in China continued.

Earlier this week, the Central Bank of China (PBoC) urged domestic commercial banks to freeze the accounts of these trading cryptocurrencies over the counter.

Specifically, on June 21, the PBoC called a meeting with a range of national banks and mobile payment providers. The parties for this meeting include:

  • Chinese Agricultural Bank
  • Chinese construction lender
  • Industrial and Commercial Bank of China
  • Chinese Postal Savings Bank
  • Industrial Bank of China
  • Alipay mobile payment program

According into the PBoC, speculation and trading in cryptocurrencies have severely disrupted the equilibrium in the Chinese financial system. This risks illegal capital flows from national boundaries in addition to money laundering.

The PBoC also urged attendees to enhance the internal monitoring algorithm to more accurately identify cryptocurrency transactions.

Also on June 21, the Agricultural Bank of China declared that:

“If it is found that a user is trading in cryptocurrencies, the bank blocks the customer’s account and reports the matter to the relevant authorities.”

However, this note was eliminated from the lender shortly afterwards.

fud-trung-quoc-1
Post-and-delete notification to the Agricultural Bank of China

Although cleared, Bitcoin price immediately fell below $ 32,000, almost 10%. Not only Bitcoin, but also a number of different cryptocurrencies are badly affected. May be mentioned as:

Ethereum (ETH) has dropped as low as $ 1,950down -13.59% as of press time. Other cryptocurrencies have a bad situation when XRP -6.73%; ADA -4.46% and DOT -11.24%…

Market 6/21/21
The market was bleeding earlier in the week

Synthetic

You might be interested in:

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