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Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown - Business - Nairaland

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Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by lalasticlala(m): 2:41pm On May 19
Price drops to 3-month low as finance industry warned not to offer digital token services

The values of the biggest cryptocurrencies tumbled on Wednesday as fears that Chinese regulators would intensify a crackdown on financial institutions using digital tokens alarmed the market.

Bitcoin tumbled 14 per cent to its lowest level since early February and ethereum tumbled by a quarter after financial institutions were warned about accepting cryptocurrencies as payment or offering related services and products.

Virtual currency “is not a real currency” and “should not and cannot be used as currency in the market”, said a joint statement issued late on Tuesday on the People’s Bank of China’s WeChat account, banking and internet industry associations. It referred to a recent surge in prices as “speculation”.

Its stance added to the bearish sentiment that has overtaken the industry in the last month amid concerns about a regulatory crackdown and its impact on the environment.

US securities reliant on cryptocurrency trading and prices were also down in European trading. Coinbase, the exchange, was down 7.8 per cent and Microstrategy, the software company turned bitcoin investor, was down 5.9 per cent in Germany.

The development reflected China’s campaign to limit institutional activity in cryptocurrencies as it prepares to launch its own digital currency. Other markets such as the US have remained comparatively open to institutional involvement.

“Part of it is they have their own digital renminbi, part is the lack of control in terms of cash outflows and part of it is trying to make sure people don’t get scammed,” said Paul Haswell, a partner at law firm Pinsent Masons in Hong Kong, of China’s crackdown. 

China’s pressure on cryptocurrencies gained momentum in 2017 when it closed the country’s bitcoin exchanges, which had previously accounted for the majority of global trading.

The government’s plans for a digital renminbi, which would provide the central bank with a record of all currency transactions in real time, could provide a rival cashless payment mechanism to compete with vast online fintech platforms from Ant Group and Tencent.

https://www.ft.com/content/c4c29bb3-c8ee-454c-a2dd-eac9f644007f

1 Like 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by samuel19222(m): 2:45pm On May 19
Damnnn niggar issoright, Ftc, Thanks to Jah, I know one of my gee wey get over $50K for him btc wallet. so Bitcoin finally fall hand and I been dey plan to put my last month salary on top bitcoin, sorry to my gee guys wey get $ for bitcoin, shout out to all legit hustler, you don’t need any soap, one day hustle go pay.


192 Likes 9 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by paddyDIGITAL(m): 2:45pm On May 19
Crypto currency is volatile and fickle. Unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars.
Therefore, only invest what you can afford to lose.

152 Likes 6 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Tadeknkeepcalm: 2:45pm On May 19
Ok.




NB: I'm not booking space. "ok" is my genuine reaction

11 Likes 3 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Ololanla: 2:45pm On May 19
Hmm, China is doing everything to control the world economy. It is well.

59 Likes 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by WalkerMichael(m): 2:45pm On May 19
the whole town is bleeding red badly..
hug any crypto trader you know today.

256 Likes 10 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by freethinker01: 2:45pm On May 19
Buy the dip, buy the dip while dip keeps getting deeper. The thing with this crypto don tire me jhor.

121 Likes 3 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by ProfAmaben: 2:45pm On May 19
Cryptocurrency is another form of MMM. It's value is strongly tied to what people are willing to pay for it unlike paper currency that's tied to import and exports (trade).

Although the bitcoin uses a strong algorithm, it is prone to hacks and we've heard of several cases of hacks and theft despite using the blockchain system (Hashes, Nodes, Decentralization etc.).

I genuinely pity countries that would heavily invest in an invisible intangible currency, when it crashes, that is the end of the road for them.

Bitcoin, Dogecoin, Zugacoin, Fulanicoin etc. grin don't have any value, if the world decides today that a Bitcoin would sell for $1, that's what it would be, although same can't be said about the US Dollar, the Euro etc cos these currencies are backed up with valuable tangible assets.

216 Likes 14 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by KhingLufem1(m): 2:45pm On May 19
Ok
Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by ArewaNightmare: 2:45pm On May 19
grin Crypto dey fall when I don download my own App getting ready to trade ,it's like I'll go on a break to see what future has to unfold

35 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by checkmatez: 2:45pm On May 19
seem like bank Fixed deposit sure pass

7 Likes 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by AleAirHub(m): 2:45pm On May 19
Blood everywhere grin grin grin

Trade & Exchange Gifts cards

padicart.com

2 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by ShaqFu: 2:45pm On May 19
Elon Musk should buy again so it can rise. grin cheesy

19 Likes 2 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by NwaNimo1(m): 2:46pm On May 19

51 Likes 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Cutehector(m): 2:46pm On May 19
Lmao
Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Flame4chi(m): 2:46pm On May 19
The end.

1 Like

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by BigYash: 2:46pm On May 19
Time to buy more..

87 Likes 5 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by kingscare1(m): 2:46pm On May 19
E go rise. Buy low now.

3 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by captainking(m): 2:46pm On May 19
I just invested 400k into crypto..wow...this is what we get as investors..i am Not shaking shaaa...

128 Likes 11 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by BF69BF(f): 2:46pm On May 19
The kind of money that'll make a statement or tweet from me break an international market is what I want not all this Yahoo, Politician useless money dem.

You see wetin Elon Musk don cause? That's money.

6 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by CotenantNIG: 2:46pm On May 19
learn how to invest in crypto before you put in money
there are tutorials online and everywhere
you can join my group here
https://forms.gle/WwckmjmLmHQncQTx6

1 Like 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by BruncleZuma: 2:46pm On May 19
grin grin grin grin

2 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Boscojugunu(m): 2:46pm On May 19
� � � � � Tears every where

1 Like

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Homeboiy: 2:46pm On May 19
Some go cry

1 Like

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Ewedegubbler: 2:46pm On May 19
Lie. It has nothing to do with China. China has been banning crypto every year and it hasn’t done anything to stop it. In fact China has got zero influence on the price of bitcoin except the blockchain miners over there

81 Likes 6 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by Mindlog: 2:46pm On May 19
Some would buy now with the speculation it will surge back.

3 Likes

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by AlphaAlex(m): 2:46pm On May 19
Lol my crypto friends are all in tears

7 Likes 2 Shares

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by YoungAncient1: 2:46pm On May 19
China again? Make Una pity for boys na.

3 Likes 1 Share

Re: Bitcoin Falls Sharply After China Signals Cryptocurrency Crackdown by RichDad1(m): 2:46pm On May 19
Buy the DIP cheesy

29 Likes 1 Share

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