China is proving that government actions anywhere have the power to destroy cryptocurrencies. It adds to a series of black eyes for Bitcoin and other cryptocurrencies.

On Wednesday the government of the second largest economy banned financial institutions from offering cryptocurrency transactions. The result was that the value of cryptos dropped like a stone.

That day Bitcoin prices dove to a low around $32,000 from over $45,000 on Tuesday, according to data from Yahoo.


Read more https://www.forbes.com/sites/simonconstable/2021/05/21/chinas-crypto-crackdown-shows-governments-are-the-enemy-of-bitcoin

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What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!