China's regulatory measures are becoming stricter
6.22 Morning News
On June 21, the official website of the central bank stated that the relevant departments of the People's Bank of China have recently interviewed some banks and payment institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China, on the issue of providing services for virtual currency transactions by banks and payment institutions. Subsequently, Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank, Industrial Bank and Alipay issued announcements prohibiting the trading of virtual currencies such as Bitcoin. This news caused a panic in the crypto market, and the currency circle plummeted.
Regarding the short-term outlook this and other measures recently taken by China authorities is the strike to bitcoin. But in the long term bitcoin would only benefit from all that happens after this. The less bitcoin depends on the whims of China the better for him and his ecosystem.