Quote from: Rimueng on September 28, 2021, 12:56:42 PM

Quote from: BurningChrome on September 24, 2021, 01:32:17 PM

Another wave of Bitcoin FUD is coming from China as the Chinese central bank claimed that local state agencies have improved tools to fight against crypto transactions more effectively.

Quote

The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country.

The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity.

https://cointelegraph.com/news/chinese-regulators-unite-forces-to-crack-down-on-crypto

Can this negatively affect the price of Bitcoin or has the market already reacted to it because it is old news?

In my opinion, the impact of the news of China's central bank banning cryptocurrencies is clearly a negative sentiment for Bitcoin and altcoin prices. Since the news emerged the prices of cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, Dogecoin, Polkadot, etc. are back in a downward trend until now. Even Bitcoin had experienced a decline in price to the level of $41k. In fact, before the news, Bitcoin was still in the range of $52k.

But there could be other reasons and not just this supposedly FUD coming from China again.

Bitcoin future expirations usually take the price down every 3rd or 4th week of the month. And for me this is one reason, why we have a sudden crash again to $41k. But after it has been settled, it will recover very fast and then the cycle continues.

So for newbies, don't be dishearten and affected by every news coming from China or the downturn on the last week of every month because of bitcoin future expirations. The market will not go on parabolic rise. We might hit $52k again or even more in October.