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.
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-cryptoCan 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.
Worries of some people might stay, as usual, can't blame them anyway as they still don't understand it. But looking at the trend in regards to the recent issue of banning again, I think people had learned already and only a few people did sacrifice their coins while the rest keep on holding. Well, I suppose to expect that since having this issue is not new to everyone and we know the aftermath of this and that was a market surge.