Re: China says all crypto transaction are illegal

Quote from: Ever-young on September 24, 2021, 11:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

If you are just new in the crypto-space you will panic and be scared of this news however for us crypto enthusiasts that is doing crypto for some time now, it is normal for us to see how china manipulated the market by creating FUDs and scaring crypto people but once they have accumulate a very good amount of crypto hodling then they will now create FOMOs and Hype to ensure that they will get a enormous amount of profit.