Post
Topic
Board Altcoin Discussion
Re: China says all crypto transaction are illegal
by
letyouearn
on 14/10/2021, 18:09:26 UTC
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?

All the news you see is just an information noise. They don't affect the markets directly. Big guys use them to increase their price manipulations and create FUD news when they need to drop the market and FOMO - when they need a pump. This system works like water pump. And ordinary hamsters doesn't affect anything here. They look like small fishes trying to swim where they want in this huge water mechanism.