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China’s Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent

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China has intensified its crackdown on Bitcoin mining and trading

The People’s Bank of China has imposed a ban on all cryptocurrency-related transactions, according to its Sept. 24 statement.  

Bitcoin, Ethereum, Tether and other major coins are prohibited from circulating on the market.

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All business activities related to digital currencies are now deemed illegal in China.

However, China did not go as far as prohibiting cryptocurrency ownership.

The PBOC claims that it will bolster the monitoring of risks related to cryptocurrency trading, highlighting that it is illegal for foreign exchanges to provide services to Chinese residents:

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Overseas virtual currency exchanges providing services to Chinese residents through the Internet are also illegal financial activities.

Illegal cryptocurrency-related activities will be “severely punished.”

Bloomberg’s Francine Lacqua commented that China is likely attempting to stem capital outflows:

The People’s Bank of China has imposed a ban on all cryptocurrency-related transactions, according to its Sept. 24 statement.  

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Bitcoin, Ethereum, Tether and other major coins are prohibited from circulating on the market.

All business activities related to digital currencies are now deemed illegal in China.

However, China did not go as far as prohibiting cryptocurrency ownership.

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The PBOC claims that it will bolster the monitoring of risks related to cryptocurrency trading, highlighting that it is illegal for foreign exchanges to provide services to Chinese residents:

Overseas virtual currency exchanges providing services to Chinese residents through the Internet are also illegal financial activities.

Illegal cryptocurrency-related activities will be “severely punished.”

Bloomberg’s Francine Lacqua commented that China is likely attempting to stem capital outflows:

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VanEck’s director, Gabor Gurbacs, predicts that China’s tough stance on crypto will make investors relocate “a lot of capital” from Asia to western countries.

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China’s state planner also ramped up its clampdown on cryptocurrency mining. It released a detailed plan on how to eradicate the industry in the country, requiring “proper disposal” of remaining mining farms.

This comes after virtually all major provinces imposed a paralyzing ban on Bitcoin mining in the summer, forcing local miners to move abroad.

 China initially banned cryptocurrency exchanges and initial coin offerings back in September 2017.

Even though the crypto community tends to dismiss the “China FUD” as mundane and insignificant, the market is clearly not immune to the renewed crackdown.

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The Bitcoin price has shed 5% in mere minutes, dropping to an intraday low of $42,977 on the Bitstamp exchange.

Earlier this week, the benchmark cryptocurrency slipped below the $40,000 mark after uncertainly around the fate of Chinese property developer Evergrande ensnared global financial markets.

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Bitcoin

Bitcoin, Ethereum, Terra, Cardano Price Analysis ‒ 2 December Morning Prediction

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  • Major coin prices recede after a global market cap efflux of 1.78%.
  • Bitcoin prices fall below $57K after a 1.45% value drop.
  • Ethereum suffers a blow of 4.00% in the last 24-hours.
  • Crypto favorites Terra (LUNA) and Cardano (ADA) see gains of 12.13% and 8.06%, respectively.

After witnessing a blow of 1.78% value drop, the global market cap has suffered a $0.06T loss after a recent efflux. The trading volume has dropped by 6.46% and is on a losing streak as the global market cap drops.

The decreasing market cap is due to the small but not unnoticeable; price drops among the various cryptocurrencies that sit among the top ten. Seeing slightly bearish runs and displaying red charts, Bitcoin, Ethereum, and Binance have recorded sudden value drops.

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Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?

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In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard. 

The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation. 

Apple to Adopt Bitcoin Payments?

The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments. 

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However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption. 

On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPalVisa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network. 

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Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.  

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Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast

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Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

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Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

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“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

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Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

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Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

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Funding rates were mostly neutral across exchanges Thursday.

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