China Reportedly Targeting Cryptos Again
According to a news aired by Bloomberg, there is a new wave of restrictions imposed by the Chinese government on domestic crypto exchanges.
Authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading, the people said, asking not to be named because the information is private.
Although the source wasn't revealed, the news seems credible, as the markets are recording another dive.
It's not yet clear which types of exchanges are targeted, but according to the source, "small, peer-to-peer transactions are allowed". That may suggest China is looking for a certain layer of financial movements, in a "leveling down" effort.
For the last 6 months, China was consistently clamping down on crypto, closing exchanges and mining facilities.
Bitcoin lost 3% Ethereum 8% and Litecoin 5%, but the most affected top 10 seem to be Ripple, Stellar and Cardano. For a full review of the markets, you may have a look at this post.
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I think China is moving towards minimizing the investor risk due to crypto volatility and risk at the centralized exchanges. I do believe if the exchanges are decentralized Chinese regulators will support.
I'm not entirely sure about that. I believe the regulators are more concerned about not having control rather than minimizing investor risks, but I could be wrong. Anything the authorities can not control or manage is something they wouldn't let thrive, or that's the impression I have of the authorities having spent a fair amount of time in China.
You are absolutely right. It's indeed all about controlling. But beyond controlling if there is any other consideration it is the centralized platforms that have control on investor funds. So what I am saying is decentralize them and the regulators may be more receptive.
I guess I see your point. Moving forward that could be a more receptive idea for the regulators.
I wonder that what the hell is going on with china
-cheers-
Longer we stay in this region stronger the support level.
so bad why china do that!it effect cryptocurrency!
the market is been battered by news for all over, the korean justice minister statement affected the coin market and now china clamping , this will cause more dive on the coin market, current market cap $651B from $700B, that is a big loss
Have found your posts to be informative since following you @dragosroua. Have sent a Witness vote your way in appreciation. ✌💛
Greatn news, very nice post, thanks
Actually news are not so good lol
bitcoine to the Moon and Beyond.great news.
the crypto.news is the best treading center.it is very good for us.
Yes am very happy because this is the first Good news I got this year..
I just hope this year is filled with so many good news.
the losses of cryptovalue are slightly higher
china will never stop playing this game i hope it will be back up soon otherwise this downfall will be for a long time like previous time