The Current Crypto Dip: China Government Delivers Final Blow to Centralized Crypto Trade

According to Reuters :

National and local authorities should ban venues that provide centralized trading of virtual currencies, of which bitcoin is the biggest.....They also need to ban individuals or institutions that provide market-making activities, guarantees, or settlement services for centralized trading of the currencies, such as online “wallet” service providers.

These rules put several crypto currency exchanges on target, ie. Binance. Although Binance moved their server/services to Japan recently. Their CEO,VC backers and senior officers are still in China, which will not be exempt from Chinese laws. 

Ali Cloud also made an official announcement that they will not provide any type of mining platform, or issue any type of crypto currency. 

Within 24 hours, Chinese altcoin investors sold off cryptos. The top 10 crypto currencies lost 110 billion dollars.

The chain reaction spreads to Bitcoin and Ether this morning.  Bitcoin and Ether are gateways to fiat currency. In fear of government would also cut this gateway , Chinese investors sold Bitcoin and Ether to cash out.