Is Bitcoin News From China True?

Today, on September 24, 2021, the People’s Bank of China announced that all cryptocurrency transactions in China are illegal. Bitcoin (BTC) immediately dropped from $45,200 to $40,500 on major spot platforms, but Twitter analysts are treating this panic with a grain of salt. Here is what was shared…

You may have seen this before

First of all, some experts in the Asian market warned that this document may not be new at all. Mo “Molly” Li, head of marketing at HashKey Hub and former Bitcoin (BTC) Magazine expert, is confident that the markets are already reflected in this part of FUD. Molly tweeted:

The PBOC’s announcement about the crypto ban went viral today, originally announced on September 15, but went online today. The market has already reacted to these regulatory funds.

As of September 12, Chinese social media platforms Weibo and WeChat reminded that rumors were circulating about the impending expansion of the edition. Dovey Wan, the founder of Primitive Ventures, claims that even the drop recorded on September 7 may be linked to these rumors. Dovey Wan:

As such, Wan says he doesn’t expect “minimal damage” from this announcement as it’s already “priced”.

Bitcoin (BTC) becomes more resistant to FUD

Many speakers noticed that China is starting to “ban” Bitcoin (BTC) more often. Kraken’s Dan Held celebrates yet another Chinese crypto ban with a “yawning emoji.” Dan Held:

Has China “banned” Bitcoin (BTC) for the 72289393th time?

Nathaniel Whittemore, an independent strategy and consulting specialist, realized that every new “China FUD” announcement results in “significantly less” risk to the market. Nathaniel Whittemore’s tweet:

Whenever China bans us, the price drops a bit and after a few months everything comes back, but our China risk is significantly less so…

China could be a quality mark for Bitcoin

Furthermore, a number of high-profile crypto entrepreneurs have stated that such a determined anti-crypto stance by the Chinese government means that Bitcoin (BTC) has become a recognized and valuable technology. Gabor Gurbacs of VanEck tried to list the game-changers that China is trying to ban:

What China has banned has been very successful: Facebook, Instagram, Google, Youtube, Wikipedia, Netflix, Vimeo > What does that tell you about Bitcoin?

Microstrategy CEO Michael Saylor shared a similar view on the role and place of Bitcoin (BTC):

Nothing has created more wealth in the last decade than technologies banned in China.

Coinbase Global bonds fell after China news!

Previously, the Chinese government blocked all crypto transactions, but adopted a new policy designed to stop illegal crypto mining and transactions. The listed investors currently have losses of $100 million. The $1 billion overnight, 10-year, 3.6% bond loss remains at 1.5 points. The bonds in question fell to $0.945. The seven-year $1 billion $3,375% note lost one basis point, according to Trace bond pricing data.

Coinbase’s bonds plunged significantly in pricing on Sept. 14 amid fears of Evergrande’s potential default that could affect global markets and even cause a new financial crisis. This comes after news of a potential lawsuit from the US Securities and Exchange Commission and the failure of the launch of a new crypto lending platform.

Justin Sun says he doesn’t believe in fall

Meanwhile, alongside all the Twitter journalists, Tron founder Justin Sun said he doesn’t mind Chinese FUDs and is buying on the decline. Sun tweeted below, “Don’t believe them! China loves Crypto!” said.