Image from Cointelegraph

Summary

China’s ban on cryptocurrencies causes a mild slump, but recovering from this FUD is not new for crypto as China’s motives come under the scanner.

Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government’s June prohibition on cryptocurrency mining activities.

The fear, uncertainty and doubt (FUD) that results from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours…

“China seems to be choosing control over innovation, and its actions indicate that crypto could be a threat to the digital yuan as much of crypto is permissionless.”

Kristin Boggiano
Share

Find more CrossTower news here

  • December 20, 2021
    BankProv Partners with CrossTower to Offer a Crypto Lending Platform
    CrossTower and BankProv partner to provide equipment financing for Bitcoin miners.
  • December 16, 2021
    Modern Gold, New Hold: G-COIN® Listed On CrossTower U.S. Platform
    Unlike most cryptocurrencies, a GCOIN token is a digital title of ownership to 99.99% pure physical gold that is stored in secured and independently audited Swiss vaults.
  • November 15, 2021
    CrossTower sets new volume and market share records after successful launch in India
    CrossTower has set record trading volumes in October 2021 of $587 million, posting more than $2.5 billion in total global trading volumes since the company’s inception in 2020.

Ready to get started?

Subscribe below and get started on your CrossTower journey. We offer a variety of informational content along with our top tier trading services.