China vs crypto currency

[Alexandoy]

This is a nice topic to discuss because I know that there are many crypto users in this forum. The crypto trading is at the mercy of the law of supply and demand. That may be the reason why many are thrilled to trade because it is like gambling.

When China declared a ban on crypto that means it is illegal for the Chinese to keep crypto and transact (sell or buy). The huge crypto market in China caused a sort of upheaval that crypto prices went down including the revered Bitcoin. Now China is bent on the imposition of the ban that Chinese are getting scared of crypto. Some say that the crypto prices have recovered but it remains to be seen. The big market of China will definitely kill some of the crypto coin out there.

 

[Mika]

This is not the first time China has cracked down on crypto currencies. In 2013 bitcoin was $1100. The price was going really high and a lot of people were taking interest, then of sudden China waged a war on bitcoin. This led to the fall in the price and bitcoin went down to $400. It took 3 years for bitcoin to reach $1100 mark again.