It is just interesting how many times this kind of China related news will push cryptocurrencies down.
Bitcoin trading did boom in China for so many times. It is still legal. New Chinese exchanges and mining companies are still opening... There may be some limitations on ICOs, but very low possibility of total crypto ban.
What is your expert opinion guys?
I personally think (based on all the insights I researched so far) that the probability of total Chinese crypto ban is 5-7%. It is not enough and it is not so dangerous. Even if we loose China at all, how many worldwide crypto investors will we loose? 15%? Well, a lot of good cryptos falling more than that even after any kind of news about any kind of China ban. Hugely overreacted! :)
China is dealing with the problem of capital flight, as a result of attempting to maintain their peg of the yuan to the dollar. As a result, I wouldn't put it past them to do something like this. Eventually, they will have to capitulate and devalue the yuan (again). But, until then, we may see them try numerous things to prevent capital from leaving the country, and these won't be limited to cryptocurrencies.
At the same time, massive bitcoin mining operations in China bring $billions into the economy. So, I have a hard time believing they would go so far as to try and ban cryptocurrencies on the whole.
It is just interesting how many times this kind of China related news will push cryptocurrencies down.
Bitcoin trading did boom in China for so many times. It is still legal. New Chinese exchanges and mining companies are still opening... There may be some limitations on ICOs, but very low possibility of total crypto ban.
What is your expert opinion guys?
I personally think (based on all the insights I researched so far) that the probability of total Chinese crypto ban is 5-7%. It is not enough and it is not so dangerous. Even if we loose China at all, how many worldwide crypto investors will we loose? 15%? Well, a lot of good cryptos falling more than that even after any kind of news about any kind of China ban. Hugely overreacted! :)
China is dealing with the problem of capital flight, as a result of attempting to maintain their peg of the yuan to the dollar. As a result, I wouldn't put it past them to do something like this. Eventually, they will have to capitulate and devalue the yuan (again). But, until then, we may see them try numerous things to prevent capital from leaving the country, and these won't be limited to cryptocurrencies.
At the same time, massive bitcoin mining operations in China bring $billions into the economy. So, I have a hard time believing they would go so far as to try and ban cryptocurrencies on the whole.