Instead of reinforcing the slump, China called cryptocurrencies as illegal currency

The hope of cryptocurrency holders to increase their values ​​was torpedoed by the People’s Bank of China, v whose statement in particular, the currencies Bitcoin, Ethereum and Tether were identified as illegal currencies which could not be used on the market. The central bank has also declared all activities related to cryptocurrencies illegal, and this also applies to the use of foreign stock exchanges by Chinese citizens. –

What happens to #BTC price tomorrow after expiry?

– Deribit (@DeribitExchange) September 23, 2021

Instead of the further growth hoped for, there was a very sudden decline that erased recent gains. Bitcoin fell by about $ 2,000 to 42,800 and Ethereum was sent again below $ 3,000, below 2,800. The US dollar-bound Stablecoin Tether, of course, did not affect the position of the People’s Bank of China much. It is interesting, however, that Tether was chosen specifically as the specific currency in addition to the obligatory Bitcoin and Etherea. However, Tether is the most important stablecoin on the market in terms of total value. –

Bitcoin is now dangerously close to the $ 40,000 mark, but where it should be Coindesk on the other hand, according to the same source, at the $ 46,000 mark, people are already starting to reap their profits, so Bitcoin is unlikely to get above it in the near future. But of course anything can happen.-

The Chinese government is therefore trying to completely eradicate cryptocurrencies in its country, saying that they disrupt the entire financial system and are often used by criminals to launder money obtained in various ways.

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