Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Bitcoin Plummets to $41K as China Shuts the Door on Cryptocurrencies

Bitcoin Plummets to $41K as China Shuts the Door on Cryptocurrencies

Kelly Cromley by Kelly Cromley
Sep 24, 2021
in Bitcoin News, Market News, News
Reading Time: 2 mins read
0

While China does not seem to be enthusiastic about cryptocurrency, this is obvious. The government has just put an end to the mining business as a whole by initiating a crackdown on Bitcoin miners. The People’s Bank of China (PBOC) announced that all cryptocurrency transactions are prohibited.

All services that enable trading, order matching, the issue and trading of tokens, and derivatives trading for digital currencies are banned in China as of this morning. The PBoC issued a statement declaring, “With respect to virtual currencies, financial institutions and non-bank payment institutions cannot provide services to activities and operations linked to them.” Some foreign exchanges still provide service to Chinese citizens even though a multi-year crackdown has been implemented on them.

Although overseas virtual currency exchanges that utilize the internet to provide services to local people are also deemed unlawful financial activity, according to the regulators, this is true as long as they are using it to conduct financial activities on a national level. As if that weren’t enough, the apex bank has set its sights on those who work for these foreign exchanges and who are residents of China.

The statement further said that these employees may be prosecuted as well. New regulations are likely to cause OTC trading platforms in China to suffer. In Asian countries, OTC platforms have gained in popularity because traders look for innovative methods to circumvent regulatory roadblocks. On these websites, platforms match orders and subsequently transfer the money to the trader through Ant Group’s Alipay.

Despite being formerly China-based, OKEx and Huobi have emerged as the top leaders in the OTC market, with Binance not far behind. The fate of the three will be revealed if they stop offering their OTC trading desks in China. As a result of the statement, Bitcoin dropped over 6% in value. The top crypto saw a 5.9 percent decrease, from $45,054 to $42,363. at press time, the price of the stock is $42,638, which is down 2.5% in the previous day and 10.3% in the past week.

Litecoin and all altcoins were struck down, too. Both Ethereum and Binance Coin were down 6%, along with Dogecoin, FTX, XRP, and Solana. Ethereum Classic, ICP, Uniswap, and Filecoin experienced more significant losses.

While some say the decline was not anticipated, it may mean an overall negative market is in the works. Joseph Edwards, CEO of bitcoin brokerage firm Enigma Securities said on Irish state broadcaster RTE:

Overall, crypto markets are in a vulnerable condition, and downturns such as these point to this. There is a high degree of stress in the market. He claims that the Chinese government has made a significant effort to set up an appropriate regulatory framework for the cryptocurrency sector, but has fallen short in achieving so. While it has established firm ground rules banning the use of cryptocurrency for financial transactions and ICOs, it has not released final guidance for the crypto sector yet.

He said that in China, “crypto persists in the realm of legality on a gray scale across the board.”

Previous Post

ShapeShift to Commence Second Airdrop of 6.60 mln FOX Tokens

Next Post

Deutsche Bank strategist – If Bitcoin is ‘Digital Gold’ then Ethereum is ‘Digital Silver’

Related Posts

coinbase partners with perplexity ai

Coinbase Taps Perplexity AI to Deliver Smart Crypto Insights

by Kelly Cromley
Jul 14, 2025
0

Coinbase has entered into a strategic collaboration with Perplexity AI to provide users with real-time cryptocurrency market data through artificial...

Hedera

Hedera Moves Closer to AI Mainstream with Intel and NVIDIA Support

by Kelly Cromley
Jul 14, 2025
0

Hedera, a decentralized public blockchain, appears to be stepping into the spotlight as a key enabler of artificial intelligence infrastructure,...

Kenya

Kenya Launches $KDT Token on Solana Blockchain to Drive Digital Inclusion

by Kelly Cromley
Jul 14, 2025
0

Kenya has taken a notable step toward embracing digital innovation through the public endorsement of a private sector-led initiative to...

imagen network

Imagen Integrates XRP for Faster Web3 Social Transactions

by Kelly Cromley
Jul 13, 2025
0

Imagen Network, a decentralized social platform driven by artificial intelligence, has introduced XRP-based liquidity modules across its multichain infrastructure. This...

endless partners with rei network

Endless and REI Network Join Forces to Simplify Web3 Development

by Kelly Cromley
Jul 13, 2025
0

Endless Protocol has announced a strategic partnership with REI Network, a lightweight blockchain infrastructure developed by GXChain Global. The collaboration...

Injective Blockchain Faces Backlash as INJS Minting Comes to Abrupt Halt

Injective Forms Power Council to Bridge Web2 and Web3

by Kelly Cromley
Jul 13, 2025
0

Injective has unveiled the Injective Council, a newly established strategic advisory group comprising senior representatives from major Fortune 500 firms...

Next Post
Deutsche Bank strategist – If Bitcoin is ‘Digital Gold’ then Ethereum is ‘Digital Silver’

Deutsche Bank strategist – If Bitcoin is ‘Digital Gold’ then Ethereum is ‘Digital Silver’

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

coinbase partners with perplexity ai
Market News

Coinbase Taps Perplexity AI to Deliver Smart Crypto Insights

by Kelly Cromley
Jul 14, 2025
Hedera
Market News

Hedera Moves Closer to AI Mainstream with Intel and NVIDIA Support

by Kelly Cromley
Jul 14, 2025
Kenya
Market News

Kenya Launches $KDT Token on Solana Blockchain to Drive Digital Inclusion

by Kelly Cromley
Jul 14, 2025
imagen network
Market News

Imagen Integrates XRP for Faster Web3 Social Transactions

by Kelly Cromley
Jul 13, 2025
endless partners with rei network
Market News

Endless and REI Network Join Forces to Simplify Web3 Development

by Kelly Cromley
Jul 13, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree