Bitcoin Plunges to Sub-$7000 Levels Before Recovering

November 22, 2019 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2019/11/BTC-USD-Source-Investing-Daily.jpg

Bitcoin investors rushed for the exits on news of China crackdowns.

Bitcoin plummeted today after back-to-back crackdowns on virtual currencies in China by the Chinese Government. Yesterday, regulators in Shenzen, and today, in Shanghai, threatened to crack down on alleged illegal activities. The PBoC was reportedly behind both campaigns and seeking to impose a ban on trading in cryptocurrencies.

The authorities are perhaps targeting illegal cryptocurrency exchanges in China. Authorities in Shenzhen have identified a total of 39 exchanges that violated China’s cryptocurrency trading ban.

The PBoC has ominously threatened to “dispose of” any such activities. “Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early.”

Lately, trading volumes in cryptos have been growing after Chinese President Xi Jinping called for his country to “seize the opportunity” afforded by blockchain in a speech last month.

The PBoC said in the most recent statements that it was targeting cryptocurrencies – not blockchain.

Are the moves in preparation for a Chinese digital currency?

China has been forging ahead on developing its technology relating to the blockchain and a digital currency for over five years.

In fact, experts speculate that a Chinese state-backed digital currency could launch within the next two or three months. In August, a report in Forbes said China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, perhaps on November 11, Singles Day.

However, in September, the People’s Bank of China (PBoC) said that the November date was “inaccurate speculation,” as were details of institutions said to be participating in the digital currency project.

[Related Story: Bitcoin Goes Vertical After Chinese President Xi Jinping’s Pro-Blockchain Remarks           ]

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/07/153327650_b2c927a955_o.jpg
Artificial Intelligence: How CrowdSmart’s Predictive AI Improves VC Investments
July 7, 2020     Artificial Intelligence, News

CrowdSmart’s Cyrus is a software-as-a-service (SaaS) platform that uses AI and collective intelligence to better predict the likely result of an investment. Speaking to Barron’s in a panel interview, Polese…

https://dailyalts.com/wp-content/uploads/2020/07/forest-climbing-park-931256_640.jpg
Venture Capital: SaaS Data Protector OwnBackUp Gains $50M Funding
July 7, 2020     News, Venture Capital

OwnBackup is a cloud-to-cloud backup and restore vendor that provides automated, daily backups of SaaS and PaaS data, as well as data compare and restore tools for disaster recovery. Its…

https://dailyalts.com/wp-content/uploads/2020/07/photographer-407068_640.jpg
Digital Assets: Now Book Any of 700,000 Expedia Hotels Through Crypto Friendly Travala.com
July 7, 2020     Digital Assets, News

Travala.com is a blockchain-based, crypto friendly travel booking platform with access to over 2 million hotels in 230 countries. In a partnership with Expedia Partner Solutions announced Monday, more than…

https://dailyalts.com/wp-content/uploads/2020/07/PD00902_-_US_payments_acacia_apple_pay_photobreak.jpg
FinTech: Digital Payment Company Square To Give Banks A Run for their Deposits – Analyst
July 7, 2020     FinTech, News

San Francisco-based Square Inc (NYSE: SQ), a digital payment processor led by Jack Dorsey, benefited Monday from a highly bullish report by SunTrust analyst Andrew Jeffrey. The stock touched an…