China’s ban on Bitcoin and cryptocurrencies has become even more intense: sites such as CoinMarketCap, CoinGecko and TradingView have been inaccessible for several hours.
China’s ban on bitcoin and cryptocurrency trading
On 24 September, China stepped up its crackdown on cryptocurrency activities. The announcement came directly from the People’s Bank of China (PBoC), China’s central bank, which declared that all cryptocurrency transactions are illicit financial activities. Trading therefore becomes an activity that could result in criminal charges.
The ban covers not only trading, but also buying and selling cryptocurrencies and derivatives, issuing tokens, providing technical assistance for all these activities, and providing any crypto-related services. This implies that crypto exchanges have suddenly found themselves in an illegal situation.
Not surprisingly, investors have been withdrawing their assets and moving them into proprietary wallets.
China-based exchanges have no choice but to pack their bags.
CMC, CoinGecko and TradingView banned
This ban is being implemented by removing the ability of traders to access major cryptocurrency websites. CoinMarketCap (owned by Binance) and CoinGecko are two important reference points for monitoring cryptocurrency prices. TradingView lends itself particularly well to technical analysis. However, the Chinese will have to do without it.
In fact, according to The Block Crypto, Telegram groups have already sprung up where crypto communities are migrating. This is where the experts explain how to get around the block imposed by the Chinese authorities.
The ban affects mining
In the meantime, the ban imposed by the Central Bank of Beijing is also affecting mining activities. The ecommerce giant Alibaba has officially announced that, under the new rules, it will stop selling the devices needed to mine cryptocurrencies.
This concerns hardware and software needed to mine Bitcoin and others. Alibaba will also stop the sale of tutorials, strategies and software for obtaining virtual currencies.
The closure of the Blockchain Miners and Blockchain Miner Accessories sections is also announced.
Bitcoin’s price holds
When the new restrictions from China were announced, the entire cryptocurrency market turned red. Bitcoin also fell back to the $40,000 mark. Yesterday, BTC’s performance was positive again, but the blocking of CoinMarketCap, CoinGecko and TradingView seems to have shaken the market again.
BTC is down 4% and is now hovering above and below $42,000.
Nevertheless, some analysts do not despair. China is used to implementing repressive policies towards cryptocurrencies, now “justified” by the imminent launch of its digital currency. On each occasion, the price of Bitcoin has taken a hit, only to recover and come back stronger than before. Even this time, there is the undisguised hope that the price of Bitcoin will soon realise that it can do without China and will rise again to new records.