#CEXvsDEX101 #TradingTypes101 #ElonMuskDOGEDeparture #TradingTypes101 #FTXRefunds #China imposes fresh ban on holding crypto, including Bitcoin: Report
The announcement sent immediate ripples across the global cryptocurrency markets. Bitcoin saw a sharp dip following the news, while altcoins—especially those sensitive to regulatory shifts—exhibited even greater volatility.
The Chinese government has announced a sweeping new ban that prohibits not just trading or mining of cryptocurrencies, but now extends to individual ownership of digital assets like Bitcoin, according to a report by Binance, a cryptocurrency exchange.
The announcement sent immediate ripples across the global cryptocurrency markets. Bitcoin saw a sharp dip following the news, while altcoins—especially those sensitive to regulatory shifts—exhibited even greater volatility. However, market analysts believe the downturn could be short-lived, as per the report.
The implications of this ban are manifold. By outlawing private crypto holdings, Beijing is tightening its grip on financial flows, potentially accelerating the adoption of its central bank digital currency (CBDC). Meanwhile, the ban could prompt greater decentralisation in crypto usage across Asia, as users seek out alternative jurisdictions with more favorable policies.
