China Shocks the Crypto World

On 30 May 2024, China Imposed a:
🚫 Full Ban on Bitcoin, Ethereum & Mining Sends Markets Crashing

📉 Market Reaction:

• Bitcoin: 📉 $111,000 ➝ $104,500

• Ethereum: 📉 Significant Drop

• Altcoins: XRP, Solana, Cardano also plunged

• Market Cap: ⬇️ Over 10% in 24 hrs

• Liquidations: 💥 $750M long positions wiped
  

⚠️ Reasons Behind Ban:

1. High energy consumption

2. Need for financial control

3. Curbing illegal transactions

4. Push for Digital Yuan (CBDC)

   
   

🌐 Global Implications:

• 💰 Panic selling in Asia

• ⚡ Bitcoin hashrate dropped

• 🌍 Possible regulatory ripple effect

• ⚖️ Heightened volatility expected

💬 Expert Take:

• 🔁 “Healthy market correction” – Analysts

• 🚧 “Adoption in Asia at risk”

• 🛡️ “Decentralization more critical than ever.

  $BTC $ETH $XRP