🥹Why is the crypto market down today? Explained 🥹
🗣 (👮♂️ US🧎♂️➡️👉WAR👈🧎♂️CHINA👮♂️ ) 🗣
🎃 During a Bitcoin Conference in Las Vegas, Vance applauded President Donald Trump's executive order in March that created a strategic bitcoin reserve with tokens already owned by the government.🎃
🤖The cryptocurrency market on Friday experienced a significant decline, with a 61 billion dollar dip in total market capitalisation, partially due to new restrictions imposed by China on private cryptocurrency holdings 🗣
🤖 China has imposed a fresh ban on cryptocurrency holdings according to a report by Binance. The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like $BTC Bitcoin. 🗣
☠️ he move by China has led to a general decrease in investor optimism and has caused panic selling that caused a drop in the markets. China has had a hardline approach to cryptocurrency in order to promote the use of the state-backed digital yuan.☠️
☠️ With the ban on private crypto holdings, Beijing is tightening its grip on financial flows, potentially accelerating the adoption of its central bank digital currency (CBDC).
Also Read: Who is John Woeltz? $100M crypto king kidnaps, tortures Italian man for Bitcoin password in NYC before dramatic escape☠️
👽 Meanwhile, the Trump administration's decision to favour tax cuts and lower tariffs have the potential to kick off another speculative frenzy in markets, reported Reuters, citing Bank of America.👽
🥸This US economic strategy could incentivize traders to ditch bonds and start buying back into artificial intelligence and crypto trades, 🤞 US vice president JD Vance has advocated for the use of Bitcoin and other cryptocurrencies in order to build on its strategic advantages against China.🥸
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