#TrumpMediaBitcoinTreasury 🥹Why is the crypto market down today? Explained 🥹
🗣 (👮♂️ US 🧎♂️➡️👉WAR👈🧎♂️CHINA👮♂️ ) 🗣
🎃 During the Bitcoin Conference in Las Vegas, Vance praised President Donald Trump's executive order in March that created a strategic bitcoin reserve with tokens already owned by the government. 🎃
BTC
105,771.95
+0.12%
🤖 The cryptocurrency market experienced a significant drop on Friday, with a decline of 61 billion dollars in total market capitalization, partly due to new restrictions imposed by China on private cryptocurrency ownership 🗣
🤖 China has imposed a new ban on cryptocurrency ownership according to reports by Binance. The Chinese government has not only banned trading or mining of cryptocurrency but even individual ownership of digital assets like $BTC Bitcoin. 🗣
☠️ Actions by China have led to a general decline in investor optimism and caused panic selling that led to a drop in the market. China has taken a hardline approach to cryptocurrency to promote the use of the state-backed digital yuan. ☠️
☠️ With the ban on private crypto ownership, Beijing is tightening its control over financial flows, which could accelerate the adoption of its central bank digital currency (CBDC).
Also Read: Who is John Woeltz? The $100 million crypto king who kidnapped, tortured an Italian man for a Bitcoin password in NYC before a dramatic escape ☠️
👽 Meanwhile, the Trump administration's decision to support tax cuts and lower tariffs has the potential to trigger another speculative frenzy in the market, reports Reuters, citing Bank of America. 👽
🥸 This US economic strategy could encourage traders to move away from bonds and start buying back artificial intelligence and crypto trades, 🤞 US Vice President JD Vance has supported the use of Bitcoin and other cryptocurrencies to build an advantage.
