Baxia Markets
September 25, 2021

Bitcoin price plummet again as China outlaws transaction

fundamental analysis top header -01


The news was made via a Q&A on the People's Bank of China's website. According to CNBC, “Overseas virtual currency exchanges that use the internet to offer services to domestic residents are also considered illicit financial activity.” As part of its goal to establish financial stability, Chinese Vice Premier Liu He informed a gathering of finance officials in May that the government would "crack down on bitcoin mining and trading activity." Financial institutions and payment businesses should not participate in cryptocurrency transactions or provide crypto-related services to its customers, according to financial and banking watchdogs.




Previous crackdowns, like today's, resulted in Bitcoin falling due to huge sell-offs. Between April and July of this year, its value dropped by approximately half. The statement from the country's most powerful regulators on Friday is the most precise and comprehensive yet, confirming Beijing's intention to suffocate the Chinese crypto sector.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

Subscribe by Email