Weeks-old China Crypto Ban” Sparks Bitcoin Drop to $42K?
Is the now weeks old Chinese crypto “ban” what is behind the recent price drop or are prices being manipulated so big money can get in cheap before we moon?
Old FUD, new BTC price dip — Weeks-old China crypto ‘ban’ sparks Bitcoin price drop to $42K
“Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it abruptly fell from $45,000 to near $42,000.
The kneejerk reaction came as a memo from China’s central bank, the People’s Bank of China (PBoC), began to circulate online, criminalizing practically all cryptocurrency activity except possession.
As commentators noted, however, the PBoC originally released the updated guidance on Sept. 15 but posted it online on Friday, Sept. 24.
Nonetheless, what has now become a classic source of BTC price pressure — ‘FUD’ over Chinese bans — was quick to take its toll on market sentiment.”