China is one of the countries which has always been creating FUD situations in crypto and probably this way they have tried to reap the benefits many times. One year back they exited the crypto market and there was hardly any negative impact on the prices after their exit. The crypto space considered this a good move because after that there was no one to create unnecessary FUD but seems like China is still not happy even after exiting the segment. Maybe they are trying to enter again and to crash the market further they are trying to create fud and then buy the dip of bitcoin.
Currently, crypto is banned in China and Chinese social media says that bitcoin is going to be zero. It's right that prices are falling but it does not mean that it's going to be zero because still the projects are doing. It's obvious that when prices break then some exchanges face a lot of challenges and even the same has been going on. India has put strict tax rules which have affected the Indian traders and we can see the volume dump in trading volume. Despite all this, I do not agree with China and I don't see bitcoin reaching zero however it may be the case that recovering takes a long period which is fine as it has happened in the past.
"In the future, once investors' confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless," it added, reports South China Morning Post. The Chinese government banned Bitcoin mining in July last year.
I have completed 3 years in crypto and during my tenure, I have seen such news so many times. It usually happens when there is one negative news then there is so much negative news around and it happens most of the time. There is nothing to worry about because this is not the first time and probably not the last time because such practices will continue to happen so that panic sales happen and some big players can take advantage of the situation. Bitcoin has survived many crashes and now since there is more awareness of crypto and blockchain so it's close to impossible that crypto will die instead later when prices will recover the same people will come with positive news and even try to book profits. It's the time when the bitcoin price is low so buy more and build a bigger portfolio and get ready for the next bull run.
I continue to buy daily through DCA and it's not going to stop I am happy that I can get more quantity for the same price and this is something helping me to increase my overall holding in crypto. Another thing to note is that while Chinese media is against crypto, some Chinese start-ups are working on web3, NFT games, etc because this is the future. Web 3 is going t change the world and staying away from this revolution can leave the country behind. So somewhere it seems a planned game by china to create fud and you never know if they are buying bitcoin at lower prices.
Thank you so much
Stay Safe
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