Last week, in another major effort to crack down on crypto, the Chinese central bank – People’s Bank of China (PBoC) – declared crypto transactions as illegal. This move seems to have a little effect on local investors who continue to show the skin in the game.
Speaking to Bloomberg, some of the local investors said that the move rather turned out as a new opportunity to buy. Bobby Lee, the chief executive officer of crypto wallet firm Ballet Global Inc. said that crackdown hasn’t been as bad as many thought. “I have bought some when it dipped. a dark cloud is removed,” he said.
Other local crypto holders from China also shared similar views. A Shanghai-based crypto investor Stephen said: “These policies are not new to us, so we view them as a buy signal”. He further stated that he bought the Bitcoin dip through OTC counters. However, he added that new investors might find it difficult o deal with it. “People new to crypto might feel scared. Some of them will quit,” said Stephen.
Long Term Investors Find Workarounds
Chinese investors said that such moves won’t deter players who have been in the crypto game for a long time. These players usually find workarounds. As we already reported, post the China ban, crypto trading volumes on decentralized exchanges (DEXs) like dYdX and Uniswap shot up significantly.
Stephen told Bloomberg that while the Chinese government has mined trading and mining of Bitcoin and other digital assets it won’t put an outright ban on holding them since a decision is too difficult to enforce. “The government is smart,” he said. “They won’t issue a policy they cannot implement.”
Trending Stories
While there was a knee-jerk reaction post the China ban, whales and institutional players like JPMorgan bought the Bitcoin dip.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?