China Ban Crypto Trading: China is ready to ban and block cryptocurrency trading exchanges and its ICO websites to a Great Firefall. I January 2018, the crypto market crashed followed by new rules for cryptocurrency trading in South Korea and Beijing. cryptocurrency related ads and websites have blocked in China on Monday morning February 5.
Bitcoin (BTC) price has reached below $8K on February 5. China has blocked the websites that offer cryptocurrency trading and ICO websites. In the country, the cryptocurrencies ad relating to Bitcoin and other cryptocurrencies has scrubbed from search engines and social media in China. China has a long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China.
Bitcoin tends to further Loss
The increased regulation comes at a bad time for cryptocurrencies and bitcoin, particularly which is experiencing a huge loss in value. Worry over future regulation has shaken the cryptocurrency world in the last month causing a massive plunge in the overall value of the market. Bitcoin is currently trading below $8000 USD down from close to $20,000 in December.
All the top 100 cryptocurrencies in the coin market cap are shown red which means that the cryptocurrency market is very low. The recovery of the cryptocurrency market will take time as it is trading below at the unexpected level. At the start of February, Finance Minister of India Arun Jaitley has said that Bitcoin and cryptocurrency use and trading is illegal but Blockchain technology can be utilized.
Apart from regulatory moves around the world of cryptocurrency, the latest development in the crypto market is the decision by major U.S. banks to ban the use of their credit cards for cryptocurrency purchases. The U.K.’s Lloyds Banking Group followed suit on Monday.