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New Bitcoin Crackdown: China Witch-Hunting Any Provider of Crypto Transactions to Locals

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  • Yuri Molchan
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    Shanghai authorities are cracking down on Bitcoin and crypto and are banning any providers of crypto transactions to Chinese users

New Bitcoin Crackdown: China Witch-Hunting Any Provider of Crypto Transactions to Locals
Cover image via 123rf.com
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The founding partner of Primitive Ventures, Dovey Wan, has shared the news that China is going on another round of its crypto witch-hunt. Now it is tightening bolts on any providers of crypto transactions to local users, including crypto exchanges headquartered abroad.

China declares war on crypto again

Back in September 2017, China imposed a ban first on ICOs and later on extended it towards crypto exchanges. Some of them had to leave the country in search of crypto-friendly jurisdictions, such as Malta.

Binance even had to ditch Singapore for Malta to avoid negative Chinese attitude towards crypto trading.

After the recent statement of Chinese president Xi Jinping, many, including Tron and Binance rejoiced, believing that from now on the Fortune would turn its face on them instead of the back.

However, China has banned Tron and Binance’s accounts on Weibo (the Chinese analogue of Twitter).

Now, it has been reported that the Shangai head office of the PBOC (People’s Bank of China) has issued a regulatory update about tightening regulatory control over cryptocurrencies to clamp down on them and on foreign crypto exchanges that allow the Chinese to trade on them.

IEO, ICO, STO deemed illegal

Dovey Wan from Primitive Ventures writes on her Twitter page that from now on all types of fundraising for crypto projects are deemed as illegal in China. They are considered to be ‘financial fraud, pyramid schemes’.

This time the regulatory measures will even touch crypto exchanges registered overseas, Wan writes.

“Special rectification of cryptocurrency-related trading platform, which can be registered overseas, shall be immediately rectified and retired.”

Finally, she warns crypto investors who were perhaps misled by Xi Jinping’s blockchain positive statement. She says investors must not mix Chinese attitude towards blockchain and cryptocurrencies.

Dovey Wan
Image via Twitter

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Litecoin co-founder comments on this

The co-founder of Litecoin and Coinut exchange, Xinxi Wang, reminds the community that after China commenced the crypto clampdown two years ago, a massive bull run began. He expresses a hope that this time it will work the same way.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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