China further pushes Bitcoin price down with stricter regulation

crypto adoption

TL;DR Breakdown

  • China further cracks down on cryptos
  • How crackdown slipped BTC price down by $2,000

China has pushed the price of Bitcoin further down after the Agricultural Bank of China placed a ban on its customers from interacting with Bitcoin. It led to a drop in the price of the number one cryptocurrency.

Bitcoin dumped further to a two-week low of just over $32,000 after the news emerged from China.

The Agricultural Bank of China made the announcement via a press statement on Monday noting that it would prohibit its customers from doing any business with cryptocurrencies.

The Agricultural Bank of China remains one of the largest banks in the most populated country in the world. However, it warned that customers’ accounts would be closed when they discover that clients have any interaction with Bitcoin.

The bank also said it would report any suspicious transaction in a timely manner to authorities as China continues to crack down on cryptocurrencies.

China and its continued Bitcoin crackdown

The country has been known over the years for its hostile stance against BTC. China placed a ban on BTC about 10 years ago and continues to reinstate the ban. This time, though, China’s actions are even more aggressive, as it also targetted Bitcoin mining by prohibiting such operations in many of its regions.

Reportedly, China continues to keep hostilities with BTC due to its coming Central Bank Digital Currency, which is the total opposite of BTC. It is worthy of mention that the Agricultural Bank of China is also actively playing a pivotal role in the development of the CBDC.

Primarily its announcement today has led to a dip in the price of the number one cryptocurrency. In a matter of hours, BTC dumped by more than $2,000 after the statement to a two-week low of $32,300 (on Bitstamp). On a 24-hour scale, bitcoin went down by nearly $4,000. The situation with the altcoins is even worse, with double-digit price slumps coming from left and right.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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