Bitcoin dips below $30,000 as China further cracks down on cryptocurrency

Shawn Knight

Posts: 13,441   +132
Staff member
Editor's take: If there’s one thing you need to know about cryptocurrency, it’s that it is extremely volatile. It's a lot like riding a roller coaster, really, with plenty of peaks and valleys along the way for the thrill seekers willing to take the ride.

Case in point, Bitcoin, the world’s most popular cryptocurrency based on market cap, has lost more than half of its value since hitting a record high of more than $63,000 just over two months ago.

Bitcoin has had a tremendous run in 2021, but all of the gains have been wiped off the table. As of this writing, Bitcoin is trading at $29,827.24, just a few hundred bucks higher than the $29,333.61 it was at on January 1, 2021.

The latest dip is directly related to China. Earlier this week, the People’s Bank of China (PBC) told the nation’s banks and payment institutions to stop facilitating cryptocurrency transactions.

According to the PBC, “the speculative trading of virtual currencies will disrupt the normal functioning of the economy and the financial market. It will give rise to risks of illegal and criminal activities such as illegal cross-border transfer of assets and money laundering, and seriously infringe the property safety of the public.”

Other countries aren’t as concerned with Bitcoin. Earlier this month, for example, the Central American nation of El Salvador adopted the Bitcoin Law, making the crypto legal tender alongside the US dollar. It hasn't been all smooth sailing, however, as the World Bank recently decided not to help El Salvador with its adoption due to environmental and transparency concerns.

Image credit artismaster, testing

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m4a4

Posts: 2,504   +2,907
TechSpot Elite
Yeah... those are the legit reasons why a dictatorship is tightening control on their citizens; for their safety......

But who cares, as long as everyone else see's cheaper GPU's, right?
 

terzaerian

Posts: 981   +1,419
Ah yes, the usual crows of triumph from the same yokels coming hot on the heels of the latest bear markets.

It only makes your tears and teeth-gnashing and hypocritical environmentalist concern trolling during the bull runs sweeter.
 

Reallyhow

Posts: 48   +96
Yeah... those are the legit reasons why a dictatorship is tightening control on their citizens; for their safety......

But who cares, as long as everyone else see's cheaper GPU's, right?

At least this dictatorship tells you what they're up to, unlike the one between Atlantic and Pacific Oceans.
 

captaincranky

Posts: 17,205   +5,959
I'm glad you're finally admitting USD is play money.
Hardly. Intercontinental travelers have to exchange their native country's currency to where they;re visiting at a reasonably stable rate,

All you hear about bitcoin's uses, are as ransomware payments. The real theft occurs when that "play money", is exchanged for the, "coin of the realm", whether you think that's "play money", or not.
 

terzaerian

Posts: 981   +1,419
All you hear about bitcoin's uses, are as ransomware payments. The real theft occurs when that "play money", is exchanged for the, "coin of the realm", whether you think that's "play money", or not.
That's right - all you hear. It's not my fault if the only information you seek on it is drive-by articles on "price up" or "price down" and blatant hit pieces on CNN. It's been illustrated countless times the potential and positive impact that crypto has, if you choose to ignore it in favor of a system that is obviously and openly designed to rob you, then you're the greater fool.
 

captaincranky

Posts: 17,205   +5,959
That's right - all you hear. It's not my fault if the only information you seek on it is drive-by articles on "price up" or "price down" and blatant hit pieces on CNN. It's been illustrated countless times the potential and positive impact that crypto has, if you choose to ignore it in favor of a system that is obviously and openly designed to rob you, then you're the greater fool.
Well, it don't want to seen "naive", so I've heard other uses for crypto as well, evading taxes, money laundering, payment for drugs, child porn, and what have you.

You'll obviously dispute all of this, so why bother responding, since I'll never learn?
 

Bl00dyMinded

Posts: 333   +462
I just bought more on the DIP today LMAO. People who cry about bitcoin prices... Was below $30k and it's already above $30k.

If you were able to get ADA at $1. You got a great deal.
 

terzaerian

Posts: 981   +1,419
Well, it don't want to seen "naive", so I've heard other uses for crypto as well, evading taxes, money laundering, payment for drugs, child porn, and what have you.

You'll obviously dispute all of this, so why bother responding, since I'll never learn?
Again, you keep mixing up crypto for fiat, Cranky. How do you keep making this mistake?

 
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captaincranky

Posts: 17,205   +5,959
@captaincranky I was wondering when we would hear from the "crypto rules" crowd. 🤣🤣🤣 China is messing with their heads. 🤣🤣🤣
Yeah, they're a distinct sect of, "SJWs. Let's call them, "BJWs".

It is nice to see that the "musketeer" can tweet his brains out to manipulate the market, and still be. (for all practical purposes), silenced by the ChiCom government.
 
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kiwigraeme

Posts: 481   +369
As I stated it is normally safe to play the BC rollercoaster - but the tide will turn.
Why -
1) because we are guaranteed to get some more ransom ware attacks that will cost MORE lives - the makers may wish that the buyers only target certain companies - but criminals are going to be criminals .
2) as global warming really starts to kick off - people , animals , plants dying from droughts, heatwaves , floods, tornados.
3) This we put pressure on companies that back it and use it - they will drop like flies extremely quickly - so converting your BC to cash will only function on BC exchanges and no where else - except illegal sites .

Bitchain will survive - but more energy efficient ones will be created to allow protection of communication, info , IP and files

So once this turn happens against BC you will have just 1 day at most to exchange for another BC and cash out - my guess - you won't be able - as big guys will be hogging the channels - they control everything .
My prediction is BC will be vapour coin in under 10 years