All bark and some bite. China’s Bitcoin ban puts traders in the ‘fear’ zone

China bans Bitcoin (BTC), again. No, we’re not traveling back in time. On Sept. 24, the People’s Bank of China (PBoC) published a new set of measures to promote inter-departmental coordination on cracking down on crypto activity. The measures intended to “cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.” Most investors may have missed the $3 billion BTC and $1.5 billion Ether (ETH) monthly options expiry that took place less than one hour before the crypto ban news came out. According to…

Crypto has recovered from China’s FUD over a dozen times in the last 12 years

The price of Bitcoin fell 8% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal. With that in mind, let’s take a nostalgic look at the last 12 years of FUD out of China, and see if we can spot any patterns. China banned ‘virtual currencies’ for the first time in 2009 1: Chinese regulators weren’t exactly crypto advocates prior to the 2017 ICO boom. When cryptocurrencies were still in their infancy, i.e. 2009, China’s Ministry of Culture…

There’s more to DeFi than just providing liquidity

The growth of the decentralized finance (DeFi) sector has been a recurrent headline throughout 2021 and to date, hundreds of billions of dollars in crypto assets are locked on protocols across numerous blockchain networks and earning a yield for their holders.  What started off as a simple Ethereum-based swap interface that allowed ERC-20 tokens to be exchanged in a decentralized manner, called Uniswap, has exploded into a vast ecosystem full of decentralized exchanges, yield farms, lending protocols and staking platforms. As development continues and older protocols become more established, newer…

Reddit’s Wall Street Bets Community Moves Into Crypto

Key Takeaways Moderators at /r/WallStreetBets have created a new subreddit dedicated to the discussion of cryptocurrency. Previously, moderators limited cryptocurrency discussion due to concerns that it would consume the entire forum. Reddit’s /r/WallStreetBets is controversial due to its role in massive GameStop short selling that took place this year. Share this article Moderators at Reddit’s /r/WallStreetBets community have decided to create a spinoff subreddit focusing on cryptocurrency. Crypto Forum Has Been Created The new subreddit is called /r/WallStreetBetsCrypto and will be operated by the same moderators in the same format,…

Why Bitcoin Bears Might Not Get To Buy New Lows

The crypto community is locked in debate over: Is Bitcoin in a bull or bear market? The debate will rage on until either a new high or new low is made. The current price action is bearish, which gives the impression that sellers are in charge. The news cycle, and sentiment doesn’t help the picture for bulls. But there is one “theory” that suggests a lower low won’t be made. Mapping Out From The Bear Market Bottom To The Bull Cycle Top Recently, Elliott Wave International held an Open House…

Bitcoin will be ‘ultra-volatile,’ but it’s here to stay

Marion Laboure, an analyst at Deutsche Bank’s research division, said she can envision Bitcoin taking the role of digital gold in the future: lasting for centuries and largely not controlled by the government. In an update to Deutsche Bank’s website on “what’s next” for the largest banking institution in Germany, Laboure said she could “potentially see Bitcoin to become the 21st century digital gold,” but warned investors against the crypto asset’s volatility. According to the analyst, most Bitcoin (BTC) purchases are made for investments and speculation rather than keeping the…

BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, LUNA

The crypto market’s recovery was rocked on Sept. 24 after news that China’s government is adopting a new set of measures that includes stronger inter-departmental coordination to “cut off payment channels, dispose of relevant websites and mobile applications” to crack down on illegal cryptocurrency transactions efficiently. Although the news has caused a selloff, long-term investors are unlikely to be perturbed because, apart from announcing additional measures to enforce the existing ban effectively, there is nothing else that has changed. Daily cryptocurrency market performance. Source: Coin360 China first announced a ban…

Market Wrap: Bitcoin Stabilizes After China Crypto Ban Sell-Off; Volatility to Remain Elevated

Bitcoin is stabilizing above the $40,000 support level after China’s latest crypto ban triggered immediate selling. BTC is down about 11% over the past week, compared to a 15% decline in ether over the same period. Analysts expect volatility to remain elevated given the regulatory headwinds. Exchange tokens, especially those with a large share of Chinese users, also sold off on Friday. Huobi’s token was down about 23% over the past 24 hours and the token of FTX was down 12% over the same period. “Around 10% of global bitcoin…