The newspaper Economic Daily of China warned yesterday that Bitcoin could “go to zero” after the crypto market an area or arena, online or offline, in which commercial dealings are conducted. crash.
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- A Chinese Communist Party newspaper said Bitcoin will go to zero
- The announcement generated a price drop below USD $20,000.
- “Bitcoin is nothing more than a string of digital codes,” the media outlet said.
Several times we have said how China is a country of great influence in relation to the price of cryptocurrencies. Measures such as the ban on mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. and trade restrictions have had an impact on price declines in the past. However, it is worth noting that despite the restrictions, there is still crypto mining in the Asian giant. Despite the government’s actions, the Chinese still believe in crypto.
Yesterday saw another move by China to discredit crypto. So much so that it managed for a few hours to push the price down from the USD $20,000 line and cross towards USD $19,000, although it then recovered and today – as of 7:15 am New York time – it is priced at USD $20,679, according to the data from CryptoMarkets.
And what did China do? Well, the media Economic Daily, dirigido por el Comité Central del gobernante Partido Comunista Chino, publicó un artículo advirtiendo a los inversores sobre el riesgo de que the prices of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. “heading to zero”, after the fall of the cryptomarket, according to the media outlet South China Morning Post.
The article in the Chinese newspaper
The article by Economic Daily reads as follows:
“Bitcoin is nothing more than a chain of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. codes, and its profits mainly come from buying low and selling high (…) In the future, once investor confidence collapses or when sovereign countries declare Bitcoin illegal, it will revert to its original value, which is worthless.”
The newspaper said the lack of regulation in Western countries, such as the U.S., helped create a highly leveraged market that is “full of manipulative concepts and pseudo-technology.” . He described it as a “ important external factor”, which has contributed to the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. of Bitcoin.
This warning is nothing more than an endorsement and reflection of the Chinese government’s tough stance towards cryptocurrencies, which culminated in an effective cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ban that was implemented in stages, starting in May 2021.
More warnings
Likewise, in another warning, the Shenzhen Financial Regulatory Bureau said in a statement on Tuesday that cryptocurrency trading and speculation seriously jeopardize the “security of property” of people, generate criminal activities and disrupt the financial order. He warned investors about being involved in illegal financial activities and avoid being scammed.
The bureau cited a notice published in September of last year by the Central Bank of China , que declaró ilegales todas las transacciones de criptomonedas, destacó los intercambios extraterritoriales que apuntan a los usuarios de China continental y se comprometió a tomar medidas contra los ciudadanos que comercializan dichos servicios ilícitos. Aún así, se sabe que los entusiastas de todo el país han encontrado soluciones para eludir las restricciones y mantenerse activos en la clandestinidad.
Sources: South China Morning Post , Cointelegraph , Finbold, archivo
Version of DiarioBitcoin
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