Despite China's crackdown on cryptocurrencies, this crackdown has not affected traders of these currencies.
According to Arab Net, Bitcoin was trading at about $ 42,600 today, Tuesday in Hong Kong, close to its level at the time of the People’s Bank of China’s announcement Friday to address the cryptocurrency, as the Chinese Central Bank banned all encrypted transactions, and pledged to eradicate digital asset mining and fill a loophole that enabled citizens to maintain accounts At foreign exchanges.
The move prompted trading platform operators Huobi and Binance to stop allowing traders to use mobile phone numbers in mainland China to register new accounts, but signups remain. The new one is available to Hong Kong users on both platforms.
Industry experts said Beijing's latest warning may deter new entrants into the cryptocurrency scene, but for those who have bypassed many of the crackdowns in the past, it presents another opportunity. To buy at lower prices.
Steven, a Shanghai-based crypto investor who preferred to give his first name only, told Bloomberg: "These policies are not new to us, so we take them as a buy signal." He added that he bought bitcoin for $20,000 over the weekend, adding that it is still possible through several central exchanges.
However, not everyone is going to have the same reaction, new entrants to the cryptocurrency space may feel intimidated.
Another crypto investor, who declined to be identified due to the sensitive nature of the topic, said the latest crackdown will not scare off long-standing investors who have found alternative solutions to buying virtual currencies on official exchanges.
Some are turning to MetaMask - a digital wallet that online gamers use to buy and sell non-fungible tokens (NFTs) - but can also be used for cryptocurrency trading.< /p>
While Chinese regulators have already banned the trading and mining of Bitcoin and other cryptocurrencies, they are unlikely to implement an outright ban on holding digital assets because it would be too difficult, As Stephen predicted.
He said: The government is smart.. They will not issue a policy that they cannot implement.
