The cryptocurrency market was surprised by a new Chinese attack in conjunction with escalatory statements from the President of the US Securities and Exchange Commission, which affected the temporary recovery of cryptocurrencies.
The cryptocurrency uprising was short-lived after positive news that the Evergrande had reached a debt settlement, as the People's Bank of China officially announced a raft of new measures to combat crypto adoption in the country. China, including promoting stronger interdepartmental coordination in cracking down on crypto activity.
10 Chinese state authorities, including the People's Bank of China, the China Cyberspace Administration and the Ministry of Public Security, have set up a coordination mechanism to prevent financial players from participating in any transactions. Cryptocurrencies, according to Investing.com.
According to the announcement, relevant authorities and institutions have completed major improvements to digital currency monitoring platforms to efficiently identify transactions of such illegal currencies. The People's Bank of China has stressed that a large number of Government agencies will now closely crack down on cryptocurrencies in accordance with Chinese laws.
The cryptocurrency market lost, in less than 48 hours, until the first moments of trading on Sunday, nearly $150 billion, to slip the market value from levels above 2 trillion dollars to about 1.85 trillion dollars.
Recent data from the Crypto Fear and Greed Index indicates that the crypto market is going through a period of investor fear, with a three-month low of 27 out of 100. .
