China central bank action impact on cryptocurrencies

 Big Correction in the cryptocureencies like Bitcoin, Ethereum, XRP, Dogecoins

The cryptocurrency has been witnessing a decline for the past few days. At first, experts in the cryptocurrency market were viewing this fall as a profit booking. But now the reasons for the decline in cryptocurrencies have started moving towards some other direction. Cryptocurrencies such as bitcoin, ethereum have recorded a decline of 15% to 17%. Now this question must be coming in everyone's mind that is bitcoin hold and sell? Should ethereum Crypto Hold and Sell?

In today's article, we tried to find the answer of this question, we had given the levels of Bitcoin in some of the previous articles on our website and said that it would be right to keep stop loss of these levels otherwise the fall may increase further. For this, you can read the article by clicking on the link given below.

Also read: Can we see more selling pressure in cryptocurrencies

China Central Bank bans cryptocurrencies & what will be the react of china central bank ban on cryptocurrencies ?

It was already in the news media that China's government and China Central Bank can take some strict action regarding cryptocurrencies. If we all remember, a few months ago also such hey news came in the crypto market, even then Bitcoin and other cryptocurrencies came down a lot. A drop of thousands of dollars was seen in bitcoin in one day. Now the China Central Bank has given a special statement that if any activities take place in those countries regarding cryptocurrencies, it will be considered illegal and no work related to cryptocurrencies will be done in China. The Public Bank of China said in its statement that cryptocurrencies are being circulated incorrectly in the market and it would be wrong to associate cryptocurrencies with traditional currencies. Let us tell you that even in May 2021, the Chinese State Council and the cabinet had spoken about banning bitcoin mining to control the financial crisis and today gave a big blow to cryptocurrency investors and cryptocurrency traders by giving an official statement on it.

According to this, 10 government agencies of China have also agreed in this statement that they consider cryptocurrencies to be a speculative market and that they will work with the Chinese Government and Financial Departs to rein in the trading of cryptocurrencies and crypto mining. Apart from this, financial institutions, payment companies and internet formats have also stopped trading in cryptocurrencies. The People's Bank of China has even written on its official website that the illegal activities that are taking place in cryptocurrencies threaten the property of the people and it is also posing an economic and social threat, hence the China Government and China Official Departments. There is a strict ban on this.

This news coming in the media brought huge losses for the bitcoin cryptocurrency and other cryptocurrencies like Bitcoin have registered a decline of more than 5%. Total 11% drop in bitcoin, 18% drop in ethereum crypto and 16% drop in Binance

 Should investors buy or sell bitcoin? Should investors buy or sell Ethereum, Binance, XRP cryptocurrencies?

As there has been a clear official statement from the Chinese government that they are banning cryptocurrencies in their country, it seems that in the coming few weeks, there may be a further decline in the cryptocurrency, according to a report in China. People also had a lot of investment in cryptocurrencies. All these cryptocurrencies investors and crypto traders knew that there is no government regulation in cryptocurrencies, it is a currency run by people, so investing in it was a risk factor. Right now crypto traders will be more afraid that if other countries also do not create cryptocurrencies, then cryptocurrencies like Bitcoin, Ethereum, Binance, XRP may see further decline in the coming weeks. . Anyway, in the last few months, a lot of growth has been registered in other cryptocurrencies like Bitcoin, Ethereum, Binance, XRP Dogecoin.

Cryptocurrencies Prices, volume & Market cap:

Cryptocurrencies	Prices	% change 24Hrs	In last 7 days	Volume 24 hours	Market cap
Bitcoin	$42,580	-4%	-12.6%	$43,079,830,565	$801,121,566,228
Ethereum	$2913	-5.5%	-17%	$25,170,089,758	$343,210,000,314
Binance	$355	-5.20%	-%15	$2,087,689,490	$59,779,019,729
XRP	$.943	-4%	-13.5%	$4,462,512,435	$44,120,107,859
Solana	$31	-1.8%	-5.5%	$3,855,360,450	$42,128,055,450
Dogecoin	$0.2105	-4.87%	-14%	$1,826,096,138	$27,524,250,180

 

Trade with cautions in Cryptocurrencies:

Crypto traders should always trade cautiously and investors should also invest carefully because in some days and weeks from any other country if negative news comes from any other country for cryptocurrency market then we can see more correction. If the currency traders keep doing business around these princesses and there is no other negative news, then starting buying would also be fine. But it will be right to invest and trade with caution. Unless there is a regulation in the cryptocurrency, the volatility will continue. The Indian government also has to keep its view on cryptocurrency trading till December 2021, now it will be right to see what decision the Indian government takes on this.

Also Read: why cryptocurrencies prices are going down

Disclaimer: Above discussion on cryptocurrencies is my personal view. My view may differ from other experts of crypto market. Please do your own research too. Prices of cryptocurrencies are subject to change as per market conditions.