Bitcoin In Bad Condition, China's Third Largest Bank Wants To Ban The Use Of Crypto? - Kakiforex.com - Financial Market Media No. 1 in the World Bitcoin In Bad Condition, China's Third Largest Bank Wants To Ban The Use Of Crypto? Bitcoin In Bad Condition, China's Third Largest Bank Wants To Ban The Use Of Crypto?

June 22, 2021

Bitcoin In Bad Condition, China's Third Largest Bank Wants To Ban The Use Of Crypto?

 The price of Bitcoin has fallen to a two -week low of more than $ 32,000 following a lot of negative sentiment coming from China. On weekdays, the market was shocked with 26 Bitcoin (BTC) mining centers in Sichuan, which comprise the highest mining activity reported to have been ordered to close by local authorities.


This also affects the Bitcoin hashrate rate. The negative sentiment from China did not stop there, today began to emerge FUD that one of the largest state -owned banks reportedly banned its customers from dealing with any digital assets.


Based on the report, the Agricultural Bank of China has issued a statement prohibiting its customers from doing business with cryptocurrencies. The Agricultural Bank of China is one of the largest banks in the world in general, hence whether this news is FUD or true it affects the market.



Based on the initial statement, the customer's account will be named immediately if the customer is found to be conducting transactions using crypto. The bank also plans to report all suspicious transactions to the authorities.


With this, it can be seen that China’s action is more aggressive as it also targets Bitcoin mining by banning such operations from operating. The crypto community argues that this is an authority strategy for CBDC crypto. It should be noted that the Agricultural Bank of China is among the banks involved in the digital yuan project.


Following this news, BTC has lost $ 2000 causing the price level to plunge to the level of $ 32,300. But hours after the report was released, the statement released on Twitter was deleted.