In the latest salvo against BTC-ETH, the nation of China for what seems like that 100th time banned cryptos, but this time for real.
#China central bank reiterates #virtualcurrency “does not have the same legal status as legal tender”. Says #Bitcoin, #ether, and #tether are not legal and “should not and cannot circulate as currency” in the Chinese market. (New part is naming specific #crypto currencies.)
— Eunice Yoon (@onlyyoontv) September 24, 2021
As such, BTC-ETH and the rest of the gang have fallen thru the floorboards and are now sinking even lower. This isn’t earth shattering news, but instead a renewed hatred by the centrally controlled economy of China against the decentralized world of cryptos. I’d imagine this will, at some point, lead to a great buying op.
Futures are off by 100 NASDAQs, as we descend into the weekend without comfort and nothing but angst.
Look at the bond market for signs of real fear. Presently rates are slightly higher, suggestive this pullback os horseshit.If you enjoy the content at iBankCoin, please follow us on Twitter