Bitcoin unphased by China’s crypto ban

Team Luno
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  • China’s central bank has again announced that all cryptocurrency transactions are now illegal, which effectively bans digital tokens like Bitcoin.
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    • Trading cryptocurrency has been banned in China since 2019, although it continued through online foreign exchanges.

     

    • This is just the latest episode in the country’s ongoing crackdown on crypto, with the Chinese Communist Party issuing bans on mining cryptocurrencies in June.

     

    • Although Bitcoin experienced a dip in price immediately after the news broke to below $40,700, the world’s largest cryptocurrency by market cap took little time to bounce back.
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    Team Luno

    On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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