As Chinese financial regulators once again claim to go all out after bitcoin miners and traders, the world’s number one cryptocurrency touched another low for the current month, with the price slipping below $35,000, a golden opportunity to buy.
The China noise started with a total ban in 2013 since then the ban has been restated many time but remains meaningless. Bitcoin and Cryptocurrency are not about the establishment, they are about a revolution.
Bitcoin was trading at under $40,000, a day-on-day drop of nearly eight percent. The fall comes after a week of extreme volatility, with the price of the most-valued virtual currency making wild swings above and below the $40,000 mark.
While Bitcoin and others fell, GBITS took off:
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The latest drop is attributed to an announcement by China’s Financial Stability and Development Committee, which is looking to double down on efforts to prevent speculative and financial risks related to cryptocurrencies. The newest old restriction will hit mining and trading of the largest cryptocurrency, it will have no impact.
“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities,” the statement read.
The restrictive measure came days after three Chinese industry bodies claimed to tighten an already total ban on banks and payment companies providing crypto-related services.
The latest steps introduced by the Chinese authorities are just the same as 2013 mark a sharp escalation propaganda of the nation’s non-push to stamp out speculation and fraud in the cryptocurrency sphere.