China is the toughest country for cryptocurrency enthusiasts to live in, and the government’s latest regulation could lead to more companies exiting the Asian country.
China Block Coinmarketcap And Coingecko
Last week, the People’s Bank of China (PBoC) labeled all types of cryptocurrency transactions and services as illegal in China. The PBoC ban has had a huge effect on the crypto market in China following the ban on crypto mining activities earlier this year.
As a result of the latest crypto ban on services and transactions in China, many companies would be forced to close shop. It didn’t take long for crypto companies to start exiting the Chinese market. During the weekend, Huobi, one of the top crypto exchanges still operating in China, said it would start closing down accounts belonging to Chinese traders and investors. Furthermore, new users in mainland China will no longer open an account with the exchange.
Next, Sparkpool, the second-largest Ethereum mining pool, said it is shutting down the accounts of its Chinese users by the end of the month. This is also due to the recent regulatory changes in the Asian country.
Today, the plot took another massive turn after China’s internet firewall blocked the two leading cryptocurrency data sites, Coingecko and Coinmarketcap. The platforms said they didn’t block Chinese IPs from accessing their sites, which implies that the Great Firewall of China has blocked those sites. The report added that China also blocked the TradingView website. As a result, people living in mainland China will have to look for other sources to keep in touch with the events surrounding cryptocurrency prices.
Alibaba To Stop The Sales Of Crypto Miners Next Month
In another tough move, Alibaba, one of the leading e-commerce companies globally, announced yesterday that it would block the sales of crypto miners on its platforms starting next month. The company cited the PBoC’s recent policy changes as the reason why it is making those changes.
China’s recent moves have affected the prices of cryptocurrencies as usual. However, the effect isn’t that strong as the crypto market is now used to China’s antics towards it. Bitcoin is down by more than 4% in the past 24 hours and is now trading close to the $42k mark.
Despite China’s numerous bans over the years, the cryptocurrency market has only grown bigger and stronger. Bitcoin and other cryptocurrencies could experience tremendous growth over the next few months and years.