China is all out against cryptocurrencies. As Bitcoin prices drop below $32,000, China has once again called for a meeting to enforce stricter ban on crypto payments.
Bloomberg reports, China’s central bank has issued a fresh statement in which it has advised for all banking and financial institutions to ensure a complete cut off of any funding to the entire crypto currency market. Effectively it would mean a total nationwide ban on cryptocurrency payments.
China has already been shutting down bitcoin mining farms and has asked electricity companies to cut off electricity supply to mining centres. As it all builds up against Bitcoins and cryptocurrencies, investors and analysts are now losing hope for a quicker recovery – seems like the market will remain bearish for the next few months.
As China is chasing crypto away from its borders, Bitcoin miners are actively exploring opportunities outside in Europe and North America. However, it could take a long time and it would be uncertain as China is home to over 80% of Bitcoin mining.
In the meanwhile, individual retail investors are betting on mid-cap currencies and actively diversifying their portfolio. Despite Bitcoin prices impacting the investor sentiment, some cryptocurrencies have managed to provide good returns even in these tough times.