China is now a hostile country for any crypto fan to reside in, and the latest government regulation might see more companies quitting the Asian nation. Keep in mind that mining firms have been exiting the Chinese market due to stiff crypto regulation.
China Block CoinGecko Coinmarketcap
China’s central bank, PBOC, declared all cryptocurrency services and transactions as illegal in the country. The recent ban has affected the crypto market in the Asian nation after the mining activities suspension early this year.
With the recent cryptocurrency ban, most crypto-related companies in China may have close their businesses. Moreover, it did not take long for cryptocurrency firms to begin exiting China’s economy. Over the weekend, Huobi declared closing accounts belonging to investors and traders in China. Huobi is a leading exchange operating in the Chinese market. Moreover, new customers in China cannot register trading accounts with this crypto exchange.
Also, Sparkpool, the 2nd-largest ETH mining pool, stated that it would shut down Chinese accounts by this month’s end. That is a response to the regulatory changes in China.
On Tuesday, the spot took an additional massive turn, blocking two crypto data platforms, Coinmarketcap and CoinGecko. These sites declare not blocking China’s IPs from navigating their crypto sites, implying that China’s Great Firewall did it. Sources indicated that the country blocked TradingView as well. With that, crypto fans in China have to find other digital asset sources for crypto prices events.
Alibaba to Suspend Crypto Miners Sales Next Month
In another stiff crypto move, Alibaba, a leading global e-commerce company, declared blocking crypto miners’ sales on its site by next month. The company highlighted the recent PBOC policy adjustment as an influence on its actions.
As usual, the moves by China affected cryptocurrency prices. Nevertheless, the effect is not that intense as the crypto spectrum appears used to these antics. Bitcoin lost over 4% in the previous 24 hours, trading around the $42K level today.
However, the crypto market has grown stronger and big despite the numerous bans by China since 2013. With that, BTC and other assets might see extended surges in the coming months and years.