Top cryptocoins fall

What stands behind fall of top cryptocurrencies? Let's try to figure out
18 October 2017   4054

According to a CoinMarketCap, all top ten cryptocurrencies (except NEO) showing big price drop.

Top ten cryptocurrencies price chart
Top ten cryptocurrencies price chart

As you can see on the chart above, Bitcoin lost more than 7%, Ethereum - more than 8%, Ripple - more than 13%, Litecoin - more than 10%

As always on the cryptocurrency market, there can be billions of reasons to any price change. But some analytics connects this price drop with The 19th National Congress of the Chinese Communist Party (CCP). Despite the recent exchange and ICO ban, China is still big cryptomarket. 

The first news from Beijing, however, concerns this sphere so far only indirectly. As reported by CNBC, in China, a popular messenger WhatsApp was blocked. Also, there are failures in the work of other social platforms, including WeChat. WeChat is especially popular among Chinese crypto investors.

In the meantime, the TASS agency reports that in the next five years the Chinese leadership will intensify the work on creating a "clean and bright" global network space and, in the end, will provide comprehensive control over it. Such a statement at the opening of the congress was made by Chairman of the People's Republic of China Xi Jinping.

According to him, special attention will be paid to delineating the areas of responsibility of the competent authorities for the appearance on the Internet of one or another informant.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   162

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.