China’s Latest Anti-Crypto Transaction Stance Raises New Concerns for Chinese Users

China’s Latest Anti-Crypto Transaction Stance Raises New Concerns for Chinese Users

China last week declared all cryptocurrency-related business transactions as illegal financial activities. Added to the Evergrande crisis, the new statement – as issued by the Chinese authorities – adversely affected the crypto market causing a sharp drop to be recorded across the board.

The entire market cap dropped below the $2 tln mark and it also brought hashprice down to levels last seen in mid-July, (at below $0.30 for most of the week and dipping to as low as $0.27 at one point).

Coming after the ban on crypto mining activities which saw the migration of miners from China to…

Read More…