Bitcoin (BTC) has fully recovered
Bitcoin price has already risen to more than $ 44,000 and has recovered from the fall in prices caused by the ban of cryptocurrencies in China
Sep 27, 2021
1 min read
Anna BakkerNews analyzer

Last week, the main cryptocurrency fell several times below $ 41,000, but managed to maintain an important price level.

China's State Committee for Reform and Development has clearly stated its position on cryptocurrencies and will not allow the country to return mining. In addition, the People's Bank of China (PBOC) prohibits the exchange of cryptocurrencies and the exchange of digital assets for fiat currencies.

While China has long since ceased to be an attractive destination for the cryptocurrency industry, negative news from China is weighing on the rest of the market. Similar behavior by the Chinese regulator is expected in other countries, and similar measures can be expected from the US regulator.

The People's Bank of China recognizes any activity related to cryptocurrencies as illegal and will take serious measures to restrict trade, as well as ban foreign sites from serving local investors.

A new wave of China's repressive rules has already forced crypto exchanges Binance and Huobi to suspend new user registrations in mainland China. It is also prohibited to use Chinese mobile phone numbers to register new accounts.

The US is also steadily strengthening regulatory measures in the crypto industry. Gary Gensler, head of the Securities and Exchange Commission (SEC), has long characterized the industry as a wild west in a financial system that lacks rules and regulations.

Last week, the US Treasury Department banned the Suex cryptocurrency exchange, which has offices in Moscow and St. Petersburg. According to the agency, funds from at least eight ransomware programs, fraudulent projects and darknet marketplaces were transferred through Suex.

However, not everyone agrees with the position of the regulators. Circle President Jeremy Aller urged other countries not to be like China. This point of view was shared by US Senator Pat Toomey. He said Beijing's actions have opened up new opportunities for the US cryptocurrency industry.

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