May 30, 2025 06:47 pm IST
The Chinese government has not only banned the trade or mining of cryptocurrency, but also the personal ownership of digital assets such as bitcoin.
Cryptocurrency market on Friday experienced a significant decline, with a dollar dip of $ 61 billion in total market capitalization, partly due to new sanctions imposed on private by China cryptocurrency Holdings.
China has imposed a new ban on cryptocurrency holdings, according to a report by Benance. The Chinese government has not only banned the trade or mining of cryptocurrency, but also the personal ownership of digital assets such as bitcoin.
However, the current situation is challenging, analysts hope that the downward pressure will soon decrease, saying a cryptocurrency and finance -related website.
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This move by China has led to a normal decrease in investor optimism and has caused panic in the markets. China has placed a staunch approach to cryptocurrency to promote the use of state -backed digital yuan.
With a ban on private crypto holdings, Beijing is tightening its grip on financial flow, possibly accelerating its central bank Digital Currency (CBDC).
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Meanwhile, the decision of the Trump administration’s tax deduction and low tariffs in favor of the market has the ability to kick another speculative frenzy in the markets, cited the Bank of America.
This American economic strategy can encourage traders to dig the bonds and start purchasing back into artificial intelligence and crypto trades, which will take the risk of increasing a market “bubble”.
US Vice President JD Vance has advocated the use of bitcoin and other cryptocurrency to manufacture its strategic benefits against China.
During a bitcoin conference in Las Vegas, Vance appreciated the executive order of President Donald Trump in March, which created a strategic bitcoin reserve with a government -owned tokens.
