China has banned trading in cryptocurrency, making it the first country to do so.
China is the largest crypto market in the world, and it has been making a lot of news recently as it moves to make it extremely difficult for bitcoin to move into the country. But soon, it will be joined by another country, said to be the UK. How can this affect Bitcoin?
The Cryptocurrency market has been on a rollercoaster this year. Prices have jumped and fallen seemingly at random, with the value of Bitcoins rising from $19,000 to $19,800 (£14,000) in the space of just one week, before plunging to as low as $10,000 (£6,900) before recovering to $15,000 (£10,000) once again. However, the British government has announced plans to ban the use of virtual currencies in the UK, in what could be a fatal blow for the industry.
After China imposed restrictions on cryptocurrencies, cryptocurrency markets were hit hard again – this time in one of the largest markets, the UK. Last weekend, the UK Financial Conduct Authority (FCA) ordered Binance to close by the 30th. During the month of June, all advertising and financial documents must be removed. The FCA has stated that none of the Binance Group companies are authorised to carry on regulated activities in the UK and that Binance Markets Limited is not authorised to carry on activities in the UK.
To get the green light to operate a cryptocurrency business in the UK, companies must register with the FCC, which is responsible for preventing money laundering and terrorist financing. However, only six companies have registered with the ACS so far, while 64 cryptocurrency companies have withdrawn their applications. Meanwhile, UK exchange Binance has reportedly suspended withdrawals and deposits of fiat money, raising fears of a possible crackdown on cryptocurrencies.
The UK is not the only country to impose stricter rules on companies working with cryptocurrencies. Japan, one of the most cryptocurrency-friendly countries, sent a warning to Binance a few days ago. A few days ago, Mexican Finance Minister Arturo Herrera announced that cryptocurrencies were being banned from the Mexican financial system. Moreover, the use of Stabelcoins is also prohibited by Mexican law.
The number of active Bitcoin addresses has dropped since China imposed the strictest measures against Bitcoin. The number of active Bitcoin addresses reached 1.4 million at the height of the bull market, but that number has now dropped to around 853,000.
Source: BTC: Counting active addresses on CoinQuant.com
The recent drop in prices is one of the main reasons for the decline in the number of active addresses. When the market collapses, weak hands jump on silver and drive the price down even further. Although bitcoin showed a rally last week, investors are still skeptical of the market and unwilling to get back in on it. The lack of interest in bitcoin trading makes bitcoin prices more vulnerable and the market more volatile.
In 2023, cryptocurrencies received significant support from institutional investors. In addition to Tesla, several companies, including MicroStrategy, have invested billions of dollars in cryptocurrencies, and traditional financial companies like PayPal and Goldman Sachs have also begun offering cryptocurrency-related services. Crypto assets, however, face strong opposition from governments and central banks who want to launch their own digital currency. If countries’ legislation continues to tighten, bitcoin could visit lower rates in the near term.
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The crypto currency market is full of opportunities, don’t hesitate to participate and claim your profits!China is going to ban cryptocurrency. This came to light during a recent briefing on anti-money laundering and combating terror financing by the State Council, China’s cabinet, which said using virtual currency was a ‘significant regulatory and technological challenge’.. Read more about why did china ban cryptocurrency and let us know what you think.
Frequently Asked Questions
Is crypto banned in the UK?
No, the UK government has not banned cryptocurrency.
Is Binance really banned in UK?
No, Binance is not banned in the UK.
Did China ban Cryptocurrency?
No, China has not banned cryptocurrency.
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