Will the BTC fall below $6,000 when regulation comes?
Editor’s note: This article comes from the strategic cooperation blockchain media “Odaily Planet Daily” (Public ID: o-daily, < a href="https://download.odaily.com/">APP Download)
Beijing time on the 22nd at 16:50, the central bank Shanghai headquarters issued “Intensified supervision and control Fight against virtual currency transactions.
After the news, the cryptocurrency plummeted. Bitcoin fell below $7,000 in a short time and fell to a low of $6,970. At 24 o’clock, it fell by 11%, with a maximum drop of 7% in 2 hours.
CoinMarketcap data shows that the total market value of cryptocurrency fell below the $200 billion mark before the press release, with a temporary report of $194.18 billion.
Mainstream currencies generally fell more than 10%, of which BTC temporarily reported $7,101, 24 H hours, down 11.03%; ETH temporarily reported $148.37, a 24-hour drop of 13.66%; BCH temporarily reported $207.14, a 24-hour drop of 13.26%; LTC The temporary report was US$46.53, down 12.15% for 24 hours; EOS was temporarily reported at US$2.61, down 12.7% for 24 hours.
Among the top 100 currencies, only 5 tokens rose: MMOCoin (+89.37%), Molecular Future (+34.38%), SEELE (+5.02%), DAI (+0.77%), Digitex Futures (+0.19%).
According to the Coin data, the market opened a record of 140 million US dollars (10 billion yuan) in one hour from 17-18 points today, and the accumulated 24-hour outburst was about 504 million US dollars (about 3.6 billion yuan). As of today’s 16th, 24 hours of explosions exceeded 360 million US dollars, about 2.56 billion yuan, the number of bursts reached 12,818 people, the largest single-shot warehouse order occurred in Bitmex-XBT, worth 10 million US dollars.
Central Bank Shanghai Headquarters issues a document against virtual currency transactions
Today, the central bank’s Shanghai headquarters issued a document saying that in recent years, speculations related to virtual currency (such as ICO, IFO, IEO, IMO, and STO) have been refurbished and speculative, prices have skyrocketed, and risks have gathered rapidly. Relevant financing entities through the illegal sale, circulation of tokens, raising funds to investors or bitcoin, Ethereum and other virtual currency, which is essentially unauthorised illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and Illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes have seriously disrupted the economic and financial order.
The article also said that in the process of promoting the promotion of blockchain technology, virtual currency speculation has shown signs of rising. In order to further strengthen the prevention and control efforts, according to the overall requirements of the national Internet financial risk special rectification work, the Shanghai Financial Stability Joint Conference Office and the Shanghai Headquarters of the People’s Bank of China and the relevant departments at the Shanghai Municipal Level have launched special projects on virtual currency-related activities in Shanghai. Remediation, ordered to solve the problem of providing publicity, drainage and other services for the virtual currency trading platform registered overseas.
The article said that in the next step, the Shanghai Financial Stability Joint Conference Office and the Shanghai Central Bank will continue to monitor the virtual currency business activities within the jurisdiction. Once it is discovered, it will be disposed of immediately, and it will be prevented from happening. Investors who report virtual currency business activities and organizations or individuals that continue to conduct ICO and virtual currency trading services to domestic residents through the deployment of overseas servers may report to the regulatory authorities, and those suspected of violating the law may report the case to the public security organ.
According to 澎湃 report, on November 15th, under the leadership of Shanghai Mujin Remediation Office, the Municipal Financial Stability Joint Office and The Shanghai Headquarters of the People’s Bank of China jointly issued the “Notice on Launching the Renovation of Virtual Currency Trading Places” (hereinafter referred to as the “Notice”) to carry out the rectification of the virtual currency exchanges within the jurisdiction.
The document pointed out that my specific activities include: one is to organize virtual currency transactions in China, and the other is to issue “xx coins” and “xx chains” on the grounds of “blockchain application scenarios”. Virtual currency, raising funds or virtual currency such as Bitcoin and Ethereum; thirdly, providing services such as publicity, diversion, agency trading, etc. for ICO (first-time token financing) projects and virtual currency trading platforms registered overseas.
The document is required to complete the mapping work before November 22nd. Once the Internet company engaged in the above-mentioned virtual currency related activities is found, it will immediately submit it to the Shanghai Financial Stability Joint Office (the Municipal Local Financial Supervision Bureau) and the People’s Bank of Shanghai Headquarters, and urged it. ImmediatelyChange exit, play early and play small.
Intensive operations around the world
In fact, before the announcement of the central bank’s Shanghai headquarters, local governments have intensively launched actions against cryptocurrencies and exchanges.
On November 21st, Shenzhen Securities Exchange Office also released With regard to the risk warning against the illegal activities of “virtual currency”, the request for the work must be completed by November 25th, and the list of enterprises engaged in virtual currency-related activities within the jurisdiction should be reported to the Municipal Mutual Renovation Office.
The latest information shows that the local financial supervision bureau of Shenzhen has passed through the coffin system to detect 39 enterprises suspected of carrying out illegal activities of virtual currency.
Under strong supervision, multiple exchanges, including BISS, have been shut down.
Yesterday, the foreign media The Block reported that the bank’s office in Shanghai was shut down after police raids, but the money security response did not set up an office in China (Shanghai), the company is distributed office around the world.
Whether other exchanges will be shut down one after another, whether BTC will fall below $6,000, and how the encryption market will develop, all kinds of problems are always in the minds of practitioners. The future is like a mist.