China Banning Bitcoin Again! Coordinated attack on Crypto? by pitboy

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hive-167922 · @pitboy · May 21 '21

$101.14

China Banning Bitcoin Again! Coordinated attack on Crypto?

China is trying to keep pressure on the crypto market once again! And this time, China is going to crack down on Bitcoin trading and mining in their country. And I know you already saw the chart! Bitcoin is collapsing again after second continuous news from China.

![](https://images.hive.blog/DQmbdLLMfkiR3rjcTy3k3opsTVRVq8cM51P84NJJpTeXwF6/KEcEMC6.png)
*[Source](https://imgur.com/gallery/4KoVf)*

This is clearly a coordinated attack on the crypto market. I don't know what China and the giant whales are up to. Maybe Whales want people to sell off their holdings so that they can buy from the deep. And maybe China is thinking of their own digital currency so that they can beat the BTC. Whatever it is, this is not good for the market and all the small investors who actually demand to see a normal market, not manipulated!

> Here's the full news if you missed it - [China vows to crack down on bitcoin mining, trading activities](https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html)

According to my thinking, this news isn't as big as the market is acting. And why do I think this is a coordinated attack?

![](https://images.hive.blog/DQmSLsoPRb2pfqRXcB3YTHueiUXTtxrYwMfz6yNZ9XYNz6T/0ErhGDM.png)
*China releasing this type of news almost every year! [Source](https://imgur.com/gallery/4KoVf)*

To be honest with you, when the news came up, what time was it? 10 pm or 11 pm in China? That doesn't seem like a reasonable time to release the news on cracking down Bitcoin. This could have been done in the morning also!

![](https://images.hive.blog/DQmTGNC8Kf15AzEGLbXv5w7Qsu6mqW16HhYQpFUfvzfEuFt/Screenshot%20(75).png)

And price dropped again from around $42,000 to $37,000 after the news. But this news isn't as drastic to me as it seems. China released this type of news in the past years and started a panic in the market. They do it every year when the market is on a bull run.

I don't know what "China will crack down BTC transaction" even mean. I don't know how they will do it! I'm eagerly waiting to see that. Let's consider the population of China, tons of mining, tons of rigs, tons of GPUs. So, let's see how they are going to crack down on mining. I personally think they can't do that.

![](https://images.hive.blog/DQmbLUWQMB8UgyFkM1xD1mWfXQDMJ85g6ieHUEYcwCuVaRg/wZPILyn.png)
*[Source](https://imgur.com/gallery/4KoVf)*

There was no headline, no fudding when the market was rising continuously and went to $64,000. Suddenly China is concerned and all kinds of news are coming like the [US treasury seeks to get the report of Crypto transactions](https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html), China is banning crypto. Even Elon Musk is declaring to ignore BTC for Tesla payment. Look at the timing of all the news, within a week, I think.

I wonder if these are the headlines to drive the market down to get long again. To make more money in the coming years. So, it's better to hold, wait and see. It's not the end of Bitcoin.

GUYS ATTENTION AGAIN - According to my analysis it seems like a preplanned attack.

Suppose I am an official of the Chinese government. Why would I release a piece of news at midnight Chinese time. I will better wait till the morning and release in the official hours. I feel like this is a little bit old news and fudders are using it to bring down the market.

The Crypto market is too much volatile. If you didn't know earlier, now you know after seeing the market. So never put your all eggs in the market on the same coin, as Warren Buffet said.

If you are in the market since last year and holding, you are still in a safe place, I think. You are still in the profit. But I am feeling sorry for those investors who just got in the market and experienced this crash. And altcoins are also drowning with Bitcoins, so those who also invested in altcoins are seeing loss.

But the formula is don't sell when you are panic because that's what Big investors want you to do. They want your coins at a low price. Hold, and the market will be stabilized again.

And as I said in my previous article, if you have some money to buy from the dip, I think it's your time. Do your analysis and purchase some coins so that you make some money in the future.

Now you see how volatile the crypto market is. Don't put your life invest here; just invest what you afford to lose.
And if you panic, you lose.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@pitboy/china-banning-bitcoin-again-coordinated-attack-on-crypto)

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@bobthebuilder2 · May 22 '21

Easy...when you make a post, put 50% into HP and 50% into HBD, then send your HBD to an exchange and trade it for btc. This way, you are doing exactly as you describe-never investing what you can't afford to lose...This post alone, you have about $43 in USD value coming to you...if half is HBD, then you'd get $20 into BTC...do this every week or every day, and you'll have a sizeable earnings. I haven't read any of your other posts, so I don't know how you do overall...I'll go peek at your wallet LOL...

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@bobthebuilder2 · May 22 '21

Just looked...you already send Hive to binance :) Way to work it, bro!

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@geneeverett · May 22 '21

$0.15

Only the 20th time 😅

👍 geneeverett, artgirlnyc

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@joseph23 · May 22 '21

At this point, I believe that there is something more to these news against bitcoin. It seems that the promoters of these fake news are the ones buying the dip

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@pitboy · May 23 '21

Lol, true.... that's the goal of promoting fake or controversial news like this. They want people to panic.

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@jphamer1 · May 21 '21

china just bans anything which allows capital flight out of China. It wants to keep all of chinas wealth in China. Something is defo going on here though, someone wants cheaper bitcoin or to cool the market off. Pretty crazy the amount of FUD being thrown at it recently.

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@pitboy · May 22 '21

I think they want people's wealth too. And some big investors are taking the benefit by spreading fake news! 

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@ledcerv · May 22 '21

Haciendo compras escalonadas.   exito a todos

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@ph1102 · May 21 '21

Mainstream media is nothing more than a bunch of fake news stories... As you said, 10-11 PM aren't exactly the "working hours" in any country... I would even go further than your thought about "coordinated attack"... It looks more just like pumping fake news attack and creating an elephant from ant... 

Someone is buying BTC big-time from people who are selling... They will not get my Bitcoin! :) :)

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@pitboy · May 22 '21

Exactly! And it still looks like some people want to see BTC at more dip, like 25k, so that they can buy small trader's coin. This is quite frustrating, but they won't get my bitcoin either. :) 

Thanks a lot for stopping by. 

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@potta · May 22 '21

China banning BTC mining might do more good than harm for true BTC decentralization!

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