Bitcoin (Bitcoin) Suddenly lost $2,000 in one hour on September 24, because there appeared to be old news about China’s regulatory ban on social media.
Bitcoin vs. China: Don’t believe in “FUD”
The subconscious move came from a memo from the People’s Bank of China (PBoC), the central bank of China, which began to circulate online, criminalizing almost all cryptocurrency activities, but not including possession.
However, as pointed out by commentators, the People’s Bank of China originally issued the updated guidelines on September 15, but they posted it online today.
Nonetheless, it has now become a classic source of BTC price pressure—the “FUD” of the Chinese ban—and soon has an impact on market sentiment.
The market had heard the rumors around mid-September and reacted to these rumors at that time. Stop getting infatuated. https://t.co/pew1kyCZ3d
-Molly (@bigmagicdao) September 24, 2021
“The market always reacts so strongly to FUD. It’s impressive,” Cointelegraph writer Michaël van de Poppe reacted.
The imminent closure of the Chinese real estate giant Evergrande also triggered a similar reaction, which has been a niche topic for a long time before the mainstream media attracted attention. chain reaction Spanning cryptocurrency and traditional markets.
Altcoins suffer because Ethereum is below $3,000
At the same time, with the return of the Chinese narrative, altcoins have also joined the ranks of Bitcoin.
ether(Ethereum) Fell by more than 7% at the time of writing, and once again lost the $3,000 support line.
The trading prices of the top ten cryptocurrencies by market value fell by up to 9% in an hourly time frame.