Time to panic ahhhhhhhh

If you could only put $100 in one coin today during the dip, which coin would you choose?

Financial Times

Bitcoin falls sharply after China signals crypto crackdown
Price falls to three-month low as finance industry warned not to offer cryptocurrency services

The Chinese government, including its central bank, has sought to limit the use of cryptocurrencies in recent years FT montage; Bloomberg

May 19, 2021 6:27 am by Thomas Hale and Tabby Kinder in Hong Kong
Bitcoin tumbled 14 per cent to its lowest level since early February after Chinese regulators intensified efforts to crack down on the use of cryptocurrencies by financial institutions.

In a joint statement issued on the People's Bank of China's WeChat account, banking and internet industry associations said that financial and payment institutions should not accept cryptocurrencies as payment or offer services and products related to them.

Virtual currency "is not a real currency" and "should not and cannot be used as currency in the market", the groups said in the statement issued late on Tuesday, which referred to a recent surge in prices as "speculation".


Bitcoin was trading at a low of just over $38,500 on Wednesday morning in Asia, according to the Bitstamp exchange.

The development reflected China's campaign to limit institutional activity in cryptocurrencies as it prepares to launch its own digital currency. Other markets such as the US have remained comparatively open to institutional involvement.

"Part of it is they have their own digital renminbi, part is the lack of control in terms of cash outflows and part of it is trying to make sure people don't get scammed," said Paul Haswell, a partner at law firm Pinsent Masons in Hong Kong, of China's crackdown.

China's pressure on cryptocurrencies gained momentum in 2017 when it closed the country's bitcoin exchanges, which had previously accounted for the majority of global trading.

Line chart of $ per coin showing Bitcoin tumbles after China warns on cryptocurrencies
The government's plans for a digital renminbi, which would provide the central bank with a record of all currency transactions in real time, could provide a rival cashless payment mechanism to compete with vast online fintech platforms from Ant Group and Tencent.

In the US, regulators have made it easier for retail investors to buy cryptocurrencies and permitted the listing of crypto exchanges on public markets. Large US financial institutions such as Goldman Sachs and JPMorgan are exploring offering investments in digital currencies to wealth management clients.

The price of bitcoin has soared 300 per cent over the past 12 months, despite its recent sell-off.

"I would not be surprised to see other regulators and policymakers do the same [as the Chinese restrictions] over the coming weeks as they warn investors over the risks of speculative trading or crypto market volatility," said Henri Arslanian, global head of crypto at consulting company PwC.

"The reality is that we are seeing the continuous entry of institutional players and institutional investors in this space and that is unlikely to slow down anytime soon."

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Recent volatility in cryptocurrency prices has raised doubts among some institutional investors about their value, with UBS Wealth Management and Pimco expressing reservations about digital currencies' potential as an asset class.

Cryptocurrencies are largely unregulated in Hong Kong, a semi-autonomous Chinese territory. However, in November, the city's Financial Services and the Treasury Bureau published proposals that would ban retail investors from trading cryptocurrencies.

"If anything I feel like the market's growing in Hong Kong in terms of the cryptocurrency industry," said Haswell.

Additional reporting by Wang Xueqiao in Shanghai

Copyright The Financial Times Limited . All rights reserved. Please don't copy articles from FT.com and redistribute by email or post to the web.

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SidetrackAg said:

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slyfox07 said:

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I'm an ETH holder, and this week has been a daily kick in the nutsack

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Meh, don't sweat it. It will be back.

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A kick in the nuts still leaves a mark though...

Aaaaaand it gone!


Well might as well hold for the year now.

FattyDelights said:

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Aaaaaand it gone!


Well might as well hold for the year now.

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Jesus Christ that was a dip

Wow...Doge just list 50% of it's value Lite is hot on its heels.

Do you think the Chinese investors in general, kept their keys, the government took the keys, or the keys were destroyed and lost?

bearamedic99 said:

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Do you think the Chinese investors in general, kept their keys, the government took the keys, or the keys were destroyed and lost?

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Now property of The People's "Republic"

bearamedic99 said:

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If you could only put $100 in one coin today during the dip, which coin would you choose?

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USD?

Well I can't even log in to coin base right now to buy more Cardano and average down. It went from 1.06 to 1.27 and still can't login. WTF

This is not a fun day, what a perfect storm of Elon and China shenanigans. I'm holding, but definitely hurting today. Hopefully this rebounds some in the coming weeks and months.

Do y'all think this is the end of the bull run? Anyone around in 2017?

Just woke up. Holy sh^t!!!!!!

I think I will go in the red this month and advance myself my money for buying.

Good lord.

Anybody else having trouble getting into the coinbase app?

So fast.

bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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Yes. Going to miss out.

bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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I was having trouble getting into crypto.com and uphold. Seems like they were all having problems.

Just bought more doge for ****s and giggles. This is purely gambling for me.

I feel for you fellows that have real money tied up. I'm only in ~$2k in various cryptos.

Jet Black said:

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bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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I was having trouble getting into crypto.com and uphold. Seems like they were all having problems.

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probably the same panic setting in around the world as in this thread.

YouBet said:

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bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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Yes. Going to miss out.

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Doubt it, the prices seem to be headed to ~0 on these alt coins.

bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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Website works fine.

Nice, nice. I'm excited for some cheap buys

Spotted Ag said:

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bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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Website works fine.

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Not for me.

Spotted Ag said:

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bearamedic99 said:

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Anybody else having trouble getting into the coinbase app?

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Website works fine.

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Website is down for me, now.

This is nuts

Yep, website down for me now also. Was able to get some ADA at 1.14 and XLM for whatever it was at. Of course, my ADA buy at 1.81 last night hurts.

Dumped into ADA @ $1.86. In for the long haul at this point. Kinda annoyed with the situation enough to not want to bother with cryptos moving forward.

I guess we can start calling this Red Wednesday....

I kept thinking about selling over the weekend but kept hoping it would go back up and recover some before I did so. (Overall I'm still up over $5k but obviously down from highs.)

You guys think this is a blip dip n buy or something really more long term like a crash? I'm in Bitcoin exclusively.

Was able to get in and rounded up ADA and and XLM to the next 1,000 lot in shares.