Cryptocurrency Shrugs Off China Ban With Weekend Of Gains

September 24th, 2021 - 6:28 PM EDT by Brandon Wink

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A snapshot of crypto markets in a massive downturn following China's ban, except X'd out

China has once again taken a swing at the world of cryptocurrency, this time in the form of outright banning it in all forms from the country, including transactions and mining.

Earlier this year, efforts were made by the Chinese government to decrease crypto mining, with many of the country's largest mining firms moving elsewhere due to having their power supplies cut off. The step to outright banning cryptocurrency transactions in all forms triggered a sell-down in all forms of crypto throughout the day.


Many people noted that this is not China's first attempt to stifle cryptocurrency and that in each of their previous attempts they had only been successful in causing the price to go up further, as noted in price graphs. This time, however, crypto across the board is crashing significantly as people around the world react to the news.


All of these fears and downturns were, however, erased over the weekend, with almost all crypto currencies climbing back up to near their original Thursday night prices. While there were plenty saying that the disaster was averted only because of people buying the dip, others are still skeptical on whether or not this middling can last.



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