What can you say about China's Crackdown on cryptocurrency?

[chadktt]

just this past few days we saw articles news with regards china's restraining cryptocurrency trading and mining, thus making bitcoin fell to 32k usd from 44k usd. with this action what can you say about china's move to crypto ? perhaps is it due to consumption of massive amounts of electricity, often from coal-fired power plants which produce high carbon emissions? is it due to the high volatility of bitcoin ?

dont fight me im just a casual , please educate me ^_^

 

[San4osss]

just this past few days we saw articles news with regards china's restraining cryptocurrency trading and mining, thus making bitcoin fell to 32k usd from 44k usd. with this action what can you say about china's move to crypto ? perhaps is it due to consumption of massive amounts of electricity, often from coal-fired power plants which produce high carbon emissions? is it due to the high volatility of bitcoin ?

dont fight me im just a casual , please educate me ^_^

It's because of 1. China wants to ban mining, 2. The U.S. wants to take control of cryptocurrency

 

[chadktt]

It's because of 1. China wants to ban mining, 2. The U.S. wants to take control of cryptocurrency

sadly but true i think the power house wwants to control things because they dont want us commoners breaking through the rat race

 

[San4osss]

sadly but true i think the power house wwants to control things because they dont want us commoners breaking through the rat race

Yes, yes, there will be a lot of black markets, selling drugs through bitcoin and other illegal sales