China collapses Bitcoin

This Friday the cryptocurrencies Bitcoin and Ethereum collapsed after China imposed great restrictions on transactions of this type in the country.

The new regulations that govern the country imply a total ban on crypto transactions.

The move was agreed between the People’s Bank of China, banking and securities and currency regulators. Any crypto or mining operation will be categorized as illegal. The objective of China, behind these extreme measures, would be to avoid an alteration in the economic and financial order of the country. Control over capital would be increasingly comprehensive.

In turn, the decision would be marked to avoid a threat to China’s digital yuan, which is in the testing process.

The move would hit foreign exchanges, which would not be able to serve mainland Chinese investors. At the national level, no company can offer any type of service or payment in crypto.

These types of prohibitions have been in place for months, where they have broken into and prohibited the development of activities related to crypto mining.

Following market corrections, BTCUSD buys are suggested above $ 42,000. Preference between $ 42,500 and $ 43,000.

For the ETHUSD, it is suggested to buy over $ 2,900 to $ 3,000.