The crypto market continues to fluctuate while the cryptocurrency rectification is underway

In the past week, the entire cryptocurrency market has been hit hard. The price of Bitcoin , the largest cryptocurrency by market capitalization, once fell below $41,000. The USDT over-the-counter transaction price fell to 6.18 yuan, the real-time exchange rate of RMB against the US dollar was 6.466 yuan, and the USDT negative premium rate reached -4.42%.

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BTC price trend in the past seven days)

In addition, other mainstream cryptocurrencies are also at a loss.

In fact, since last week, the crypto market has entered a stage of volatility and decline. News from the market level in the past two weeks has caused concerns to continue to spread. The first is that investors are worried that the Evergrande incident may affect the global economy, which will trigger a sell-off of encrypted assets, which has a cascading effect. Secondly, this Friday, the National Development and Reform Commission, the Central Bank, etc. issued a series of notices to rectify the mining and virtual currency trading hype. After the news was sent, the market hype faded and the encryption market went down as a whole.

In this regard, Sun Yang, a researcher at the Suning Institute of Financial Research, said in an interview: “Follow-up regulatory authorities will release many detailed rules and specific actions. For virtual currency business activities, it will initiate a dedicated, in-depth and long-term development in financial institutions and related industries. Remediation.” Sun Yang said that now virtual currency-related business activities are changing and highly hidden. For example, through digital art auctions, it is necessary to strengthen the research and identification of various hidden variants of virtual currency. He believes that the rectification of virtual currencies should be included in the long-term assessment of local financial supervision, financial institutions, relevant localities, energy management departments, and power companies.

With the deepening of supervision, a number of platforms announced liquidation measures. On September 25, the exchange BHEX issued the “Announcement on the Permanent Closure of Platform Services and the Announcement of the Clearance Process”. According to the announcement, BHEX responds to regulatory requirements around the world and meets the operational requirements of local cryptocurrency laws and regulations. The BHEX platform will The platform services will be gradually closed immediately, and only cash withdrawal services will be provided after October 9, and will be permanently closed on October 16, 2021. After the platform is closed, users will not be able to use all the trading functions of the website and APP.

The official source of the CVN Foundation pointed out that it has decided to terminate all technical support services and labor cooperation relations with Chinese enterprises and individuals. In the future, CVNT projects will no longer have an operating team in China, and the CVN main network will no longer accept IP nodes in China.

In addition, on September 26, Huobi Global issued the “Announcement on the Gradual and Orderly Clearance of Stock Users in Mainland China”. The announcement showed that in response to the regulatory requirements of the local government, Huobi Global has released the Announcement on September 24, 2021 (UTC+ 8) The registration of new users in mainland China has been stopped. For the existing users who are authenticated as Mainland China, it is planned to complete the orderly clearing and refunding before 24:00 on December 31, 2021 (UTC+8) under the premise of ensuring the safety of user assets. The specific clearing and refunding rules will be announced through the announcement , Email, site letter and SMS to notify users.

However, judging from foreign media reports, crypto experts are more worried about U.S. regulation than Chinese regulation. Recently, US regulators have increased their attention to the encryption industry. CoinShares Chief Strategy Officer Meltem Demirors pointed out in an interview that the greater risk is that US regulators follow China.

The chairman of the US Securities and Exchange Commission Gary Gensler has been calling for the regulation of the crypto market, and the US Securities and Exchange Commission has worked overtime to develop a set of rules to do this. Others, including Fed Chairman Jerome Powell and US Treasury Secretary Janet Yellen, also expressed concern about the area.

John Wu, president of Ava Labs, pointed out that cryptocurrency startups will flood into cryptocurrency-friendly states and countries. Taking reasonable and well-thought-out measures is a huge opportunity for the United States to become a safe haven for the future of cryptocurrency and to consolidate its position as the global economic center in the coming decades.

However, others believe that well-thought-out regulation will benefit the U.S. crypto industry. Anjali Jariwala, a certified financial planner, certified public accountant, and founder of Fit Advisors, said before that I don’t think an industry as large as encryption can continue to operate without any regulation or supervision. If people want encryption to become more mainstream assets, then I think this is a necessary first step.

It is worth mentioning that Larry Summers, former US Secretary of the Treasury and Chief Economist of the World Bank, talked about cryptocurrency regulation in an interview with Bloomberg. He said that strict regulation will benefit cryptocurrencies. Cryptocurrencies will be better regulated in a sound way, rather than being seen as a paradise for liberals.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-crypto-market-continues-to-fluctuate-while-the-cryptocurrency-rectification-is-underway/
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