By Wong Kon How
Some Internet users mocked China’s “100th ban” on trading cryptocurrencies, and many others were despondent. “All crypto believers die in the hands of the party,” one wrote on Weibo.
After China’s vowed on its ban, crypto reached its peak two months later and the rest is history.
Before the clampdown, China was emerging as the epicenter of the cryptocurrency world, spawning giant exchanges like Binance Holdings and the biggest bitcoin mining firms. Beijing’s move to banish cryptocurrency trading and mining, announced in September 2021, seemed poised to snuff out the entire domestic industry.
Through the study of its development and follow-by its price behaviours, September and October 2021 has given the market clues of crypto meltdown.
Following a case study down on Bitcoin on 25 Oct 21: