Cryptocurrency Shrugs Off China Ban With Weekend Of Gains

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.

#China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exchange between virtual currency; token issuance; derivatives; providing info; others. Crimes punished. BUT no ban on #crypto POSSESSION.https://t.co/hEQKetxbjO

— Eunice Yoon (@onlyyoontv) September 24, 2021

China announced this morning a new crackdown on Crypto. What does that mean? It means China is about to launch its Government crypto coin. If US follows, Fed coin means Bitcoin outlawed, US becomes Centralized Gov, like China, US communism begins, our freedoms end. Take care.

— therealkiyosaki (@theRealKiyosaki) September 24, 2021

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Senator Pat Toomey (@SenToomey) September 24, 2021

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.

Good thing China banned crypto again today… pic.twitter.com/wUOqKnQgXX

— V2 SafemoonBuyers (@BuyersSafemoon) September 24, 2021

#bitcoin was around $700 in 2013 when China first banned it. At some point you think they would figure out trying to ban it just isn’t working lol

— Lark Davis (@TheCryptoLark) September 24, 2021

China bans everything that gives its people more freedom. The crypto ban in China is the biggest confirmation how much freedom crypto brings to the people as it unchains them from governments and central banks. #crypto pic.twitter.com/V4PmIWfPIy

— Kim Dotcom (@KimDotcom) September 24, 2021

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.

After the 1000th China's crypto "ban" decentralised exchanges are booming. Looks like perhaps Chinese traders are showing a middle finger to new regulations? /r/CryptoCurrency https://t.co/wE5pi2Xstc pic.twitter.com/zTGYGVuU5V

— CryptoNewsDaily (@CryptoNDaily) September 27, 2021

Investors See Latest China Ban As Opportunity To Scoop Up More Crypto: CoinShares : https://t.co/0NqslAu7fo pic.twitter.com/zPidlnwsEg

— CryptoCurrencies News bot (@ButterLemonBot) September 27, 2021

I'm so sorry for this one pic.twitter.com/vlPnhguvis

— Adam Singer (@AdamSinger) September 27, 2021