Crackdown on Crypto Speculation in Chinese Platforms Continues

The Beijing Business Daily unveiled that cryptocurrency speculation has permeated Chinese platforms like Xiaohongshu and Taobao, posing new challenges for regulators amid ongoing crackdowns by the People’s Bank of China.

This infiltration complicates China’s crackdown on cryptocurrency activities, highlighting the need for a multi-stakeholder approach to effectively combat speculative risks and illicit trading practices.

Ongoing Clampdown Aligns With China’s 2017 Crypto Ban

According to CoinMarketCap, Bitcoin (BTC) is priced at $91,284.06, with a market cap of $1.82 trillion and a 24-hour trading volume of $37.36 billion. Over 90 days, BTC fell by 16.15%. The circulating supply is 19,955,725 BTC, nearing its max of 21 million.

Coincu research indicates that China’s crackdown may lead to reduced domestic cryptocurrency speculative activity, shifting focus to international markets. Yet, the technological measures needed to implement restrictions could foster innovation in regulatory technologies, impacting how platforms and users adapt globally.

Yet, the technological measures needed to implement restrictions could foster innovation in regulatory technologies, impacting how platforms and users adapt globally.

Market Overview

Did you know? China’s crackdown on cryptocurrency trading first initiated in 2017 has continuously adapted to emerging digital trends, including today’s sophisticated diversion tactics on social platforms.

According to CoinMarketCap, Bitcoin (BTC) is priced at $91,284.06, with a market cap of $1.82 trillion and a 24-hour trading volume of $37.36 billion.

Over 90 days, BTC fell by 16.15%. The circulating supply is 19,955,725 BTC, nearing its max of 21 million.