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China cracks the whip, but cryptos are not tanking; Bitcoin recovers
In the world of digital currencies, there are no shocks and panic-selling. If the ban by an influential market leader like China does not make any serious impact, it indicates that the cryptos are acquiring an autonomous character and size that can spell disaster for the global economy in the immediate future. The People's Bank of China has warned cryptos are disruptive and endanger the safety of people's assets.

BEIJING, Sept 27: The volume of trading in crypto currencies in international markets, including India, has come down sharply by about 30% following a Chinese crackdown on digital crypto transactions last weekend.

Huobi Global, the largest exchange in China, stopped forthwith opening of new accounts. It will “gradually retire” existing accounts by the end of the year.

On Monday morning, Bitcoin which was $45,059.20 earlier last week and came down to $43,316.17 soon after the latest crackdown by China, was recovering alongwith the second-ranking Ethereum. CoinSwitch Kuber transactions fell by 30 per cent while valuation of crypto currencies such as Solana and Terra Luna appreciated by Sunday on the speculation that the impact of the Chinese action will be shortlived.

The total market capitalisation had crashed from an earlier cap of $2.03 trillion because of the immediate reaction of panic- selling. There were also cryptos that moved up after the Chinese action but they were the ones traded at decentralised exchanges (DEX) like DYDX which provides ultra privacy - it works by keys and no names are given. Binance exchange followed suit.

China had intensified its crackdown on transactions in Bitcoin and such other digital crypto currencies last week. "Virtual currency- related business activities are illegal financial activities. It seriously endangers the safety of the people's assets," the People's Bank of China had warned.

China had banned the digital tokens in 2019 but has been unable to stop the transactions that are done overseas by Chinese. It had asked all banks and other financial institutions not to mediate in the digital transactions. The latest Government statement said those indulging in "illegal financial activities" are committing a crime and will be prosecuted besides warning that such transactions will not be validated by financial institutions in the country.

Chian sees the crypto currencies as speculative investments and as a means for money laundering.

As China is one of the largest crypto currency markets, initially the value of Bitcoin had dropped by $2,000 following the warning.

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