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Agriculture Bank of China Bans Virtual Currency Transactions just for FUD? BitCoin is -7%

Bitcoin was trading at $34551 an hour ago but China adds more FUD to push it down to $32266, liquidating $244 Million.

Agriculture Bank of China is the largest bank in the country which has denied providing the service for virtual currency transactions.

WU Blockchain, a Chinese journalist o Twitter posted the details of notification by the bank.

The Tweet says,

China’s third-largest bank, the Agricultural Bank of China, issued a statement on June 21 stating that it prohibits the use of its services for virtual currency transactions such as Bitcoin.

They put some more details in another tweet:

bitcoin

The statement emphasized that once relevant behaviors are discovered, account transactions will be immediately suspended, customer relationships will be terminated, and relevant departments will be reported.

This is the first time a bank issued a relevant statement after the Chinese government requested a crackdown on Bitcoin transactions, and other banks may follow up. CryptoQuant data shows that in the past hour, the number of orders with long positions liquidated was 991.69 BTC. AICoin shows that the amount of liquidation in the past hour was 244 million US dollars, and the long liquidation accounted for 75%.

bitcoin

After shaking the market to huge levels and liquidating millions the notification has been removed for unknown reasons. This time, the Chinese banks’ statements are different from the previous ones:

  1. The central bank requested;
  2. Investigated past behavior;
  3. Repeated the government’s anti-mining;
  4. Other banks may follow up.

This announcement has now been deleted for unknown reasons.

This might be annoying to both the investors and traders for created FUD as technically no one saw it coming and liquidated the long positions.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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