{"id":72777,"date":"2024-03-04T03:15:47","date_gmt":"2024-03-04T07:15:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=72777"},"modified":"2024-03-04T03:18:06","modified_gmt":"2024-03-04T07:18:06","slug":"china-warns-of-bitcoin-risks-as-crypto-surges-to-new-highs","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/china-warns-of-bitcoin-risks-as-crypto-surges-to-new-highs\/","title":{"rendered":"China Warns of Bitcoin Risks as Crypto Surges to New Highs"},"content":{"rendered":"\n

A state-owned Chinese newspaper cautioned investors about the dangers of bitcoin and reiterated the country\u2019s ban on crypto trading,<\/a> while bitcoin soared above $60,000.<\/p>\n\n\n\n

\"China<\/figure>\n\n\n\n

As bitcoin reached new record levels, a Chinese state-owned media outlet issued a warning to investors about the risks and challenges of the cryptocurrency.<\/p>\n\n\n\n

Economic Daily, a newspaper affiliated with the State Council of China, published an article\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on Sunday urging investors to be wary of bitcoin-related products and services. The article stated that Bitcoin is not a mainstream currency and that its price fluctuations are driven by speculation and manipulation.<\/p>\n\n\n\n

The article also reminded investors that China has banned all forms of crypto trading since 2017 and that the ban remains in effect despite the growing popularity of bitcoin in other countries. <\/p>\n\n\n\n

It quoted Xiao Sa, a Beijing-based lawyer, who said that the ban prohibits overseas bitcoin exchange-traded funds (ETFs)<\/a> from selling their products to Chinese residents and that mainland investors are also not allowed to buy such products directly.<\/p>\n\n\n\n

China\u2019s crypto crackdown<\/h3>\n\n\n\n

China was once a major hub for crypto mining and trading, but the government has cracked down on the industry in recent years, citing concerns over financial stability, money laundering, and environmental impact. <\/p>\n\n\n\n

In September 2021, the People\u2019s Bank of China, the Supreme People\u2019s Court, and several other central authorities issued a notice that banned all crypto trading activities on the mainland and declared that services provided by overseas crypto exchanges to Chinese residents are illegal financial activities.<\/p>\n\n\n\n

The notice also warned of the severe legal consequences for anyone engaging in or facilitating crypto trading and urged the public to report suspicious activities to the authorities. <\/p>\n\n\n\n

The ban notice has sparked a wave of closures and exits among crypto platforms and users in China, but some investors have found ways to bypass the restrictions and access overseas exchanges through virtual private networks (VPNs) or peer-to-peer platforms.<\/p>\n\n\n\n

Bitcoin\u2019s rally<\/h3>\n\n\n\n

Meanwhile, bitcoin has been on a tear in the past few weeks, breaking new records and surpassing $60,000 for the first time. <\/p>\n\n\n\n

The cryptocurrency gained momentum after the U.S. Securities and Exchange Commission (SEC) approved the first spot bitcoin ETF in February, which allows investors to buy and sell bitcoin directly through a regulated exchange. The approval was seen as a major milestone for the crypto industry, as it could boost the adoption and legitimacy of Bitcoin among mainstream investors.<\/p>\n\n\n\n

Bitcoin also benefited from the growing interest and support from institutional investors, corporations, and celebrities who have been buying, holding, or endorsing the cryptocurrency. Some notable names include Tesla, MicroStrategy, Square, PayPal, Visa, Mastercard, Morgan Stanley, Goldman Sachs, Twitter, Facebook, and Elon Musk.<\/p>\n\n\n\n

According to The Block\u2019s Price Page<\/use><\/svg><\/span><\/a>, bitcoin rose 2.44% in the past 24 hours and traded at around $63,600 at 12:30 p.m. Hong Kong time on Monday. The cryptocurrency has a market capitalization of over $1.2 trillion, making it more valuable than most of the world\u2019s largest companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

A state-owned Chinese newspaper cautioned investors about the dangers of bitcoin and reiterated the country\u2019s ban on crypto trading, while bitcoin soared above $60,000. As bitcoin reached new record levels, a Chinese state-owned media outlet issued a warning to investors about the risks and challenges of the cryptocurrency. Economic Daily, a newspaper affiliated with the […]<\/p>\n","protected":false},"author":44,"featured_media":72779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18668,4661],"class_list":["post-72777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-new-high","tag-china-crypto-ban"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/China-Cryptocurrency.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/72777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=72777"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/72777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/72779"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=72777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=72777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=72777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}