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Cryptocurrency Industry's Overreaction To Xi Jinping's Speech Lead To Market Crackdown
Summary: Chinese President Xi Jinping’s speech praising blockchain was one seen as a terrific opportunity for the cryptocurrency industry but has since turned sour. The optimistic interpretation of Jinping’s speech led to a speculative fever around the market. However, that fever triggered a cryptocurrency crackdown from local regulators. The clampdown has made exchanges, projects, media as ...
Chinese President Xi Jinping’s speech praising blockchain was one seen as a terrific opportunity for the cryptocurrency industry but has since turned sour.
The optimistic interpretation of Jinping’s speech led to a speculative fever around the market. However, that fever triggered a cryptocurrency crackdown from local regulators. The clampdown has made exchanges, projects, media as well as blockchain and crypto-themed events the target of regulators. With the most famous case coming from the Binance Shanghai being reportedly shutdown, according to The Block.
Binance claimed that their shanghai office wasn’t shutdown, although Dragon television, a local Shanghai broadcast station, aired a program claiming the Binance office was in fact closed.
By Ramsey Baker
Tags: Cryptocurrency,Shanghai,Xi jinping
Link: Cryptocurrency Industry's Overreaction To Xi Jinping's Speech Lead To Market Crackdown [Copy]
