All Crypto Transactions Are Illegal, China Says 🇨🇳

China's crypto crackdown is far from over. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [CoinMarketCap Earn]( [CoinMarketCap Earn]( Market Activity Total Market Cap $1.85T (-5.88%) 24 Hour Volume $122.48B (+7.03%) Notable Movers[(WAVES) $25.38]( (+4.76%) Notable Movers (DeFi)[(COTI) $0.5191]( (+18.42%) Bitcoin Dominance 42.23%[(+0.16%)]( Bitcoin Price[(BTC) $41,228.24 (-5.29%)]( Ethereum Price[(ETH) $2,810.99 (-8.57%)]( Cardano[(ADA) $2,16 (-2.00%)]( SPONSORED AD The Most Popular Way to Trade Crypto Low fees, 80+ trading pairs. Trusted by millions of users across 200 countries. Trade with the fastest matching engine in crypto. [Trade Crypto]( Low fees, 80+ trading pairs. Trusted by millions of users across 200 countries. Trade with the fastest matching engine in crypto. [Trade Crypto]( Did China Just Ban Bitcoin Again? Not exactly. According to the latest announcement from China’s central bank, any services that allow you to exchange fiat-crypto or crypto-crypto are now "illegal activities." This means — according to [Bobby Lee]( who knows what he is talking about, as he had his China-based crypto exchange shut down in 2017 — the ban is aimed at trading on offshore exchanges (even with a VPN), as well as local OTC services to exchange crypto to CNY. The market has reacted, as you would expect, quite poorly to this news. Bitcoin is down by almost 5% as I’m writing this, and who knows how far it could fall by the time this newsletter reaches your eyes. Not that we are trying to promote FUD — as Bobby Lee tweeted, "As bad as this may sound, it’s actually NOT the last nail in the coffin!" If you’ve been in the crypto space for more than a minute, you know that China has "banned" Bitcoin many, many times over the past few years. Jokes on crypto Twitter abound today (my favorite is from Decrypt’s [Tim Copeland]( 0 days since China last banned Bitcoin) — but if we all think it’s so funny, why is the market reacting? Because, unfortunately, the relatively thin crypto market tends to react to both good and bad news by skyrocketing Bitcoin’s price around. Maybe by the time you read this, Elon Musk will have tweeted "Bitcoin" again and we’ll see the top crypto up by 20%. We can only dream. Happy weekend! SPONSORED AD ArtVerse NFT Marketplace. Pre-sale Starts Sep 27 on Bitrue! ArtVerse is an advanced NFT market for art creation. Join the token sale on Bitrue & share 15,000,000,000 AVT rewards. [Start Earning Now!]( ArtVerse is an advanced NFT market for art creation. Join the token sale on Bitrue & share 15,000,000,000 AVT rewards. [Start Earning Now!]( Today’s Top Stories 🌟 Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ]( Twitter's Crypto Tip Jar Sends Bitcoin to $45,000… 🔥 There was plenty of excitement on Thursday when Twitter announced Bitcoin is being added as a payment method to its tipping feature. This allows users to make financial contributions to the accounts they follow. It'll be rolled out to iOS users first, with Android to follow in weeks. The social network is also going to start verifying NFT avatars. [Find out more here.]( ...But China Crackdown Causes Crash to $42,000 📉 Hours later, Beijing burst Bitcoin's bubble — with the People's Bank of China declaring that all crypto-related transactions are illegal. Financial institutions and payment providers will be stopped from facilitating trades, and monitoring will be stepped up. The latest stage of the crypto crackdown comes ahead of the digital yuan's launch, expected in February. [The latest.]( Teen's Family Reveal BTC Robbery at Knifepoint 🚨 One year ago, an 18-year-old was excited to start university. But days after he moved into his accommodation, he was robbed at knifepoint. A gang of eight men forced him to reveal the passwords to his financial apps, and hand over Bitcoin. No one was charged in relation to the incident — but now, the victim's mother is urging students to be vigilant. [Read more.]( What Happened in the World of NFTs This Week? 🧐 Head over to CoinMarketCap Alexandria for our neat summary of what's happened in the world of NFTs and play-to-earn games over the past seven days. This week's headlines include the news that Snoop Dogg is entering the metaverse through a partnership with The Sandbox. Plus, how Burger King is hopping on the NFT bandwagon. [Check it out.]( Thanks for reading! Have a great day — more news tomorrow! 👋 [Read More]( [App Store]( [Google Play]( [Facebook]( [Twitter]( [Instagram]( [Telegram]( © 2021 CoinMarketCap [Update Settings]( | [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States