I received notification from a Chinese finance news app. Although Chinese government has been opposing crypto transaction for years, it’s quite vague. The tone of wording this time is quite strong, like punishing on such activities. Before, they only said such activities are not allowed. I think it could explain why all cryptos are dipping at the same time. Perhaps all the investors, especially institutions, are dumping their coins. Also, I believe Musk must have known such sanctions were in progress, that’s why he stopped Bitcoin transaction for Tesla to kiss the Chinese government ass. That’s a huge market for Tesla, and electric car companies are rising in China.

submitted by /u/KennyCav0125
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Source and link to Reddit topic: To all who are wondering what happened, Chinese government just announced sanctions against crypto mining and transactions in a top-level conference.

Author: Reddit.com