Bitcoin price drops to 7,000 USD – Is FUD from China to blame?

The gossips of a likely closure of the Binance Office located in Shanghai can have compelled the Bitcoin price to plummet to USD 7000.

Though, the Binance without taking even a second cancelled those gossips and clarified that Binance cannot have the local office within the city.

The reports are also coming out that the Central Bank of China might have a closer examination of the cryptocurrency transactions being traded in China and might possibly suspend all of them.

And yesterday, some of the news mentioned that the Binance office located in Shanghai has been raided by the police. Also, around 50 to 100 employees have been sent to the home. And the stock Exchange CEO, Chaugpeng Zhao clarified immediately via Twitter that police was never investigating.

And you can debate related to the semantics of the office, who rented it, and from when. Also you can debate whether if it is empty or so on. However, you cannot really debate in relation to the semantics of a raid by Police, which has not happened. And without the fake ‘police raid’ no article is possible. It’s a uncontaminated FUD!

And further Zhao has described that you will not find any local office in Shanghai, though all the employees work from the home as well as are being scattered all over the world. And in these headlines he finds an opportunity that the market will find all the fraudsters out which actually air all the false information for specifically disturbing the companies.

Do you Find Cryptocurrency exchanges which are trading illegally inside China?

China has put a full stop on Bitcoin and various other cryptocurrencies from starting trading within its own domain, And after that, the Chinese Government has fervently been against the relaxing of the laws, And according to one of the intelligences, the Chinese news agencies “Sohu”, a beleaguered inquiry is under way in the Shenzhen for checking stock exchanges which does the illegal trade in the China.

And according to one of the articles, the Chinese central bank, the Economic Investigation Bureau of the MPSB as well as the Municipal Communications Administration are also being involved. And through to this investigation, it has been deciphered that around 39 illegal transactions has taken place till date. However, it has not been known quite certainly that what will be the direct consequences or the future effects due to this investigation for the respective exchanges. And the search is based on the following points:

1. The provisioning of the virtual trading amenities as well as the inaugural of numerous virtual currency trading centers inside China

2. The provisioning of the service mediums for numerous virtual money trading chairs outside the country.

3. Various sales of the symbols as well as findings of the funds as well as virtual currencies for the investors, like Bitcoin and the Ethereum.

Quite a lot of publicity, and about nobody actually!

The news situation in China is perplexing and too much value is attached by several media into the supposed events that took place. As we have reported, China continues to stick to the approach the adaptation of blockchain technology provides great potential because of its own nation. So far, the government has shown less interest in cryptocurrencies.

This means that about three times as many programs were registered by the Chinese and are responsible for 60% of the applications filed in the USA, China, Japan, South Korea and Germany.

These figures clearly demonstrate that China is continuing to make strong progress from the Blockchain and Fintech sector.

Bitcoin’s cost has fallen by over 9% in the previous 24 hours to USD 7,136, a new low last observed in June. It remains to be seen whether it will have a direct impact on Bitcoin and what further news from China will follow. However, this is not to be seen as negative, because the marketplace has been able to achieve strong growth and advancement without China, even in recent months and years. Beginning in 2009, China has filed blockchain-related patent applications reports the research firm Astamuse.