Following the crypto crackdown ensuing in the country, China has blocked access to all major crypto websites in the country including CoinMarketCap, TradingView, and CoinGecko. Several tools were employed to confirm if the websites were blocked by the internet firewall in China and it was 100% positive.
The website block came after the government place a complete ban on crypto transactions in the country and this was done to limit the access of the citizen to the crypto market. The central bank of the country has issued the ban last week claiming that the evolution of the asset class has disrupted the financial and economic order. There have been different occasions where China issued similar bans, but several persons in the markets seem unaffected.
This crackdown came amid the market turmoil the country faced as a result of the potential debt of Evergrande, the real estate firm which roiled the markets. Some financial analysts said this move by the government could have been a way to ensure that there is no outflow of money from the country at the time.
As expected, some of the citizens could still access the websites blocked by using Virtual Private Networks (VPNs), which has always been the case since the censorship from the Chinese government grows. People in WeChat groups related to Crypto are beginning to close down the groups and using some other platforms.
As was with Mining, Cryptocurrencies have been popular tremendously in China until the showdown with the former began. The recent move from the government has a strong indication that the Chinese government is getting fearful of the crypto market and its rebellious nature.
China Hell-Bent in Preventing Activities in the Crypto Market
The developments from the government show that it doesn’t want any activity related to cryptocurrency. The next line of action expecting from onlookers is how its plan to root out the multiple projects and companies based in the nation. Since its inception, the country has been the hotbed for crypto activity.
Despite the ban, the crypto market has been doing fairly well with the DeFi tokens rallying strongly particularly. Some other analysts have linked the bank from the Chinese government to the recent dip in the market. By default, all markets have suffered from the news of the real estate default and the crypto market has been linked closely to the global market recently.
Some other crypto exchanges have decided to shut down operations in the region having stricter regulatory scrutiny. Huobi recently shut down its Beijing entity and Bitman also halted the sales of BTC mining rigs.
In all, the decision from the Chinese government on the crypto market has some moderate effects but only in the region. It appears that the rest of the market seems unaffected by the crackdown.