China: Crypto Investors are Buying More Following Crackdown

Bitcoin was trading at $42,600 around 12pm on Tuesday in Hong Kong, close to the level of trading when the People’s Bank of China announced to ban all crypto transactions on Friday. The ban was introduced to eliminate mining of digital assets and prevent citizens to create or maintain offshore accounts through exchanges.

The new restrictions prevent exchange operators such as Huobi and Binance from allowing traders to register new accounts using mainland china phone numbers. However, new users in Honk Kong can still sign up using their numbers.

Crypto holders in China have expressed their concern regarding amid the latest crackdowns. Bobby Lee, CEO at Ballet Global Inc said, “I have bought some when it dipped. The china crackdown hasn’t been as bad as many people thought, so a dark cloud is removed.”

“These policies are not new to us, so we view them as a buy signal. People new to crypto might feel scared. Some of them will quit,” said Stephen, a Shanghai based crypto investor. Other crypto investors in the region have also come forward saying the crackdown will not scare them as many longstanding investors have loopholes to buy the digital currency. It has been reported that MetaMask, a digital wallet has been attracting a lot of game players to buy NFT’s and other cryptocurrencies.