Bitcoin prices fell sharply after the China agricultural Bank ordered the closure of all accounts dealing with crypto. All of the coin exchanges received official shutdown notices from this Bank. After China succeeded in routing bulls yet again, Bitcoin price shed $1,000 in minutes.
Third biggest Chinese Bank
The Agricultural Bank of China is China’s third-largest Bank. Data from TradingView shows that BTC hit the local lows of $32,500 on Monday. BTC was disturbed again after a day of recovery from another dip. The cause appears to be again from China.
China’s major Bank gave a statement that confirmed it would not allow its services for transactions related to Bitcoin or cryptocurrency. However, the report emphasized that once banks find appropriate behavior, the Bank will immediately suspend account transactions.
Moreover, the Bank will terminate customer relationships and report to the relevant departments.
Notice withdrawal
However, after 15 minutes, the Bank seems to delete the notice. The worst-case scenario for the China mining ban has now played out. Charles Edwards is the CEO of Capriole asset manager. He said that the Bitcoin network has just experienced the most significant attack in its history.
Many people argue that price pressure is a typical overreaction. Moreover, Bitcoin will ultimately benefit from a move away from Chinese Reliance.
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