Billions of dollars evaporated overnight, Bloomberg reported that the Chinese government will block overseas Bitcoin exchanges

According to Bloomberg, citing anonymous sources, the Chinese government is seeking to escalate its crackdown on cryptocurrency trading, targeting online platforms and mobile applications that provide trading services.

In addition, the anonymous person also said that the authorities will also target individuals and companies that provide market making, settlement and clearing services. Bloomberg said that the source asked not to be named because the information is private, and he added that small personal peer-to-peer (P2P) transactions are not the target of this crackdown.

As of now, Bloomberg has not confirmed the reliability of the source, otherwise the term "reliable anonymous source" should be used.

Influenced by this news, the market price of Bitcoin fell to US$13,295, down about 4% from yesterday, and the overall market value of the digital currency market evaporated by nearly US$40 billion.

It is reported that all major exchanges have already gone overseas for operation, and many of them have offices in Japan, South Korea and other places. How to regulate has become a problem that the regulators have to solve. The most likely way at present is to block the exchange websites and prevent non-scientific online traders from participating in cryptocurrency transactions.

However, I believe that such regulatory measures will have a relatively small impact on the entire digital currency market.

In the short term, the digital currency market has seen a correction, which is also expected.

Finally, I’ve attached a speech from Xiaoqiang to encourage you.