Fresh China “FUD” Dampens Digital Asset Prices

In the last few weeks, a new term of art has entered the cryptoasset lexicon: “FUD.” FUD is an acronym that stands for “Fear, Uncertainty, and Doubt.” Since we are now in the middle of a very serious “crypto winter”—a time when many people are questioning the value of cryptoassets and whether they have any future at all—the term FUD has come to describe an intentional tactic to spread Fear, Uncertainty, and Doubt by people who are interested in seeing cryptoassets fail.

The People’s Bank of China (PBOC) has held yet another meeting to discuss the status of cryptocurrency, according to an official on the PBOC’s inspection team. According to one source who attended the meeting, the central bank will continue its crackdown on cryptocurrency, and the government will no longer value nor recognize the digital currencies.

China is the world’s largest energy consumer, and its regulations have long affected the prices of oil, natural gas, and other commodities. But until recently, the country’s influence has been relatively minor on the world of cryptocurrency. That changed on September 4, when Chinese officials issued a directive calling for a ban on so-called Initial Coin Offerings (ICOs) and a crackdown on all cryptocurrency trading in the country. </p

Fresh FUD

If bitcoin tests critical support at $42,000 per coin, there will be a new wave of FUD for bearish support. Of course, the main difference between now and 2017 is that Chinese crypto traders make up a much smaller portion of the total volume than they did back then. But even those responsible for this year’s inflows are now going the other way, as bitcoin’s outflows reached a record $98 million last week. In addition, a recent survey of fund managers from Bank of America found that… word-image-5593 The good thing about all this is that although hedge funds think bitcoin is past its prime, they are showing more and more interest and moving money into altcoins, so it helps to be diversified in this market.

Boiling hot

As a result, many are beginning to think that bitcoin may no longer have any use. The lower the price, the more attractive long-term investments naturally become, but so far it is clear that investors are looking for other investments. Data from DeFi Pulse and Defistation confirms that the total recorded value (TVL) in decentralized financial assets has declined only slightly compared to bitcoin. Moreover, the NFT market is booming.The price of most major cryptocurrencies have suffered this week, as fresh China FUD has dampened digital asset prices of late. China’s central bank is planning to shut local Bitcoin exchanges, which has caused Bitcoin prices to crash below $3,000 this week. Other major digital assets, such as Ethereum and Litecoin, have also dropped in value over the past few days. Many experts believe this dip is temporary, as they expect China to legitimize cryptocurrency in the near future.. Read more about fud meaning and let us know what you think.The price of most major cryptocurrencies have suffered this week, as fresh China FUD has dampened digital asset prices of late. China’s central bank is planning to shut local Bitcoin exchanges, which has caused Bitcoin prices to crash below $3,000 this week. Other major digital assets, such as Ethereum and Litecoin, have also dropped in value over the past few days. Many experts believe this dip is temporary, as they expect China to legitimize cryptocurrency in the near future.. Read more about fud meaning and let us know what you think.

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