Bitcoin & Crypto Banned Again And… No One Cares!
You know, because the last 10 times didnt work 11th time thats going to be the charm. Is this the 13th time the 15th time i dont? I cant even keep track anymore, chinas banned kryptos. So many damn times at this point, but this story happened late last week, but its not quite over, yet we had a big announcement from huabi, which is one of the biggest chinese exchanges yesterday. That shows that this story still has a bit of impact potentially left to serve out on the market, but the interesting thing is with all of the fud around the china crackdown is just how little the market actually ended up caring about it. My names lark every day i make videos talking about cryptocurrency investing. So if thats a topic, you would like to learn some more about make sure you subscribe to lark davis, channel gently tap on the thumbs up button for the youtube, algorithm and click on the notification bell, so that you know when i put out a new video. Now lets go ahead and turn over to the charts to get started off with now. This is the monthly chart here we can see. The prophecy is coming true. It looks like, unless we have some great rally over the next three and a half days, bitcoins gon na finish the month in the red now currently currently id like to point out. This is not a dramatically red month if we were to close around this level.
Thats only a five or six percent dip compared to the close from last month, not really that big of a deal and that so just typifies what we see so often in septembers for bitcoin its usually not dramatically bad. We tend not to have 30 40 50 sell offs in the month of september. Usually the month finishes down 5 percent, ten percent, and in the green months that we have had for september, the few of them that there are usually were finished with, like a five percent gain. So september tends to be this interesting month, where its just kind of blah, thats kind of what septembers been like this time for us in the markets, good news, of course, q4. I still believe to be very very bullish now whats interesting here too, is that the stochastic rsi started coming down back in april. Looks like were bottoming out, looks like we havent bottomed out. Of course, since the market turned around in july still looks like we could be in that situation generally, of course, buying near the bottom of this tends to be a time of great financial opportunity. We can also see it on the one week charts here where actually, we are just in the start of a downtrend here, which obviously started back here in late august, but were in really just the start of what could be a longer downtrend for the stochastic rsi. Here, potentially meaning that the price could fall further in the coming weeks now, that could reverse very quickly, obviously, but we could also see this uh indicator falling lower if the market just kind of moves sideways, remember, weve, just gone through a big, traumatic event for the Market over the last week or two, the whole evergrand saga.
Now the china crypto crack its always china, man, its always china. Anyway, we could still see this going down further with a bit of a consolidation for bitcoin after that big fear event. But here we are once again back in our range stuck between 40 and 50 000 dollars, just kind of chilling kind of chilling right now, which is good, but over the weekend we did see a lot of buying, so people loved this fear people love the fear In the markets, so what do we see? We saw, of course, the crescendo of the sell off happening here back on the 21st prices got down just a little bit under 40 000.. We had another big sell off on the 24th. Another big sell off yesterday on the 26th. This was in china. News was announced. This is when the huby news was announced both of those times what happened. The buyers stepped up big time. This is what we see with these big wicks on these candles here. This is buyer pressure, stepping in and gobbling up that dip the panic sellers come in. The fomo buyers fall right in line behind them here, that is the smart money buying up the dip and just who was buying up the dip. Well is the whales man. Every time the planktons just jumping into their mouths all the new investors, panic selling their bitcoin thinking. Oh my gosh chinas banning bitcoin. Again, this is the end of everything.
Surely this is the bear market that everyones been talking about? Wales dont agree. Wales bought 80 000 bitcoin over the weekend. You can see the pink purple line here shows a massive uptick in whale movements. Whales buying up that dip, gobbling that dips stacking up. Well, they dont stack sets. They stack bitcoin by the thousands, but damn there you go. That was a lot of buying pressure. This is just big accounts, thats just big accounts. I know theres a lot of you who are not wales who would have also bought some bitcoin or other cryptocurrencies during this dip situation, when there is fear in the market well, it tends to be the time to gobble up some crypto by the way, if you Want to buy the dips in the market, you need to have a damn good exchange account. I can recommend binance. You can buy using more than 50 different fiat currencies. Huge range of coins available over here also a great futures market, use the link down below in the description to start your account and youre going to get a 10 discount on your trading fees and up to 700 dollars in trading bonuses. When trading futures over on binance now lets go ahead and get into this story, chinas banning bitcoin, again panic, sellers coming out of the woodwork here happens every single time now. Whats really interesting about this story. Is that its not new its, not new its? Actually, these reiterations of existing laws were actually made back on the 15th of september, so its more than a week old, but for some reason western media picked up on it on friday, going into a low volume period over the weekend, the fud comes out because, of Course it does.
When else, would it come out? Hmm fud now, whats really really interesting is what was announced, because you have to realize everything that happened is basically nothing new. So this notice that was put out basically said that virtual currencies do not have the same legal status as legal currency in china. We already knew that china told us that years ago, nothing new, nothing new. You cant use payment, uh crypto for payments in china. Crypto is not legal tender in china, obviously, so why panic why the panic, trypto cryptocurrency trading, also not permitted in china thats been that way for a long time and theres been a lot of black market stuff going on theres been a lot of them. Looking the other way on this stuff, but theyre reiterating this there, its a new wave of a crackdown, so we cant say that its completely meaningless right. So this is all old stuff, theres, nothing new that came out legally, but its a new wave of them. Trying to enforce existing laws within china, but whats really really interesting here is how the chinese exchanges are dealing with this current crackdown, because this is a new level of escalation that we havent seen in a while anyway, chinese exchanges have had to kick chinese users off Of their platforms before, but here we have hubi saying that theyre going to retire existing mainland china users now who will be in case youre, not familiar its one of the biggest cryptocurrency exchanges in the world, and it is one of chinas biggest cryptocurrency exchanges, so them Retiring existing mainland china users is basically them throwing their bread and butter out the window.
Thats a big damn deal now. Does that mean that all of these users on who will be have to panic, sell their crypto and its going to be a massive market correction? To see hundreds of thousands of bitcoin being sold by users on who will be no, not necessarily, i dont, think thats the case. I think some of these chinese users will sell will go back into the yuan and just be like you know what its getting too hard im done. Im out of crypto, just forget it whatever. I think a lot of them, though, will withdrawn go to d5, because china cant shut down d5. They can just go play on uni, swap they can go play on pancake swap they can go a lot of other places that are not centralized exchanges. Yes, that makes it harder for them to get cash back into their bank account, but theres a thriving black market for crypto in china. This latest crackdown its not going to stop the chinese black market for crypto its only going to increase it. I remember, after the big, the big crackdown a few years ago in 2017 in 2018. What do we see all these different stories coming out about the thriving black market for crypto in china, china cant? Stop it its unfortunate that uh, who will be going to lose a lot of business, but those users will go other places and, yes to be clear. Some of those users are just going to sell theyre just going to panic, sell pack up shop and go home.
Theyre done with crypto a lot of these users, though theyre going to get their money out of hobie theyre, going to go to exchanges that dont do kyc theres a lot of those theres. A lot of those theyll get a vpn theyll go to an exchange. It doesnt do kyc and theyll trade over there easy theyre going to go into d5 easy its happening its happening. So this is um. A lot of people got pretty excited about this story yesterday, but its not actually as big as a lot of people think it is yes. Falling volumes is not good. Yes, fewer buyers is not good. Yes, it sucks that its going to be harder for chinese investors to get into crypto, but its all its been hard for chinese investors to get into crypto since 2013 and theyre still one of the biggest cryptocurrency markets in spite of years and years of crackdowns. And you have to remember too, china bans all the cool stuff man think about all the websites and things that are banned in china, google and reddit jasmine jasmine flowers for some reason: chinese communist parties against jasmine flowers, okay, guys cool and obviously crypto theyre, obviously not Fans of crypto china cant, stop it. In fact, all those things on this list here, theyre all huge theyre, all huge without china, its better to have china on board. I want chinese people to be able to access cryptocurrencies welcome. Chinese investors have been some of the biggest most enthusiastic investors in this market since its inception.
We want these guys on board. That being said, china cannot stop bitcoin. China could not stop crypto it cant stop ethereum. It cant stop any of these decentralized networks. It cant. Stop the stablecoin transfers no government can. This is the most important thing for people to realize. Pandoras box has been opened, you cant put it back its out in the world and no matter how powerful an authoritarian or government is you cant, stop it. You just cant. Stop it, oh, you can make it harder for people to access it which china has done repeatedly, but you cant stop it, but definitely, i think we do see a lot of newer investors panicking and look hey. If this is your first china pan i get it. I get it, it sounds really scary: holy cow, china, its one of the worlds biggest economies, theyre banning crypto. This could be really really bad. I should sell it all right now to the whales china has done this so many times, and even earlier this year they had their mining crackdown, and i made an entire video going over the history of china cracking down on crypto and how it has never really Mattered in the long term 2013 they banned everything crypto related. Then they came back in 2017 with another major ban on trading and on on token sale. Investing 2018 mining crackdown, 2019 mining crackdown, 2020 mining crackdown, 2021, another mining crackdown, a trading crackdown just theyre, just on and on and on and on.
I think seriously its like the 14th or 15th time that chinas cracked down on crypto and its never worked a single time before its never worked, and yet they keep trying. Yet they keep trying. So if this is your first, china ban just realize this is uh part of the season its. What we do can we even consider it a real bull run without china trying to ban crypto again it happens every time. Every time china come on, china get a new script man. What are you doing for perspective too? The first time that china banned bitcoin – and you know we can really apply it to all crypt. It was really mostly just about bitcoin back in the day, but back in 2013 china came out and banned. Bitcoin price was like oh 700 bucks or something back. Then. What do we know? We moved 700 bucks in five minutes in the in bitcoin bitcoins. At almost 45 000 the time recording this video, apparently their 2013 ban, was pretty damn ineffective. Just like their 2021 crackdown earlier. This year was ineffective because what happened with their mining crackdown miners just picked up shop. They went to kazakhstan, they went to russia, they went to the united states theyre, going to el salvador theyre going to to paraguay theyre going to laos. They dont care. They just move chinese investors. They dont care either. If theyre just going to go to the black market, theyre used to it, theyve been doing it forever.
China thinks these crackdowns work and it just doesnt it. Just doesnt people find a way because at the core, your average chinese person they love, making gains. They dont want their government to be able to stop them doing that they find a way and theyre used to finding way because theyve been the biggest crypto market or one of the biggest crypto markets ever since 2013, at which point china, first band crypto. So for all those years in between now and then china has just been raging with crypto, regular chinese investors, love it and thats awesome, also just for perspective, let you know everythings, basically going according to plan. Four years ago, in september, we had china food just like this. Just like this man come on come on. I know history, doesnt repeat, but man it sure does rhyme everythings just lining up and to you know, probably fake us out and destroy us later on, but hopefully thats not the case. We do get our q4 explosion. Four years ago, in september, china came out this big ico band, its big crackdown on trading, its big crackdown on exchanges. Here we are again four years later same bs, and it will be the same result of them not succeeding. You have to remember september 2017. That was a few months before the insane parabolic rally bitcoin rallied by more than 300 percent after that ban was announced perspective, its really important heres. Another thing i want to share with you: if bitcoin and crypto were not so damn important and, of course, so powerful, then china would not continually be trying to ban them.
Crypto is a threat, its a threat to corruption, its a threat to these governments and their their maniacs that are in charge of the governments, and this is not just you know its, not just china theres a lot of other countries out there that are trying to Crack down on crypto that are trying to prevent their citizens from accessing cryptocurrencies that are trying to make sure that the poor stay poor and the rich stay rich that are trying to make sure that their citizens cant get air drops and cant get in token sales And other stuff like that america, and so you have to realize crypto – is a threat to the system and it cant be stopped its only getting bigger all the time, the harder they try to control it, the more it slips through their fingers, the cooler it becomes. The more people want to get on board final thought for you. For today, china fudds normal. You have to learn how to go through this stuff in the cryptocurrency market, but regardless of how much information you spread about all this, there will be people who will panic and when you see fear in the market. Well, that is a time to be greedy. As the old saying goes and when everyones greedy thats the time to be fearful, essentially buy low, sell, high guys or just you know, buy bitcoin on the dips and hold for long term wealth preservation, you know how it goes.
I bought the dip. I bought some bitcoin at forty thousand dollars over the weekend about a little more around like 41 000 dollars felt good man. It felt good take some of those dirty dollars, throw them into bitcoin, sit back and just relax its all good man, its all good china. Banning crypto, its just part of the season, get used to it anyway, just my two satoshis on this whole china, madness that has been happening recently.