​ China’s Bitcoin ban puts traders in the ‘fear’ zone Bitcoin | Best Crypto Traders Official

​ China’s Bitcoin ban puts traders in the ‘fear’ zone
Bitcoin derivatives markets flipped neutral-to-bearish after China’s ‘crypto ban’ announcement triggered a BTC price dip to $40,600.
On Sept. 24, the People’s Bank of China (PBoC) published a new set of measures to promote inter-departmental coordination on cracking down on crypto activity. 
 The measures intended to “cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.”

Cross-chain bridge equipped altcoins rally higher despite China’s crypto ban
REN, CELR and CVC ignore the market’s reaction to China’s new crypto ban by posting double-digit gains.
The bullish momentum that had been growing across the cryptocurrency ecosystem over the past few days came to a screeching halt on Sept. 24 as news that China had banned cryptocurrency transactions  made the rounds on social media and initiated an abrupt fall in the price of Bitcoin from $45,000 to $42,000. 
After the initial knee-jerk reaction and a brief period of time for the market to digest the news, traders jumped back in to buy the dips on several altcoins, which helped some of the losses seen earlier in the day.