“People, it turns out, are not that averse to risk. For many reasons, they are not opposed to risk, but they are opposed to losing and the possibility of loss plays a very significant part in their decision.” - Daniel Kahneman Some of my long positions has got liquidated. China has really given a tough blow to the crypto industry by banning all crypto transactions and declaring that all such transactions will be considered illicit. The People's Bank of China said, "Virtual currency-related business activities are illegal financial activities”. China is a big market for cryptocurrency trading and Bitcoin fell more than USD 4500 in the last 24 hours. The altcoins are also bleeding naturally as this market reacts very badly when the king tumbles. Cryptocurrency trading through local exchanges was officially banned in China since 2019 but trading continued through foreign exchanges. The latest crack-down confirms that China wants to shut down cryptocurrency trading permanently.
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