Cryptocurrencies across the board have been feeling some serious pain as of late, and for good reason. There has been a global regulatory crackdown surrounding the cryptocurrency industry, and fears surrounding bans have led to widespread declines. However, I’m here to tell you that the world of crypto isn’t going anywhere any time soon! Today, we’ll talk about the bans that led to fears that cryptos would fall off of the face of the earth, recent developments that tell us that cryptocurrencies aren’t going anywhere, and what you should be watching for ahead.
Where The Fear Of The Demise Of Cryptocurrency Came From
As mentioned above, there has been quite a bit of fear surrounding the demise of the cryptocurrency sector as a whole. Ultimately, this fear came from regulatory concerns. Recently, we’ve been hearing quite a bit about various regions around the world putting their foot down when it comes to cryptocurrency.
More recently, we’ve started to see stories surrounding some countries that have outright banned cryptocurrency. In fact, two of the worst days that we’ve seen in the market across the board were days when coming bans were announced. First, last week, it was announced that India would be working to ban the use of cryptocurrency and other crypto assets. Shortly after, China announced that it would be banning the use of foreign exchanges, the only access Chinese nationals had to the cryptocurrency space.
As you could imagine, with two countries banning cryptocurrencies in a matter of days, fears became widespread. What if the whole world were to start banning cryptos in a domino effect? Where would that leave those who invested in them? Would those investments be gone for good?
While these are very good questions, due to recent developments, these questions are null. The reality is that we’re not going to see a domino effect of bans around the world. At the end of the day, cryptocurrency isn’t something that’s simply going to fall off of the face of the earth.
Promises Not To Ban From Key Regions
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!