China Bans Crypto... Again

Key Takeaways

Crypto markets sell-off following regulatory news out of China, as the PBoC released a document laying out its intentions for stricter regulation and enforcement measures on crypto.This is not the first time China has “banned” crypto (and probably won’t be the last). Historical price movement post-ban is mixed.This news might serve as an alternate explanation for some of the outsized volume from Asian exchanges earlier in the week.$38,000 appears to be a critical support level based on on-chain data.A similar ban in 2017 preceded a run to all-time highs for BTC and ETH.The B...