“It’s a Big Deal” – Cryptocurrencies suddenly brace for a massive earthquake in China after Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, Solana price fluctuations

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BitcoinBTC, Ethereum, and other major cryptocurrencies have struggled to regain momentum this year even though some of the world’s largest companies are quietly laying the groundwork for the next cryptocurrency price rally.

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Bitcoin’s price rally has stalled this year as concerns grow that the US may crack down on bitcoin and other major cryptocurrencies such as ethereum, BNB, XRP, cardano, dogecoin, polygon, and solana.

Now, after Tesla billionaire Elon Musk issued a surprising warning about cryptocurrency this week, Changpeng “CZ” Zhao, CEO of the world’s largest cryptocurrency exchange Binance, has speculated that China could be on the verge of launching a new bull run for Bitcoin’s price.

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More FORBESBiden Will End Up Killing It, A Serious Cryptocurrency Warning Could Wreak Bitcoin And Ethereum Price Chaos

Chinese President Xi Jinping oversaw a cryptocurrency crackdown in 2021 that saw bitcoin and other altcoin… [+] Smaller cryptocurrencies like etheruem, BNB, XRP, cardano, dogecoin, polygon matic and solana are banned in the country.

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“CCTV just broadcasted cryptocurrency,” the CZ posted on Twitter along with a link to a CCTV website that showed a TV clip featuring a Bitcoin ATM in Hong Kong and a sign saying “Buy Bitcoins.”

“It’s a big deal,” said CZ. “Chinese-speaking communities are noisy. Historically, coverages like this have led to bull-runs.”

China has had a fraught relationship with bitcoin, ethereum, and other cryptocurrencies over the years, which has resulted in frequent crackdowns on them. In 2021, China enacted a strict ban on cryptocurrency trading and mining so far, it has expelled all Bitcoin, Ethereum and cryptocurrency miners from the country.

Hong Kong has followed China in clamping down on bitcoin and cryptocurrency trading platforms, but recently adopted a new cryptocurrency licensing regime that will allow trading of established cryptocurrencies such as bitcoin and ethereum from June 1st.

The new rules will require all trading platforms and exchanges to apply for a license or risk fines and jail terms.

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More from Forbes “Who’s Laughing Now?” Bitcoin Price Now Poised to Shock 3 Billion Users as Strike CEO Issues Serious Warning Against Coinbase and Ethereum

Bitcoin’s price has fluctuated wildly in recent years, dragging the broader crypto market with it,… [+] Including Ethereum, BNB, XRP, cardano, dogecoin, polygon’s matic, and solana.

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“A large majority of respondents agreed with our proposal to allow operators of licensed trading platforms to serve retail investors,” Hong Kong’s Securities and Futures Commission (SFC) said in a statement this week.

“The SFC will implement a number of robust measures to protect these investors including ensuring adequacy in the onboarding process, good governance, enhanced token due diligence, and acceptance and disclosure standards.”

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