This month, cryptocurrencies will face a major selling crisis, and the market will face a bigger decline crisis again. The main reason for this trend is the arrival of China's deadline for "clearing out" of cryptocurrencies.
Recently, major exchanges have issued announcements to clear out mainland Chinese users, and the last time nodes indicated are within this month.
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212 Matcha MEXC issued an announcement stating that at 12:00 (UTC+8) on December 25, 2021, the functions of mainland Chinese user assets recharge, leverage , contracts, etc. were closed; on the 30th, the functions of mainland Chinese user currency trading were closed; on the 31st, the CNY transaction of OTC was removed from the shelves.
In addition, the "mainland Chinese users" referred to in this announcement are users who are authenticated as mainland China in MEXC, and users who have not authenticated will judge based on their registered nationality.
In the past few days, Huobi has repeatedly reminded mainland Chinese users to clear their account assets and clearly stated that it will close the coin recharge function of mainland Chinese users on December 14. On December 15, the currency trading function of mainland Chinese users will be banned, and on December 31, OTC trading will be removed. According to the official announcement, Huobi Global recommends that users arrange their time reasonably and complete the filing of personal assets as soon as possible.
In addition, Huobi will also close the user account of Singapore in March next year:
Huobi Global Station lists Singapore as a restricted jurisdiction, will close the accounts of all Singapore users on March 31, 2022, and require Singapore users to close all positions and withdraw their digital assets by March 31, 2022.
Among them, the biggest impact was the AOFEX (A.com) exchange. Although the exchange had issued similar notices before, it was suddenly unable to log in on December 10, causing considerable panic. It was rumored online that A.com ran away, and various rights protection information were flying everywhere. However, judging from the situation when logging into the APP yesterday, the data side of the APP was completely stopped, and the customer service in the community only issued one announcement and no longer appeared.
At 11:30 am on December 11, AOFEX issued an announcement stating that AOFEX actively cooperates with the local government's regulatory policy requirements and has completed the removal of all application markets in mainland China in November 2021. At present, the staff of our technical department are cooperating with the public security organs to conduct investigations.
AOFEX is currently undergoing temporary maintenance and upgrading, and the platform accounts are fully identified, and the login function of existing accounts will be suspended. The login function of all accounts will be restored after the full identification is completed. After the login function is restored, other functions of the platform can be used normally. During this process, the security of your account assets is not affected by any impact.
is contacted through the APP's online customer service, and the reply received is also in cooperation with the public security organs' investigation.
However, to this day, the APP has been completely cleared and has become a blank, which has aggravated the panic of users.
However, at 10:40 today, the customer service in the community issued a "AOFEX public explanation on the situation of server shutdown and users' inability to log in", stating that the sudden closure was mainly caused by the police taking away technical personnel, and explained the situation in the past two days.
Many users believe that as long as they don’t run away, they just wait for the police investigation results. After all, OKEx has also had a “boss” taken away for investigation and abnormal situations. Later, after the investigation was made, the user permission was opened. At present, OKEx is also running normally. Therefore, if you only cooperate with the police investigation, there is a high probability that you will still have a chance to get back the assets.
In this regard, Feizhai said on Weibo: The platform that has been established within 3 years of
has a probability of running away is 99%, and the founder has hidden it and the probability of running away is 100%.
and A.com just meets the 100% type. However, some netizens believe that judging from its development, the probability of A.com running away should not be high. After all, the performance of continuously expanding its business and ranking among the top ten on the exchange still shows that it has strength and determination.
As for the result, the answer can only be given by time.
However, it is indeed an indisputable fact that the panic in the cryptocurrency market has intensified due to the A-net incident.
In fact, as early as October, under the strong regulatory signal, exchanges including Huobi, Binance, OKEx, AEX, etc. had issued relevant clearance notices and announced the clearance process, and contracts and other transactions were also restricted:
Huobi issued the "Notice on the Clearance Process of Stock Users in Mainland China for Contract Trading". The notice stated that in response to the local government's regulatory policy requirements, Huobi Global will complete the orderly clearance of mainland Chinese users who complete contract transactions on the premise of ensuring the safety of user assets.
According to the clearance process, December is actually the deadline for clearance tide. In the environment of fully closing the recharge of coins and stopping transactions, many users choose to withdraw cash and leave the market, which has caused a certain degree of selling crisis.
However, although domestic cryptocurrencies are on the decline and are even finally cleared, foreign policies are becoming more and more relaxed, and compliance exposure is becoming more and more urgent. It is also a fact that many countries are seeking more effective regulatory measures to cope with the security risks brought by the increasingly large market and influence.
Yesterday, according to Bitcoin.com, the Russian Federation Commission ( House of Lords ) is setting up an expert working group that will undertake the task of formulating additional regulations for Russia's growing crypto space.
At present, the Bitcoin market is still in a downward state. Although it broke through the $50,000 mark in the early morning of this morning, it then fell to the low point of $48,440, and the price at the end of writing was $48,840.
Due to the decline in Bitcoin, cryptocurrencies generally fell. Among the top 500 market capitalizations, 466 fell and only 34 rose. The market bearishness occupies the mainstream.
Due to the decline, the current market value of cryptocurrencies has also fallen below $2.4 trillion.
According to CoinGecko data, the current market value of cryptocurrencies is US$2.36 trillion, the 24-hour trading volume is US$238.6 billion, the current market value of Bitcoin is 39.1%, and the market value of Ethereum is 20.1%.
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