Amid economic crisis, China may lift Crypto ban in Q4!

China's possible lifting of its cryptocurrency ban in Q4 is the current topic of conversation on Twitter. This is not our claim, Twitter is full of such discussions. Some popular Twitter crypto accounts are speculating this on the current situation in China. With China's economy deteriorating, they believe they have no choice but to rely on crypto, otherwise they will go bankrupt.

40 Chinese banks disappear.

In the last week of June, 40 Chinese banks disappeared. The Twitter account BitcoinBebe said in a tweet a few hours ago that it is not reporting any media, but 40 Chinese banks have failed in one week.

The situation hit American banks harder than the savings and loan (S&L) crisis of the mid-1980s. Strong credit growth, weak risk controls and declining asset prices are bleeding Chinese banks.

China's History in Crypto and Potential Ban Lift

In the history of crypto, China has often been the main source of power for market bears. Since 2013 they have banned ICOs, mining and anything related to crypto. Every time China makes such moves, the market is hit hard. China says they did this to save their economy, but now they may have to rely on what they have abandoned many times in the past to save their economy.

Last month, the founder of TRON, Justin Sun, won a defamation case in the People's Court of China.

In addition, ByBit has started offering its services to the Chinese crypto community outside of China.

What is expected?

Analysts believe that the lifting of the crypto ban in China can positively affect the global cryptocurrency market. If this happens, it will be the best news in the current situation, as China's anti-crypto actions have spread a lot of negatives for a long time. Overall, everything points to a positive environment for crypto. Now, we'll have to see China make this final decision and the crypto community get a chance to celebrate.

Also read: Failed assassination of Trump sparks massive crypto gains