Bloomberg accused of spreading old news about Bitcoin bans in China

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The cryptocurrency community has caught Bloomberg, as well as blockchain journalist Colin Wu (Wu Blockchain), in spreading old threats from the Central Bank of China to Bitcoin. The incident occurred after Colin Wu (at 12:14 Moscow time), followed by Bloomberg (12:40 Moscow time), published a resolution of the Chinese regulator.

The document states that all cryptocurrency transactions in China are illegal. Also, any business providing services for the circulation of cryptocurrencies in China was banned. Against the background of the news, the price of bitcoin in the BTC / USDT pair at the moment collapsed by 5% to $ 41,956 (BitMEX).

However, in the cryptocurrency community doubted in the relevance of the ban. In particular, users noticed that exactly the same news about the ban appeared on the network in early September. Wu himself claims that, although the decisions are dated backward, they only became publicly known today. He also called all those who claim otherwise “liars”.


The network actively links to the Twitter user account with the nickname @bigmagicdao. There, a user under the name Molly claims that although the announcement of the Central Bank of China was “widely disseminated today,” the news was announced at the beginning of the month. According to her, the market already reacted to them then.

China’s old FUD, new panic

In fact, the market (if the reaction was a response to the news from China) reacted to the news with a delay. For example, according to a copy of the decrees, the first announcement of the ban between Chinese officials became known on September 3 and 15. At the same time, Bitcoin experienced significant drawdowns as they appeared: September 7 (-19.8%) and September 20 (-10.6%). The fact that the first rumors appeared long before the announcement from Bloomberg and Colin Wu, confirmed the date of the first report of the renewed repression from China.


China’s first crackdown on the cryptocurrency market appeared back in 2017. Then the regulator banned cryptocurrency exchanges from registering new users. Then the regulator also banned the initial coin offering (ICO) in the country. In mid-May, China again reminded of itself, finally expelling all cryptocurrency miners from the country.

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