China has blocked access to CoinGecko, CoinMarketCap, and TradingView via its internet firewall. This is the latest step in its crackdown on the crypto market.
China has blocked access to major cryptocurrency-related websites, including CoinGecko, CoinMarketCap, and TradingView. Several tools that check if China’s internet firewall blocks websites show that these sites are all 100% blocked.
The block follows China’s total ban on cryptocurrency transactions and is clearly an attempt to limit all market access. The country’s central bank issued the ban last week, saying that crypto trading had disrupted economic and financial order. China has issued similar bans on several occasions, and many markets are unaffected by the ruling.
This comes at a time when China is facing market turmoil because of potential debt by real-estate firm Evergrande, which has roiled markets. Some analysts have said the move could be a way to keep the money out of the country at this time.
Of course, some citizens still access blocked sites via Virtual Private Networks (VPNs), which has been the case for years as China’s censorship grows. Those in cryptocurrency-related WeChat groups have started closing groups and moving to other platforms.
Cryptocurrencies are tremendously popular in China, as was mining — until the government again started cracking down on the latter too. Recent events are a strong indication that China is afraid of the cryptocurrency market and its highly rebellious nature.
China determined to prevent crypto market activity
The developments make it clear that China does not want any cryptocurrency-related activity. It remains to be seen how he plans to root out the multiple companies and projects based in the country. The nation was a hotbed of crypto activity early on.
Despite the ban, the market has done fairly well, with DeFi tokens in particular rallying strong. Some have linked China’s ban to the recent market downturn. But all markets suffered from news of an Evergrande default, and the crypto market has been more closely linked to global markets in recent years.
Crypto exchanges have also decided to shut down operations in the region following a more stringent review. Huobi has closed its Beijing entity and Bitmain, the top mining hardware manufacturer, halted sales of bitcoin mining rigs.
Overall, the effects of China’s decision appear to be having moderate effects, but only in the region. The rest of the market seems mostly unperturbed by the crackdown.
