Jail term for bitcoin trading and bitcoin signals in China
Six Chinese people who used bitcoins (BTC) to evade foreign exchange controls in the country have been sentenced to prison. Chinese people who trade foreign exchange without the permission of the Chinese police are accused of selling bitcoins to immigrants in exchange for RAND and CNY. An important detail is that a Chinese court has found the use and sale of bitcoins (BTC) legal.
The real problem here is violation of currency laws and wrong use of bitcoin signals – say the analysts of SafeTrading.
The Chinese can go to jail.
Zhuang and defendants Lin, Xue, Chen, Fan and others are accused of collecting large sums of money from foreign migrant workers and converting them into bitcoins, then selling them through local exchanges such as abinet.com and alenet. The suspects, who, as it turned out, had been doing this work for about 3 years with bitcoin signals, were thus able to exceed the state-set limit of $ 50,000.
- The suspects, who transferred money from the sale to an immigrant’s yuan account, are accused of exceeding the $ 50,000 limit for wire transfers.
- The Rongzhou Procuratorate conducted an extremely thorough investigation into the collection of evidence. The suspects’ computers, email accounts and stock exchange wallets were examined one by one. The material dossier, including bank statements, contains more than 20 materials.
Bitcoin and the Decision of the Chinese Court.
The court confirmed that, despite the tough government policy, cryptocurrency trading is not illegal. However, the suspects face imprisonment for violating currency laws. The prosecution invites the suspects to confess to their crimes. If they confess to their crimes, they can get rid of this crime with a minimum of 2 years in prison.
Moreover, the prosecution offers ways to turn this prison sentence into compensation if confessed to a crime. Upon completion of the case, a fine ranging from 50,000 to 400,000 yuan may be imposed instead of imprisonment.
Chinese authorities have begun to monitor more closely the people who trade this type of cryptocurrency through OTC tables. In particular, it aims to be subject to deterrent sanctions upon detection of citizens violating the country’s currency laws.
Similar processes apply to illegal miners in parts of China. In fact SafeTrading knows that, even for this work, hotlines have been created.
With the exception of the recent short-term drop, Bitcoin (BTC) has long been valued above the 200 SMA line. Many technical analysts say that price holding above this line is preparing for another rally. In addition to this, the SMA 50 crossed the SMA 200 line from the bottom up, and the so-called “golden cross” movement occurred on the chart. The JPMorgan news, which reached agencies as of 11:04 pm, was the biggest spark that sparked the price.
Why bitcoin (BTC) is growing
- First, with the formation of a “golden cross”, that is, a bullish cross, on the chart, the formation of a channel to $ 50,000 was already expected. Incoming news and favorable market conditions have supported this growth. One of the most important resistances, 46,800, has been tested for some time and has been successfully overcome.
- Today we have seen once again how important resistors are and how well they work. After failing the previous 46,800 tests, Bitcoin (BTC) rallied to the bottom support level of 44,300. The price gaining strength today on the falling RSI rose again to the 46,000 level. Million dollar short positions were liquidated in just 5 minutes.
As of the time of publication of the article, the price of Bitcoin (BTC) on the Binance exchange finds buyers at $ 47,682.
What does the JPMorgan news mean?
JPMorgan, one of the largest financial institutions in the world, released its 11:04 pm report, which you see below.
This brought a lot of new clients to most populars companies.
- “Interest in cryptocurrencies in the futures markets is growing. Commodity consultants are forced to close short positions and open long positions in the face of this growing interest. “
Yes, this statement draws attention to the growing institutional interest in the cryptocurrency markets and suggests that the upward trend in prices will continue. Especially the fact that financial advisers were forced to go long has had a very positive impact on the markets – says analyst of SafeTrading.
Short positions are at their lowest level since May. Thanks to the news in the evening, over $ 100 million in short positions were closed in just 5 minutes.
The outlook for the market has become extremely positive due to China’s announcement that you will not take any new measures until the end of the year, India’s refusal to include the cryptocurrency ban on the agenda during the seasonal rains, and Elon Musk’s transformation into a bitcoin (BTC) fan.
One thing to keep in mind, however, is that the markets have often changed dramatically, driven by the news from JPMorgan. It may be beneficial for you to open positions accordingly and monitor the current levels of support and resistance.