December 2013: Five government ministries classified Bitcoin as a "virtual commodity"; the monthly price drop was nearly 30%, after which it fell into a prolonged slump lasting for more than two years.
· September 2017: An ICO ban and exchange shutdowns caused Bitcoin to drop from $4,300 to $3,000 within a week, but it rebounded three months later to a historical high of nearly $19,665.
· February 2026: Eight ministries issued the "strictest ever" ban. Bitcoin prices fluctuated, with more than 440,000 liquidations in 24 hours and liquidation amounts exceeding 13.7 billion yuan.
🔍 Why was the market reaction this time "muted"?
After this regulatory reaffirmation, the market did not fall but instead rose. The core reason is that China's regulatory policy has greatly weakened in terms of marginal pricing power over the global crypto market. The "strictest ever" ban in February 2026 has essentially completed the systematic clearing of relevant businesses within China. The publicity on September 22 was more like a reiteration and strengthening of the existing framework rather than an additional, outsized shock beyond expectations. At present, Bitcoin's pricing power has shifted to variables such as the flow of U.S. spot ETF funds, the interest-rate path of the Federal Reserve, and SEC regulatory developments. The short-term impact of Chinese policy has been diluted by these more dominant factors.
#140亿美元比特币期权周五到期 #btc
· September 2017: An ICO ban and exchange shutdowns caused Bitcoin to drop from $4,300 to $3,000 within a week, but it rebounded three months later to a historical high of nearly $19,665.
· February 2026: Eight ministries issued the "strictest ever" ban. Bitcoin prices fluctuated, with more than 440,000 liquidations in 24 hours and liquidation amounts exceeding 13.7 billion yuan.
🔍 Why was the market reaction this time "muted"?
After this regulatory reaffirmation, the market did not fall but instead rose. The core reason is that China's regulatory policy has greatly weakened in terms of marginal pricing power over the global crypto market. The "strictest ever" ban in February 2026 has essentially completed the systematic clearing of relevant businesses within China. The publicity on September 22 was more like a reiteration and strengthening of the existing framework rather than an additional, outsized shock beyond expectations. At present, Bitcoin's pricing power has shifted to variables such as the flow of U.S. spot ETF funds, the interest-rate path of the Federal Reserve, and SEC regulatory developments. The short-term impact of Chinese policy has been diluted by these more dominant factors.
#140亿美元比特币期权周五到期 #btc