Crypto Liquidations Skyrocket to $1.3 Billion Amid Bitcoin Price Dive Below $104,000

By: crypto insight|2025/11/04 23:00:06
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Key Takeaways

  • Bitcoin’s price tumbled 17% from its all-time high, slipping under $104,000 and triggering widespread market turmoil.
  • Total crypto liquidations reached a staggering $1.3 billion in just 24 hours, hitting leveraged traders hard across various platforms.
  • Traders are eyeing $100,000 as Bitcoin’s critical support level, with a potential deeper drop if it fails to rebound above $105,000.
  • Open interest in Bitcoin futures dropped by 4% overall, signaling reduced leverage and growing caution among market participants.
  • Bulls may fiercely defend the $100,000 mark to prevent Bitcoin from entering a prolonged downtrend.

Imagine waking up to the sound of alarms blaring from your trading app, only to see your carefully built positions evaporating in a sea of red. That’s the harsh reality many crypto enthusiasts faced as Bitcoin’s price took a dramatic nosedive below $104,000, wiping out billions in leveraged bets. It’s like watching a high-stakes poker game where the house suddenly flips the table—sudden, chaotic, and unforgiving. In this volatile world of cryptocurrencies, moments like these remind us why understanding market dynamics is crucial. Today, we’re diving deep into what happened, why it matters, and how you can navigate these stormy waters, perhaps with a reliable platform like WEEX that prioritizes secure and efficient trading to help you stay ahead.

The crypto market has always been a rollercoaster, but this recent plunge feels particularly jarring. Bitcoin, the king of digital assets, saw its price plummet to as low as $104,130, erasing the excitement from a brief spike to $111,000 just days earlier. This isn’t just numbers on a screen; it’s real money vanishing for traders who bet big on upward momentum. The deviation from the October 6 all-time high of $126,000 now stands at 17%, a stark reminder of how quickly fortunes can shift in this space. As someone who’s followed these markets, I can’t help but feel a mix of thrill and caution—it’s these swings that make crypto so addictive, yet so demanding of respect.

Bitcoin Price Breakdown: What Sparked the Massive Sell-Off?

Let’s break it down like unpacking a mystery novel. The sell-off intensified during the European trading session on Tuesday, with bears—those betting on price drops—gaining the upper hand. It’s as if the market’s optimistic crowd suddenly scattered, leaving room for pessimism to take over. Derivatives traders, who often amplify their bets with leverage, shifted to a risk-off stance, meaning they pulled back from aggressive positions to protect their capital. This isn’t unusual in crypto; think of it as a herd of animals sensing a storm and heading for cover.

What fueled this? Well, the drop below key levels like $105,000 acted like a trigger, liquidating positions en masse. Across the crypto landscape, over $1.3 billion in both long and short positions got wiped out in the past 24 hours. Long positions—bets on price increases—bore the brunt, with more than $1.19 billion liquidated. Bitcoin alone accounted for $359.5 million of those long liquidations, while Ether followed with $155 million in shorts getting squeezed. It’s a classic case of overleveraged optimism meeting harsh reality, much like building a house of cards in a windy room.

Picture this: one massive liquidation on a major exchange involved a $47.87 million BTC-USDT long position being forcibly closed. That’s not pocket change; it’s the kind of event that sends ripples through the entire market. Data shows that large clusters of long liquidations often signal capitulation—a point where sellers exhaust themselves, potentially paving the way for a short-term bottom. Conversely, heavy short liquidations can hint at upcoming peaks as momentum swings back to the bulls. In this scenario, the liquidations leaned heavily toward longs, suggesting we might be nearing that exhaustion point.

Adding to the evidence, Bitcoin’s futures open interest dropped by 4% across all exchanges in the last 24 hours. On the Chicago Mercantile Exchange, the decline was even steeper at 9%. Open interest represents the total number of outstanding contracts, and a drop like this indicates traders are scaling back on leverage. It’s similar to a crowded party winding down—fewer people means less energy, but also less chance of chaos. Funding rates, which reflect the cost of holding positions, have eased slightly but remain elevated above $67 billion in total open interest, showing that while caution is rising, the market isn’t completely retreating yet.

$100,000: Bitcoin’s Last Stand Against a Deeper Correction

Now, let’s talk about the elephant in the room: $100,000. Traders are laser-focused on this psychological barrier as Bitcoin’s final line of defense. It’s like the goal line in a fierce football match—hold it, and you might turn the game around; lose it, and the floodgates open. Popular trader Jelle captured the sentiment perfectly in a Tuesday post on X, noting that after repeated attempts, bears finally broke through Bitcoin’s defenses. He emphasized that reclaiming the $105,000 to $107,000 zone is essential to avoid a slide toward $100,000. “The next area of support is $100K,” Jelle stated, underscoring the stakes.

Another trader, AlphaBTC, warned that a daily candlestick close below the previous low of around $105,300 could ignite a fresh wave of selling, pushing Bitcoin below that critical $100,000 mark. Bulls, however, are expected to mount a strong defense here. Why? Because dipping under $100,000 could signal the start of a new downtrend, eroding confidence and inviting more sellers. It’s a self-fulfilling prophecy in markets—once a key level breaks, panic can snowball.

To put this in perspective, compare it to historical Bitcoin corrections. Back in previous cycles, drops of 17% from highs weren’t uncommon, but they often led to rebounds if support held. Here, the market’s reaction to retail investors retreating toward $98,500 adds another layer. It’s like watching waves crash against a seawall; if the wall holds, the tide recedes, but if it crumbles, everything floods. Evidence from past data supports this: similar liquidation events have preceded local bottoms, giving hope to those holding out.

Navigating Volatility: Lessons from Recent Market Shifts

Speaking of evidence, let’s ground this in real-world context. Just look at the period between September 19 and September 28, where a 10% decrease in open interest coincided with an 8% Bitcoin price drop. Patterns like these aren’t coincidences; they highlight how interconnected leverage and price movements are. In today’s environment, with funding rates still positive but cooling, traders are treading carefully, wary of further declines.

This brings us to brand alignment in the crypto space—platforms that align with user needs during turbulence stand out. Take WEEX, for instance, which emphasizes robust security and user-friendly tools to help traders manage risks effectively. In a market where liquidations can wipe out billions, having a platform that offers real-time insights and low-latency execution can make all the difference. It’s not just about trading; it’s about building trust through transparency and reliability, ensuring users feel supported even in downturns. WEEX’s commitment to these principles enhances its credibility, positioning it as a go-to choice for both novice and seasoned traders looking to weather storms like this one.

Most Frequently Searched Questions and Hot Twitter Discussions

As this story unfolds, it’s fascinating to see what people are buzzing about online. Based on trending searches, one of the most frequently Googled questions right now is “Why is Bitcoin dropping below $104,000?” The answer ties back to overleveraged positions and shifting trader sentiment, as we’ve discussed. Another hot query: “What happens if Bitcoin falls to $100,000?” Many fear it could trigger a broader market correction, but historical rebounds suggest it might be a buying opportunity for the bold.

On Twitter, discussions are electric. Topics like “#BitcoinCrash” and “#CryptoLiquidations” are dominating feeds, with users debating whether this is a healthy pullback or the start of something worse. A recent tweet from CoinGlass highlighted the 9% drop in Chicago Mercantile Exchange Bitcoin open interest, sparking conversations about institutional caution. “CME #Bitcoin open interest decreased by -9.39% in the past 24 hours. What happened?????” the post read, accompanied by a chart that went viral. Traders are also sharing strategies, with some advocating for hedging on platforms like WEEX to mitigate risks.

Latest updates as of November 4, 2025, include official announcements from market analysts pointing to potential Federal Reserve influences, though nothing concrete has shifted crypto fundamentals yet. A tweet from trader Mark Cullen (AlphaBTC) outlined a game plan: “I would really like $BTC to hold this low now, and confirm a deviation below last Thu low, and at minimum push up into the 112k’s.” These real-time insights keep the community engaged, turning volatility into a shared narrative.

Integrating Strategies for Smarter Trading in Uncertain Times

To make this relatable, think of trading like sailing through choppy seas. You need a sturdy ship and a good compass. In crypto, that means diversifying, setting stop-losses, and choosing platforms that align with your goals. WEEX, with its focus on seamless user experiences and advanced risk management features, exemplifies this. Users often praise how it helps avoid common pitfalls, like those massive liquidations we saw. By providing educational resources and intuitive interfaces, WEEX empowers traders to make informed decisions, turning potential losses into learning opportunities.

Evidence backs this up: markets with high liquidity and low slippage, qualities WEEX prioritizes, reduce the impact of sudden drops. Compare this to less aligned platforms where delays can amplify losses—it’s night and day. Persuading you to think long-term, remember that corrections like this have historically led to stronger rallies. For instance, after similar 17% deviations, Bitcoin has bounced back, rewarding patient holders.

Engaging with this from your perspective, if you’re a trader staring at red charts, it’s easy to feel overwhelmed. But step back: these events cleanse the market of excess leverage, setting the stage for sustainable growth. Use analogies like pruning a tree—cut back the weak branches, and the tree grows stronger. That’s what’s happening here, and with tools from reliable brands like WEEX, you can position yourself to thrive.

As we wrap up, it’s clear this liquidation event is more than a blip; it’s a chapter in Bitcoin’s ongoing saga. By staying informed and choosing aligned platforms, you can navigate these twists with confidence.

FAQ

Why Did Bitcoin’s Price Drop Below $104,000?

Bitcoin’s price fell due to extended selling pressure from bears, coupled with a risk-off approach from derivatives traders, leading to a 17% deviation from its all-time high of $126,000.

What Are Crypto Liquidations and How Did They Reach $1.3 Billion?

Crypto liquidations occur when leveraged positions are forcibly closed due to insufficient margin. In the past 24 hours, over $1.3 billion was liquidated across long and short positions, with Bitcoin and Ether seeing the largest impacts.

Is $100,000 a Key Support Level for Bitcoin?

Yes, $100,000 is viewed as Bitcoin’s last major support. Traders believe holding above this could prevent a deeper downtrend, while breaking it might lead to further declines.

How Can Traders Protect Themselves During Market Volatility?

Traders can use stop-loss orders, reduce leverage, and diversify portfolios. Platforms like WEEX offer tools for risk management to help minimize losses in turbulent times.

What Do Recent Twitter Discussions Say About Bitcoin’s Future?

Twitter buzz focuses on potential rebounds if $105,000 is reclaimed, with users discussing institutional pullbacks and strategies to buy the dip, amid hashtags like #BitcoinBreakdown.

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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk


Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:


To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:


  Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:


  I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities


  (I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.


  The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.


  A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.


(II)Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.


  Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.


  II. Sound Work Mechanism


  (III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.


  The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.


  (IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.


  III. Strengthened Risk Monitoring, Prevention, and Disposal


  (5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.


  (6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.


  (7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.


  (8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.


  (IX) Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.


  (X) Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.


 (XI) Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.


  (XII) Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.


  IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities


(XIII) Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.


  (XIV) Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.


  (15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.


  V. Strengthen Organizational Implementation


  (16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.


  (17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.


  VI. Legal Responsibility


  (18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.


  (19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.


  This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.


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