The price of Bitcoin and many Altcoins dropped following the news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal. It is not the first time that China has banned Cryptocurrency. Since 2009, the Chinese government has "banned" or otherwise caused FUD in the Crypto space on 19 separate occasions and counting. The Crypto market has recovered from China’s FUD over a dozen times in the last 12 years.