China's Political Elite Are Up For Re-Selection This Year, This Is Causing A Giant Re-shuffle Which May Be Affecting Bitcoin

China's recent ban and actions towards Bitcoin and cryptocurrencies as a whole could be part of the political re-shuffling and maneuvering the government is taking before the selection process occurs in October or November of this year. President Xi Jinping is busy gathering allies and support for his rule and power. His economic reforms and command for utter allegiance is effecting many parts of the Chinese economy, including Bitcoin and other cyrpto currencies.

From the article:

Every four years the United States holds an election that can change national policy and unseat many decision-makers. Every five years China holds a selection process that can do the same thing. Communist Party officials tout it as evidence of a well-ordered rhythm in their country’s politics. This year it may turn out as unpredictable as America’s election in 2016.

The people up for re-selection are the 350-odd members of the party’s Central Committee, the political elite, along with its decision-taking subsets: the Politburo, the Politburo’s Standing Committee (a sort of inner cabinet) and the army’s ruling council. The choice of new leaders will be made at a party congress—the 19th since the founding one in 1921—which is expected to be held in Beijing in October or November, and at a meeting of the newly selected Central Committee which will be held directly afterwards.

https://www.economist.com/news/china/21713913-reading-runes-will-be-even-more-difficult-usual-xi-jinping-busy-arranging-huge