In early 2013, the price of BTC was worth less than $ 15, which rose to $ 260 in April only to return to $ 80 next month. Two months before China first arrived, in October of the same year, the price of BTC was below $ 90 to reach a high of $ 1,165 a month, only to return to $ 385 by mid-December.
Reports from China banning Bitcoin have penetrated the digital currency market.
In the context of the mass rally and exhausted technicians, Tesla’s CEO Elon Musk’s attack on environmental concerns and the U.S. Treasury. UU., Including digital currency in its new tax regime because the agency sees it as increasingly important over the years ended up generating fear. among the people and inciting a massive sale in the market.
The price of Bitcoin plummeted to $ 30k on Coinbase and even lower on other digital currency exchanges, representing a 54% reduction. It has now taken between $ 33,500 and $ 42,500.
But among all the FUDs, China banning Bitcoin is the one that hit the market three times this week and yet managed to hit the market at all times.
What’s even more interesting is the effect that this isn’t even the first time China has banned Bitcoin. The first time this news came was in December 2013, about seven and a half years ago, and it still manages to instill fear among the people.
#Bitcoin rose $ 63,000 after China “banned” it for the first time. pic.twitter.com/jXx40tTyiZ
– Documenting Bitcoin 📄 (@DocumentingBTC) May 21, 2021
At this point, Crypto Twitter really wants China to ban Bitcoin and end it.
The first week of December 2013 was when China first banned its banks from doing business with companies dealing with Bitcoin. Two months earlier, in October, BTC was below $ 90 only to reach a high of about $ 1,165 on November 25th. In mid-December. the price was again $ 385.
Earlier in the week, China first hit the market when three self-regulatory bodies reiterated the country’s stance on 2017 digital currencies that banks and payment companies cannot do business with the people involved in digital currency.
as we all know, Google failed after China banned it in 2010
– nic carter (@nic__carter) May 21, 2021
Over the weekend, China’s Development and Financial Stability Committee, chaired by Vice Premier Liu He, called for more regulation for Bitcoin, which again is nothing new, as last month the governor of China central bank called Bitcoin, an investment class that requires regulation.
While the mainstream media define it as repression, regulations have always been inevitable and only show that governments realize that this class of assets is going nowhere and needs rules and regulations just like inherited markets. .
Two of the largest exchanges (with fiat otc / crypto capacity) are in Beijing, just an hour by car to the Council of State, if they want to close 90% of encryption services, it literally takes less than an hour to do it. , Does not need FUD China’s ten-year ban, look elsewhere
– Mindao Yang (@mindaoyang) May 21, 2021
Immediately afterwards, a government proposal released on Friday said that digital currency exchanges operating in Hong Kong should have a license from the city’s market regulator and would only be allowed to provide services to professional investors, “a at least during the initial stage of licensing.
The Hong Kong Office of Financial and Treasury Services (FSTB) has been consulting the market since last year and said it intends to propose legislative changes to turn its proposals into law in the next 2021-22 session of the city’s legislative assembly.
In addition, the government is targeting digital currency mining, which is once again a bit bullish in itself, as it is a counterpoint to China controlling the Bitcoin network and that Bitcoin mining mainly involves the use of coal.
China actually banning mining would end two bad narratives at once:
1) “China controls bitcoin”
2) “Bitcoin is mined mainly in China with coal”
– Dan McArdle (@robustus) May 21, 2021
The mining ban is actually limited to mining operations managed by coal-fired power plants, which has always been the case. Mining operations based on hydroelectric power plants are not prohibited. Michael Saylor, founder and CEO of MicroStrategy said:
“An offensive against miners in China would radically reduce the carbon footprint of Bitcoin mining, increase the profitability of all remaining Bitcoin miners, reduce China’s annoying FUD, support progress towards our ESG goals, and it would increase the value of BTC ”.
Bitcoin / USD BTCUSD
38,464,3229- $ 2,465.56-6.41%
Volume 87.03 b Change – $ 2,465.56 Open $ 38,464,3229 Circulating 18.71 m Market Capitalization 719.81 b
Anty has been involved in the cryptographic space full time for over two years. Prior to her blockchain beginnings, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read and created for different segments of the industry.