bitcoinBTC/USD
$ 20,130.00
ethereumETH/USD
$ 1,137.29
tetherUSDT/USD
$ 0.998568
cardanoADA/USD
$ 0.458286
xrpXRP/USD
$ 0.323578
usd-coinUSDC/USD
$ 0.999445

Bitcoin Price Has Increased 50% Since China’s Crypto Crackdown

Bitcoin Price Has Increased 50% Since China's Crypto Crackdown

It seems that nothing can beat Bitcoin as it keeps growing amid China’s ban on mining.

The famous Chinese crackdown on cryptocurrencies is now 150 days old, and since then BTC has benefited from it. Months ago, China tightened its grip on BTC and banned mining, consequently, the crypto section was shaken a bit.

Bitcoin Benefits from China Ban 

Cryptocurrencies were not the first to witness a hostile ban from the Chinese government, as the country is known for it. Still, like the previous ‘bans’ this particular one also caused great changes in the BTC price, which were in concordance with a major upheaval in the history of Bitcoin.

China would no longer allow Bitcoin mining, therefore the BTC minors had to move their activities out of China, which caused a 50% downfall in the network’s hash rate. The following months were quite challenging for these miners.

Bitcoin Prices Bounce Back After Crackdown 

The crypto sector experienced a rapid recovery as there is nothing left to show from the crackdown consequences. Bitcoin is back on its feet and the network is again as secure as before, with BCT prices skyrocketing each week.

Willy Woo, a leading Bitcoin on-chain analyst, got on Twitter to express his opinion on this. He ‘thanked’ China for the boost in BTC prices and indirectly said that the country will regret its ban on crypto

He jokingly referred to these actions as ‘selfless’, as they reap more benefits for Bitcoin than China.

China ‘Selflessly’ Helping BTC

Prices have increased by 50% and the network is decentralized, things are only looking good for Bitcoin, added the analyst. 

The China Bitcoin ban in September of 2017 also had an overall positive effect on crypto, and the same thing is happening again with the 2021 ban. 

China removing itself from the crypto sector only helped with decentralization, as hash rate data report

Moreover, the US became the most important destination for Bitcoin miners amid China’s crypto ban. 

Bitcoin Miners Not Selling Their Funds 

Since China’s exit, miners are holding on to their assets as they are hoping for long-term gains. They are staying on the ‘bull side’ as they are holding BTC in mining wallets. 

Long-term hodlers and miners are reluctant to sell and this absence of selling pressure from miners is caused by the recent price movements in the BTC market. 

Despite BTC’s near-all-time-highs, miner outflows are modest and reserves are around historic lows, according to data from CryptoQuant, a community-driven analytics platform.

Also Read: Here is Why Bitcoin Price Will Hit $100,000 in 2021

Also read:

Related News

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »
The price may perhaps clear the $1,200 obstacle above the next significant resistance, which is located close to the $1,180 zone.

New Surge in Sight As Ethereum (ETH) Gathers Momentum

Following a period of stability at $1,000 versus the US Dollar, Ethereum (ETH) enters a new uptrend. Above the $1,150 barrier level, Ethereum (ETH) can move much higher. Near the $1,070 region, the pricing was able to overcome a few significant obstacles. Even the 61.8 percent Fib retracement level of the significant decline from the swing high of $1,235 to the low of $997 was tested by the price. The

Read More »
In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »

My Coins

bitcoinBitcoin
$ 20,130.001.35%
ethereumEthereum
$ 1,137.291.16%
cardanoCardano
$ 0.4582861.88%
tetherTether
$ 0.9985680.68%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org