China’s Crypto Crackdown has Intensified with New Bans in Place, but Bitcoin is Rallying

China is among those countries that are the leading suppliers for the hash rate provided to keep Bitcoin’s blockchain working seamlessly, but since the crypto mining ban in the region, that spot is up for grabs. Europe and the US seem to be fighting over to take over that spot that once belonged to China, but that doesn’t hold any ground now at all. Anyway, at one point, this crypto ban did push the price of Bitcoin and its adoption down a negative price spiral, but since then, it has managed to recover. 

Bitcoin Skyrocketing at a Steady Pace amid China’s New Crackdown Policies

This should have eased the pressure on Chinese authorities and lifting the ban, but this is not what is happening as the Chinese government has intensified the crackdown against miners, and the situation is being escalated, although surprisingly enough, Bitcoin still seems to be thriving. The internet companies in China are already censoring the searches intended for three of the most promising crypto exchanges operating in the region; in these events, another province in China has come forth to initiate a crackdown against the Bitcoin miners in the surrounding. 

This should have put Bitcoin right back to the mid-May struggle that it had to do to safeguard its price performance and adoption rates which were badly hurt, but this is not the case here. This thing has not even so much so buzzed the smooth price flight that Bitcoin is currently boarded on, thanks to El Salvador’s historic adoption of Bitcoin. This historic crypto adoption completed by El Salvador’s president has left the crypto community in a bit of awe and surprise moment. 

It has also started a chain of events that will further the cause of Bitcoin adoption on a global level as other countries in Latin America are coming together wanting to adopt Bitcoin just as El Salvador has. Bitcoin has increased in terms of its price of about 12% only in the past 24 hours, which is nothing short of amazing. When things were finally looking beat for Bitcoin, Latin America has come to the rescue. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]