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.