There have been surprisingly enough data put forth by crypto enthusiasts, predictions, and wishful odds, all pointing towards a possible bullish run for both Bitcoin and Ethereum. While there was no mention of when it might happen for the crypto market, the urgency of these odds playing out could be felt from the statement, but nothing of the sort has happened yet.
In fact, both Bitcoin and Ethereum continue to fall in terms of price and overall performance in the crypto market. China is among some of the factors that have played a vicious role in making the crypto market destabilized and spiraling into a frenzy of chaos and madness with its severe crackdown against the crypto miners in the region.
China is on a Spree against Everything that is Crypto
As if all of that was not enough, Chinese banks have issued a statement in which it is clear that they will be closing down the banks of any individual or organization that is involved with the cryptocurrency. This very announcement has made the crypto market crashing on Monday, and the same is applicable to other markets. It is almost as if China is having a hard time accepting cryptocurrencies’ current adoption or tangibility.
It might be able to resist this financial change but would not be able to do that forever, especially if the majority of the world regions choose to accept cryptocurrency. More than $1 billion was liquidated on some of the major exchanges in the effect of this burdening news.
This week opened in red, where almost all of the cryptocurrencies were signaling a bearish approach; traders and investors are in awe over what is happening and how the whole situation seems to be spiraling. China shouldn’t have this much influence over the fate of the crypto market and what is going on there at the moment, but it does so anyway because a huge chunk of crypto mining takes place in there, supporting more than half of Bitcoin’s hash rate. The majority of miners are already shifting their mining equipment to the US and will be camping there and continue to mine; maybe this thing will see cryptocurrencies such as Bitcoin and Ethereum once again rise to the occasion.