Techno
China vs. Bitcoin
Recently, bitcoin has been feeling, to put it mildly, unimportant. In simply 2 weeks, the price of bitcoin fell from $ 59,000 straight up to $ 35,000. At the equal time, in moments the volatility reached a fantastic 30% per day.Probably, everything is already in the be aware of about the reasons - Chinais making further tries to ban cryptocurrencies in his country. On Wednesday, the Chinese authorities banned their financial institutions from doing enterprise related to virtual currency, and then on Friday introduced their desire to ban cryptocurrency mining itself, which caused some other round of panic.The thing is that China is one of the most importantbitcoin markets in the world. At the opening of the year, about 60% of all Bitcoin mining capacities and a huge number of customers were concentrated in the country. Now all this is beneath the threat of a ban.In practice, bitcoin's main enemy is no longer tweets.Ilona Mask or competitors among altcoins. The fundamental enemy is the world's regulators. Cryptocurrency is a blind spot for the state. It is difficult to track down, even greater difficult to predict, which means it is probably dangerous. No government in the world will tolerate a competitor that cannot be controlled. Especially in China, the place state control lies at the foundation of the culture itself.So far, Chinese regulators have been explaining theiractions with high dangers of manipulation and asset volatility. However, the most realistic reason is that China is getting rid of all rivals for its digital yuan, which should become the legit cryptocurrency of the Chinese financial system. The trial implementation has already begun and now it remains solely to carefully clean the clearing of all competitors, so that the entire ban of bitcoin in China is probably only a be counted of time.Now the US position remains an necessary issue.On the one hand, the authorities did not particularly intervene with the development of Bitcoin in recent years. On the different hand, we see an increasing emphasis on regulation after the arrival of the new head of the SEC, Gary Gensler. Reddit merchants for the GameStop epic and banks after the Archegos fiasco have already been hit. Recently, the American branch of the Binance exchange was once also under investigation for cash laundering and tax evasion, so it is quite possible that Bitcoin itself can also attract attention in the close to future.As a result, in the near future, bitcoin will become a actual treasure of opportunities for skilled traders. However, the instances when you could buy a cue ball and get x3 in six months appear to have come to an end.
