$BTC Stays 50% up since China’s Bitcoin Mining Ban
Bitcoin ($BTC) has always defeated FUD, and China’s bans appear to boost bulls.
It has been five months since China dealt a blow on the leading crypto, banning BTC mining. Though the announcements contributed to Bitcoins downswings, the current BTC price moves show that the token later benefited. One fifty days ago, China made a somewhat unsurprising move, doubling its ‘hostile’ cryptocurrency rules.
Bitcoiners Prosper after the Ban
Just like with each ban, China’s actions on crypto miners witnessed temporary asset value turbulence, matching the highest physical disturbance in BTC’s history. Meanwhile, the asset’s hash rate declined by 50% when miners shut down their businesses to relocate from China. However, difficult to adapt to the changes gradually in the following months.
However, the Bitcoin ecosystem has had a remarkable resurgence since then, and the market appears to have removed all traces of China’s effect. Meanwhile, Bitcoin’s price actions picture a clear trend. Willy Woo, a crypto analyst, commented on the episode, saying that Bitcoin is anti-fragile as the network became more decentralized.
Cointelegraph also stated that Beijing’s anti-BTC movements have contributed to price surges, not downswings, and this year was not an exception. Moreover, hash rate stats show how China’s market absence improved decentralization.
Woo had predicted potential BTC/USD upsurges even when the token had not started recovering. Meanwhile, estimations show that the US leads as far as BTC network has rate is concerned.
While writing this article, Bitcoin hovers at $62,250 while showing impressive movements nearing its record high. Though the leading cryptocurrency failed to overcome $63,000 levels, conquering it will see BTC testing $65,000. For now, BTC’s road with few challenges is the upward one.
Miners HODL after China’s Exit
The current miners’ behaviors appear to underscore the long-term viewpoint of market players since the exit by China. Miners’ outflows remain low even when Bitcoin rallies towards its record peaks (CryptoQuant data).
Long-term holders and miners seem not interested in selling at the asset’s current level. That comes after crypto participants await new peaks and the possible explosive towards $300,000. What are your opinions on BTC’s long-term outlook? You can comment below.
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