China’s Economic Turbulence May Affect The Price Of Bitcoin; Here’s Why
For quite a while now, all has not been well with China. Ranging from the “Zero COVID” issues to other problems like climate change and losing tech investors. The icing on the cake have been the numerous protests that have continued to occur, especially with the stringent COVID-19 restrictions.
Being the 2nd biggest economy in the world, these actions that have taken a toll on China have started to affect the rest of the world too. Investors, in particular, begin to panic as the price of bitcoin gradually drops.
China Protests And Turbulence Affect Bitcoin
Being one of the largest economies in the world, second only to the United States, there is no doubt that whatever incident shakes the core of China will affect the global market as well as the rest of the world.
For quite a while now, China has not been in the best economic state. Following the long drag of the COVID-19 attacks, the East Asian country continued to enforce stringent COVID rules, which have continued to negatively impact its economy, especially in industries like microbusiness and tourism.
The most recent development, where hundreds of workers protested at Foxconn, which is the largest iPhone factory in the world, has been the icing on the cake. The workers had been left frustrated and distressed over the irregular payment of wages, especially in light of the stringent COVID rules.
Especially with the gradual decline of Bitcoin as well as other cryptocurrencies, investors could be said to have their hearts in their mouths.
Bitcoin Price Drops; Other Cryptocurrencies Follow Suit
Today, on the 28th of November 2022, the price of bitcoin is down by 3% and is now trading for $16,180. Also, Ethereum (ETH), Polygon (MATIC), BNB, and other altcoins have all dropped by about a 4 percent to 8 percent margin.
This development has left the global market in a state of uncertainty, and investors’ concern could be said to be at an all-time high right now. Especially with the 20% drop in the price of Bitcoin and other cryptocurrencies since last month.
With the recent Foxconn protest, investors continue to cross their fingers and anticipate a situation where the crypto industry is not unsettled further.
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