The Crypto market and world’s leading cryptocurrency have bounced back finally as there has been a decrease in the China crackdown FUD (fear, uncertainty, doubt).
Both the leading digital asset Bitcoin and crypto market have been trading bearish for a while and now they have pulled up as they have made gains.
BTC and Crypto market is making gains
It was being expected that Bitcoin and crypto market may not get gains soon because of the oppression of Chinese crackdown over crypto exchanges and other token issuing platforms. But despite this, the crypto market and bitcoin have made gains today showing an opposite response toward the Chinese crackdown threat.
Recently, the crypto-assets market has bounced back off from the bottom. The total market cap has come back at $200 billion again and the world’s leading crypto asset Bitcoin’s price has surged by making a gain of around 5% and has crossed the key level of $7500.
China crackdown FUD is crumbling
Effects of the Chinese crackdown on the crypto industry are vanishing and China crackdown FUD is crumbling. As a result, there has been a decrease in the oppression of the bitcoin and crypto industry in China. The crypto Industry has faced such situations many times before.
According to a report, a Chinese social media platform Weibo has recently dismissed some accounts which were being operated by Binance and Tron. The report further said that this crackdown had become the largest crackdown since Sep 2017.
In China, many of the local exchanges such as Bitsoda, Akdex, Biss, Idax, and Btuex were recently shut down. The head of research at Los Angeles based crypto asset manager Arca, Katie Talati said:
It appears that, like everything else within their borders, China feels it needs to have tighter controls on the crypto market including exchanges, miners and asset issuers. I do believe, however, they are moving in a similar direction as Japan and other jurisdictions that have tight and clear regulations for crypto businesses.
In short, despite Chinese crackdown FUD, the world’s leading crypto asset Bitcoin and other crypto-assets market have succeeded to make gains.