On September 24, China stepped on the pedal further by declaring all crypto-related activities, including transactions and mining illegal in the country. The crypto world reacted to the news immediately as BTC prices plunged by 5%. However, the good news is that BTC Whales care less about the ban.
As of the time of this publication, BTC is up by 4.5%, trading at $44,030. Market capitalization has also risen to $827B. That only implies that there’s a powerful whale purchase. Judging by the current price and market cap, it means that approximately 80% of the last dip has been recovered, thanks to the massive whale buys.
Addresses Have Accumulated Extra 80k Bitcoins
Whale Addresses are those that hold more than 100 bitcoins at once. According to data from Santiment, the BTC accumulation in this whale address has risen sharply. These whale addresses have added almost 80k bitcoins amid China FUD.
Glassnode also indicates that it isn’t only BTC whales that are enjoying the big numbers. Accumulation across all cohorts has risen sharply since China’s ban announcement. There’s a bullish run at the moment with blue tones everywhere.
Experts Weigh In on Latest Ban from China
Crypto experts applaud BTC’s resilience amid China’s latest move on cryptocurrency. CEO of Viridi Funds Wes Fulford stated that the flagship crypto has shown more resilience than other altcoins to China FUD. According to him, the market has started to see increased prices again after a down period despite the ban on cryptocurrency transactions in the Asian country.
CEO of Yield App Tim Frost stated that China’s latest move on crypto wasn’t surprising, considering that the country is pushing for more use of its digitized Yuan. China has always expressed its intentions clearly regarding cryptos and the need to control all financial activity in the country. The most populous nation wants no competition for its e-Yuan. Hence, the most logical reason for the current ban.
This isn’t the first time that the Asian nation has hit crypto space. It has been doing so since the emergence of blockchain in 2009. China’s Ministry of Culture and Ministry of Commerce banned using virtual assets for goods and services purchases. This was followed by another ban by the People Bank of China on financial bodies regarding dealing in BTC transactions and exchanges.
In 2017, China banned crypto exchanges from operating within the country and its citizens from funding initial coin offerings. Around May 2021, China launched a clampdown on miners, driving them to other regions of the world. These bans affected the price of BTC, but the flagship coin came back stronger.