Undoubtedly, one of the most important moments for the cryptocurrency space in 2021 occurred during the Chinese governments May crackdown. Chinese legislation from the Peoples Bank of China (PBoC) outlawed the nation from buying and mining cryptocurrency, the decision remains a massive blow for the industry. The price to buy and sell cryptocurrency couldn’t insulate itself from the massive news and left most cryptocurrency tokens with a drastic drop in price.
In recent news cycles, China has reiterated its stance on Cryptocurrency, reaffirming the initial sentiment from the PBoC outlawing ownership and mining of Cryptocurrency. Despite the position of the Chinese authorities being identical to the May crackdown, the sudden news did see the price to buy Bitcoin (BTC) drop a further £2000. According to Galaxy Digital CEO, Mike Novogratz, who claimed other considerable factors were ultimately behind the price drop.
Reports suggest, it is common for the price of BTC to drop following the news from China, but as Novogratz claimed in a recent interview that the Bitcoin Market is in good health. The CEO further added that Bitcoin could continue to grow and even reach new highs. Despite the ongoing legislative embargo on Cryptocurrency in China, Bitcoin has since recovered in price. On Sunday, the price to buy Bitcoin (BTC) had increased significantly from its recent drop.
Interestingly, before the legislation crackdown occurred, the entire country was highly engaged in cryptocurrency trading and even accounting for a large part of the hash rate through cryptocurrency mining. Many businesses of all scales have invested in cryptocurrency and added it to their portfolio. However, Bitcoin (BTC) has yet to recover to its all-time high.
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