Crypto Market Rose Amid China Crackdown — Will Bitcoin Hit $60k? By CoinQuora
- Bitcoin’s price dropped after China declared that crypto-related businesses are illegal.
- Crypto market has risen back again — the BTC price will break out to new highs soon.
The crypto market has risen again amid China’s declaration that crypto-related businesses are illegal.
More so, the reason for the recent price drop is that the People’s Bank of China (PBOC) announced that BTC, ETH, and USDT are not legal tender in China. Because of this, Bitcoin’s price dropped by almost $2,000 as the news flew around.
Actually, Galaxy Digital CEO Mike Novogratz said in a tweet that crypto’s price was dropping for three reasons.
There are three main reasons why the crypto market is in decline: China has reaffirmed their anti-crypto-anti-freedom stance, US Fed tapering, and big overhead resistance with chart at 45k-3200. While the secular story remains strong, a price consolidation will continue.
— Mike Novog…
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