China’s crypto ban: Buy the dip or cause for concern?
Cointelegraph
Published Oct 12, 2021 09:07AM ET
Updated Oct 13, 2021 12:00PM ET
Last month China’s central bank, the People’s Bank of China (PBoC), published a memo criminalizing practically all cryptocurrency activity. When the memo started circulating online, Bitcoin’s (BTC) price dropped over 6.5%. Soon after, however, industry experts suggested that the news may have been the ultimate dip-buying opportunity.
China’s crackdown on crypto started years ago, to the point that Bitcoin suffered its biggest mining difficulty drop of nearly 28% in July of this year as miners started migrating out of China after the government tightened its grip on bitcoin mining and trading. The crackdown saw the computing power securing the Bitcoin network — its hash rate — drop by nearly 50%. The PBoC’s recent memo meant every remaining mining operation and exchange had to shut down.
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Written By: Cointelegraph
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