Bitcoin finally falls below 30,000 dollars (about 3.3 million yen) due to tightening regulations in China, some say that it will be positive for Bitcoin in the long run
Bitcoin, which reached a record high of over $ 64,000 in April 2021, was $ 40,000 (about 4.4 million yen) in May due to the tightening of regulations in China. ), And on June 22, 2021, it finally fell to a price temporarily below $ 30,000 (about 3.3 million yen), which is less than half of the peak. The Bitcoin market has been shaken by breaking below the $ 30,000, which is considered to be a turning point in the Bitcoin market, but some are positive about China's beginning to withdraw from the Bitcoin market. It is reported that there is.
Bitcoin rallies after dropping below $ 30,000 on China crackdown | Reuters
Bitcoin drop below $ 30,000 sparks fears of another crypto winter
https://www.cnbc.com/2021/06/22/bitcoin-drop-below-30000-sparks-fears-of-another-crypto-winter.html
Bitcoin Price Falls Below $ 30,000 as China Shuts Down Mining Operations | Tom's Hardware
https://www.tomshardware.com/news/bitcoin-price-plummets-china-crackdown
China has long had a strong presence in the Bitcoin market, with 70% of Bitcoin mining taking place in 2016. However, the Chinese government has rapidly hardened its attitude toward crypto assets in recent years, and in May 2021, it was reported that 'the Chinese government will ban Bitcoin mining and trading altogether.'
Chinese government may ban Bitcoin mining & trading altogether-GIGAZINE
On June 21, 2021, the People's Bank of China, the central bank of China, instructed settlement companies and major banks, including Alipay , to further strengthen the crackdown on crypto assets, including transactions and settlements, as well as crypto assets. Requested to stop the service immediately. As a result, Bitcoin temporarily fell to a price below $ 30,000.
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Due to the tightening of regulations in China, not only the price of Bitcoin but also the hash rate, which is the ability to mine Bitcoin, has fallen to the lowest level since the latter half of 2020. 'The lower hash rate suggests that mining is being curtailed, and marketers believe this will further affect the price of Bitcoin,' Reuters said. ..
The Fear and Greed Index, which is an index that reflects the attitude of Bitcoin investors, shows 14 which means 'Extreme Fear' at the time of writing the article, and it is said that the investor's psychology is cold. It is shown.
Meanwhile, Jason Dean of Quantum Economics, a market research firm specializing in crypto assets, said, 'The fall in Bitcoin prices is due to recent trends in mining in China leading to lower global hash rates. Long-term investors see this as a very positive move for Bitcoin, but short-term traders seem to be scared of this uncertainty, 'he said. I pointed out that there is a view.
According to Dean, the environment surrounding Bitcoin is very different from 2014 and 2018, when the Bitcoin market experienced a big decline, so it is possible that this decline will lead to a slump in the Bitcoin market again. It is considered low.
Alyse Killeen of Stillmark, a Bitcoin-related venture capital firm, told CNBC that 'the security track record that Bitcoin blockchain has been safe for more than 10 years, its wide range of practicality, and its widespread use are a bit. It solidifies the intrinsic value of Bitcoin, 'he said, showing a bullish stance on future Bitcoin price movements.
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