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Thursday, June 17, 2021

Bitcoin Moving Through Its Steepest Drop Over The Last 10 Days

The price of Bitcoin has gone down to its lowest point after a week of stuttering growth- with most traders staring down multiple prospects of a monetary policy of a shifting nature. This coupled with the continued tightening of cryptocurrency regulation back in China. The world’s largest cryptocurrency lost its value from a high of $35,466 to a low of around $33,221. Nonetheless, the price of BTC did climb up a little bit, and almost one BTC changed hands for a rough sum of $33,793. 

How Far Have Chinese Restrictions Harmed Bitcoin?

This move, in multiple ways, signaled the largest loss for the market bulls over a daily sum after it dropped to around 6.2%- the most it did since the 28th of May. This was added to the pressure of selling that was egged on by bullish investor sentiment. Some experts have been pointing the pressure on Bitcoin to the ban on accounts at Weibo. Among other things, the restrictions on crypto trading and mining operations have also caused a lot of duress for the cryptocurrency public.

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According to Jehan Chu, the MP of Kenetic Capital- a crypto investment based in Hong Kong, has maintained that China has continued its pressure on the crypto sector by rolling mining bans which have resulted in the complete cleansing of crypto accounts from Weibo. More than anything, this indicates that a noose is gradually tightening over the mainland.  

Throughout the world, markets have been functioning on far shaky ground with most of the investors eyeing the possibility of the US Federal Reserve beginning to unwind the quantitative easing program that leads to its liquidity getting boosted. This could definitely help those Bitcoin holdings which have liquidity exceeding $310 million like Skybridge Capital.

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