If you are very familiar with mainstream media and news, from the news headlines, you can understand that China has banned Bitcoin again. What is funny about this entire situation is that what is being reported by the mainstream media is different from what is going on in reality.
The Bitcoin FUD continues to pull down the entire crypto space with it. We passed two trillion on the global market capitalization, but the cryptocurrency's global market capitalization is around 1.5 trillion dollars due to the big dips and bearish occurrences.
Despite the massive dips we are experiencing in the markets, there are still bearing predictions where some experts believe that Bitcoin will retest thirty thousand dollars. Some even believe that Bitcoin may test the mid-twenties region, which is something we have not seen since the end of 2020, especially if you consider how much Bitcoin institutions have taken out of circulation. Although, it may not happen unless we see institutions begin to dump the Bitcoin they recently purchased.
China has banned Bitcoin several times; China has been on at this for quite a while now. The first big China Bitcoin ban was in 2013, which led to a bad market situation which led to the bear market. In 2017, China banned Bitcoin again by focusing on prohibiting trading and ICO investment, and many exchanges left China. Despite all their efforts, Bitcoin still flourished and blossomed in the Chinese grey market.
Later on, in 2018, China moved its attention and dedicated time to face Bitcoin mining. China has been against Bitcoin mining for some years now, but it turns out that China is still the biggest Bitcoin miner. The China and Bitcoin mining saga still did not end Bitcoin; after that, China paid more attention to Bitcoin miners again in 2019. One thing that the Chinese government has succeeded in doing is moving miners from Inner Mongolia and illegal mining operations.
The China banning Bitcoin story that occurred a few days ago was simply some Chinese Financial regulators re-emphasizing regular laws that were already in existence. China was not banning Bitcoin; they set out a reminder on the pre-existing laws passed in the previous bull markets.
The FUD of this week concerning the China Bitcoin ban is that China is cracking down on miners again as they did back in 2018 and 2019. The ban on mining is only restricted to mining run by coal-fired power plants as it has always been for Bitcoin mining in China when they began to pass laws relating to mining. The Chinese government has never gone after the hydroelectric miners because their major aim was to stop Bitcoin miners from mining Bitcoin using coal.
As funny as everything may seem, especially when you realize that this is not new news, it is the same way it has always been ever since the China and Bitcoin saga began; the mainstream media is only capitalizing on the situation and creating panic to cause a dip.
