Do you should be worried about Bitcoin's fall? 📉

Until now, 80% of the mining power is being turned off and it is expected that more than 90% of the hash power from the Asian giant will be turned off in a short time, it is important to clarify that China provides between 65% and 75% of all the Hashrate of Bitcoin, power that is generated mainly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. The hydropower of Sichuan and Yunnan makes them interesting for clean and sustainable mining, while Xinjiang and Inner Mongolia generate their electricity from coal plants, which generates the debate about the energy consumption and cleanliness of Bitcoin.

The Chinese Government's crackdown has exacerbated the BTC crash:

Xi Jinping ordered Chinese banks and companies like Alipay to cut business ties with companies associated with cryptocurrencies. source
The energy service is being cut in the mining farms], a situation that we saw above and that is also an order of the Chinese government to cut the electricity supply to the mining centers.

The People's Bank of China headquarter in Beijing

The Chinese central bank (The People's Bank of China) stated: "Virtual currency trading activities disrupt the normal economic and financial order, create risks of illegal cross-border transfers of assets, money laundering and other illegal and criminal activities, and seriously infringe the security of property of people ", an argument they are using to cut internal and external financial links with Blockchain and cryptocurrency mining companies.

Mining in China feeds almost 80% of the global cryptocurrency trade despite the ban since 2017, the ban is a real risk to the price of crypto assets as we know them today, however the decentralized network of Bitcoin, the fundamentals such as the adoption or the early update "Taproot" speak more than the fear caused by repression, they are realities and key objectives that are being met, Bitcoin will survive the current situation, the Chinese miners are leading an exodus of their mining power to other countries where the legal context allows them to operate, such as some US states.

The whales are not selling, on the contrary, they are buying.

All the FUD generated by the Chinese repression in the media can undoubtedly be a bearish trap, the Chinese Retail sold its BTC but the whales, that is, the people who know how to play this game bet on accumulating more Bitcoin and other cryptocurrencies such as ETH, UNI or ADA.

To show that whales are indeed accumulating, here is the graph of Bitcoin wallet #4, the fourth with the most BTC has only increased its holding, which already rests on 0.5% with the total supply of BTC, 112,156 BTC.