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

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(Edited)
The blood of many cryptocurrency traders paints the current picture, Bitcoin is being whipped by the Xi Jinping government and its ** anti-crypto policies in China **, an issue that has unleashed a sea of panic selling in China resulting so far in 28,805 USDT per BTC at the lowest point

The repression has impacted the network:

Hashrate (The power of the network) is falling significantly in China as the government of that country advances with closures of cryptocurrency farms

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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.

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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.


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SOURCE

Purchase announcements by companies and investment funds continues to increase, as we see in the News: Microstrategy buys 13.000 BTC, and from other heavy accounts in BTCread news herei shows that the relevance and importance of the BTC asset of Blockchain technology continues to rise.

Fud everywhere📉:

As the saying "if the river sounds it is because it brings stones" and at this moment there is a lot of noise it seems that they invented a submachine gun that spits news of FUD 😆, however the reality cannot be ignored, and in this context we see a ying and a yang, there is a lot of good news and bad news, but news that speaks of BTC, so it is a matter of time for the cryptocurrency landscape to improve its course, the wind in the sail that is needed is regulation for the subsequent massive adoption of BTC and many other blockchain solutions that produce a more decentralized world.



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Whatever happens to Bitcoin will not exterminate crypto in general, so no, you shouldn't worry... Unless most of what you hold is Bitcoin... But that would be nonsensical.


Posted via proofofbrain.io

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