- Bitcoin’s price dropped after China declared that crypto-related businesses are illegal.
- Crypto market has risen back again — the BTC price will break out to new highs soon.
The crypto market has risen again amid China’s declaration that crypto-related businesses are illegal.
More so, the reason for the recent price drop is that the People’s Bank of China (PBOC) announced that BTC, ETH, and USDT are not legal tender in China. Because of this, Bitcoin’s price dropped by almost $2,000 as the news flew around.
In fact, Galaxy Digital CEO Mike Novogratz commented on a tweet that the crypto market was down for three reasons.
The market is down for three reasons: China reiterating their anti-crypto, anti-freedom stance; US Fed putting taper in motion; running into big overhead resistance on chart at 45k, 3200. The secular story is as strong as ever but a price consolidation is going to continue.
— Mike Novog…