September 26, 2022

Ethereum Reader

The beginning of a great day begins a night before.

Crypto Market Rose Amid China Crackdown — Will Bitcoin Hit $60k?

<img width="300" height="169" src="https://ethereumreader.com/wp-content/uploads/2021/09/crypto-market-rose-amid-china-crackdown-will-bitcoin-hit-60k.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Crypto Market Rose Again Amid China Crackdown" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://ethereumreader.com/wp-content/uploads/2021/09/crypto-market-rose-amid-china-crackdown-will-bitcoin-hit-60k.jpg 300w, https://coinquora.com/wp-content/uploads/2021/09/Crypto-Market-Rose-Again-Amid-China-Crackdown.jpg 730w" sizes="(max-width: 300px) 100vw, 300px" />Bitcoin’s price dropped after China declared that crypto-related businesses are illegal. Crypto market has risen back again — the BTC

Crypto Market Rose Again Amid China Crackdown

  • 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.