No FUD can hold down the price of Bitcoin, and even China's bans don't stop the bulls.
150 days have passed since China banned Bitcoin mining. Like every previous Chinese “ban,” it triggered a sharp drop in the price of BTC.
Miners had to disconnect their farms and look for new jurisdictions to work. Because of this, the Bitcoin hashrate fell by 50%.
Now the USA occupies first place in terms of Bitcoin hashrate in the world. Kazakhstan takes second place. Russia is third. The network hashrate has fully recovered.
Analyst Willy Wu wrote:
China banned Bitcoin transactions just 150 days ago. Today the network is more decentralized than ever, and the price has increased by 50%. Bitcoin is antifragile.
As history shows, China's hostile attacks on Bitcoin in the long term led not to a decline, but to an increase in its price. At the time of writing, BTC is trading around $63,000 and is preparing to test its all-time high.
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According to cointelegraph.com
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