In the expectation of the majority of the crypto community, Bitcoin’s value could have reached US$ 100,000 per coin in this year. However, it didn’t because of the actions were taken by the Government of China against the crypto economy.
There was a time when China was regarded as the world’s most crypto-friendly state. Every person living in China knew what cryptocurrency is and how it is produced. China had the biggest crypto market in the world. It also held the title of being a mass producer of Bitcoins, i.e. the lead virtual currency currently in the world. However, in recent times, Chinse Government became harsh for anything involving crypto. Foreign miners, including Bitcoin miners, were thrown out of China. In addition, the local miners, which were though Chinese, were made to leave the country as well.
It was like a pre-planned onslaught to bring Bitcoin’s value as well as the value of the entire crypto-economy down. China succeeded in fulfilling its un-claimed objective and Bitcoin was systematically stopped from hitting the price range of US$ 100,000. Today, a single piece of Bitcoin is sold at a price of US$ 60,000. However, it could have been sold at a much higher value, if China had not bulldozed its crypto industry.
But the onslaught of Bitcoin at the hands of China has not ended today. In fact, the operation continues to go on in the same force as it started initially. On Tuesday, Bitcoin’s upsurge was halted and a major decline was seen, resulting in a reduction of Bitcoin’s price from US$62,000+ to US$58,000.
It is suggested that the harsh decline has been caused once again by China. It was reported in the press after the decline that China is again carrying out a large-scale operation. The purpose of the operation is to find out who else is mining crypto in the country. The authorities in China have been claiming that crypto minting is dangerous and not environmentally safe. They also said that mining is polluting the country’s environment by exposing it to carbon emissions. It was seen that soon after this news hit the global crypto market, Bitcoin’s value decreased and so is others.