What the world has seen in a single night is believed to be a huge leap made by Bitcoin as its price lit up literally from $50K to $55K in a matter of hours. It is the same flagship cryptocurrency that was having a very hard time managing with the proposed restrictions and couldn’t even get itself to remain above the $45K. Bitcoin has been struggling for months on end with no apparent change in its price and value, but in a matter of few hours in the form of a massive green candle, its price finally went up and settled itself at $55.5K.
In terms of numbers, the price went up 10% in the past 24 hours, which is nothing short of incredible for Bitcoin as it was trending down for way too long now. The overall decline in value and price comes from the backlash of China for the flagship cryptocurrency, as it has made Bitcoin evict itself from its bounds. Not only this but there are regulations and laws being drummed up in China which stops the international exchanges from being able to serve the locals in Bitcoin or any other cryptocurrency for that matter.
Bitcoin Resists China’s Pressure
All kinds of trading and exchange of monetary possession into crypto are completely banned in China completely. As for the mining community, they had to relocate and find more friendly frontiers in Europe and the US. Sure China had to do a great deal with what happened regarding the price plummet and value depreciation for Bitcoin, but somehow, it has managed to not only regain its value but recover in the form of a declining hash rate due to the eviction of miners from China.
This sudden increase in crypto price also indicates that whales would now start dumping their stash of Bitcoin soon enough for the sake of earning a handsome profit from the crypto market. This also means that there will be corrections joining Bitcoin sooner than later, and another dip might be available for whales and institutional investors to invest in.