Critical reason for new drop in Bitcoin – BTC below $35,000
Bitcoin price broke below $35,000 for the second time this week. Short-term traders suffer losses as a result of the spread of FUD in the market. The reason for this is the news from China.. It seems that this time, Bitcoin mining in the country is on the target.. China is the country that provides 60 percent of the world’s BTC mining.
Bitcoin is again under $35,000
Bitcoin (BTC) price made a new bottom dive this month. This decline is due to China’s targeting of Bitcoin miners and traders.. BTC slides below the $35,000 level for the second time this week. Bitcoin, which fell to the level of $ 33,729 earlier this week, recovered after. Traders suffered heavy losses in these declines.
In the environment of great FUD (fear, uncertainty and doubt), traders started to liquidate their savings.. On-chain data provider Santiment states that profits and losses on the Bitcoin network are at an all-time low.
Bitcoin has seen its ups and downs below $40,000 in the past week, while volatility is high.
China is now targeting Bitcoin miners
The latest big drop in Bitcoin price was triggered by news from China. Accordingly, China has banned banks and other financial institutions from all crypto-related transactions.. The already-existing crypto ban has been extended this time around.
Now, Chinese authorities are increasing the pressure on miners and traders.. China’s Vice Premier Liu He and the State Council said in a statement that tougher regulations are needed to protect the country’s financial system. states that it is necessary to resolutely prevent the transmission of. It also opens up a debate on the legality of Bitcoin use.. The statement reads:
“It is necessary to maintain the smooth functioning of the stock, debt and foreign exchange markets, severely curb illegal securities activities and severely punish illegal financial activities”. /blockquote>
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