{"id":3678,"date":"2021-05-21T16:32:27","date_gmt":"2021-05-21T15:32:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3678"},"modified":"2021-05-26T06:12:58","modified_gmt":"2021-05-26T05:12:58","slug":"bitcoin-value-drops-to-36-7k-as-fud-over-another-china-crackdown-blurs-in-minutes","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-value-drops-to-36-7k-as-fud-over-another-china-crackdown-blurs-in-minutes\/","title":{"rendered":"Bitcoin value drops to $36.7K as FUD over another China crackdown blurs in minutes"},"content":{"rendered":"\n
The best endeavors of mainstream media to start another value crash flop as BTC<\/a>\/USD bounce back after a mere 10% drop.<\/h5>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Bitcoin saw a fresh price dip on May 21 amid reports that China had reiterated its pledge to crack down on mining and trading.<\/p>\n\n\n\n

China and Bitcoin: Old news<\/h2>\n\n\n\n

Data from\u00a0Data \u00a0and\u00a0Tradingview\u00a0showed BTC\/USD shed 10% in minutes on Friday as mainstream media turned up the volume on familiar bad news.<\/p>\n\n\n\n

The pair had recently regained $42,000 after a record-breaking recovery from a $30,000 dip on Wednesday, with the latest concerns erasing some of its progress.<\/p>\n\n\n\n

These focused on a Chinese government\u00a0statement\u00a0that revealed plans to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risk.”<\/p>\n\n\n\n

As Cointelegraph reported\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, China had already reiterated its plans to control cryptocurrency activities within its jurisdiction, but media sources had taken comments from officials as a threat to the industry. With no official changes in policy coming on Friday either, commentators were likewise quick to lay the blame on those spreading bad publicity.<\/p>\n\n\n\n

“Let China actually ban Bitcoin and Bitcoin mining,” popular commentator Whalepanda response.<\/p>\n\n\n\n

“Mining would be more decentralized, black market for Bitcoin would thrive and the ‘China controls Bitcoin' false narrative would disappear.”<\/p><\/blockquote>\n\n\n\n

Research had previously\u00a0shown\u00a0that the Bitcoin network is resilient to changes in conditions, with a loss of mining power in one location soon compensated elsewhere.<\/p>\n\n\n\n

At press time, Bitcoin was already rebounding from local lows of $36,680.<\/p>\n\n\n\n

Market resilience solidifies<\/h2>\n\n\n\n

More broadly, the impact of negative news had slowed following the $30,000 dip, potentially due to the market now being cleansed Of overleveraged traders<\/use><\/svg><\/span><\/a><\/a><\/p>\n\n\n\n

Atweet f<\/use><\/svg><\/span><\/a>rom Tesla CEO Elon Musk further criticizing its energy consumption on Thursday had likewise failed to cause the same shock as the first last week.<\/p>\n\n\n\n

“Bitcoin hashing (aka mining) energy usage is starting to exceed that of medium-sized countries. Almost impossible for small hashers to succeed without those massive economies of scale,” he had claimed.<\/p>\n\n\n\n

In the interim, famous Twitter account Documenting Bitcoin turned into the most recent to feature the uncanny bullish results of Chinese “FUD” encompassing Bitcoin. BTC\/USD will in general see its greatest increases in the period following a series of Judgment day clamors from Beijing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The best endeavors of mainstream media to start another value crash flop as BTC\/USD bounce back after a mere 10% drop. Bitcoin saw a fresh price dip on May 21 amid reports that China had reiterated its pledge to crack down on mining and trading. China and Bitcoin: Old news Data from\u00a0Data \u00a0and\u00a0Tradingview\u00a0showed BTC\/USD shed […]<\/p>\n","protected":false},"author":63,"featured_media":3679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,76],"tags":[152],"class_list":["post-3678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-bitcoin-price","tag-bitcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/download-3-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3678"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3679"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}