By Luke F - Crypto Retailer - 27-09-2021
One of the biggest crypto events of 2021 occurred in May when the Chinese government announced a cryptocurrency crackdown. When China banned the nation from buying crypto, we saw a devastating blow in the cryptocurrency market. Prices of crypto assets dropped drastically from Bitcoin (BTC) to altcoins. The market drop came soon after the People's Bank of China (PBOC) stated that Bitcoin, altcoins, and stablecoins are now illegal within the country.
In recent news, China has again reiterated its law to prohibit all forms of cryptocurrency, crypto transactions, and mining. The sudden news outbreak had caused the cost of buying Bitcoin to fall by more than $2000. According to the CEO of Galaxy Digital, Mike Novogratz, the crypto market was hitting lows for more reasons than just the latest crackdown announcement.
Reportedly, the price for BTC regularly decreases when China is involved, but as Novogratz stated in a recent interview, he believes that the Bitcoin market is in good health. In fact, the CEO has stated that Bitcoin will continue to grow and even reach new highs. Despite the initial ban on crypto within China back in May, Bitcoin had since recovered in price. On Sunday, the price to buy BTC had increased greatly and recovered from the recent drop.
Interestingly, before the crypto crackdowns occurred, the entire country was avidly investing in Bitcoin. More or less, every company and business invested in the currency, and every billionaire added it to their portfolios. However, BTC has yet to recover to its all-time high.