The crypto market is in equilibrium after the announcement of the mining crackdown by China – fr

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The crypto market is in equilibrium after the announcement of the mining crackdown by China – fr


The price of bitcoin fell to nearly 50% of its all-time high on Sunday after China announced a new crackdown on crypto mining.
Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies have also been affected, although they remain significantly higher from early 2021.

A market rebound on Monday took bitcoin from under $ 32,000 to over $ 36,000, in part aided by Elon Musk’s comments that he preferred cryptocurrencies over traditional fiat currencies.

The tech billionaire, who has been both thanked and blamed for his tweets that rocked the market in recent weeks and months, also engaged in an indirect debate with Ethereum co-founder Vitalik Buterin, saying ” that he fears the Doge ”.

A number of leading analysts remain bullish on the outlook for Bitcoin and the direction of the market in general. Figures from blockchain data company Glassnode reveal that user growth continues to roughly double each year, leading some to speculate that the bull market is “just getting hotter.”

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Bitcoin price rebounds after weekend turmoil

Bitcoin rebounded Monday morning after falling in price over the weekend.

The latest drop was sparked once again by news from China, with several large mining operators suspended operations in the country.
Bitcoin hit less than $ 32,000 – about half of the all-time high in April – but has since rebounded about 20% to $ 37,000.
You can read more about China’s latest crackdown, which follows last week’s separate crypto trading ban, here:
Anthony CuthbertsonMay 24, 2021 9:38 AM

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