Bitcoin up 36% YoY after China warned BTC was ‘heading to zero’

The authorities of China had been trying hard to marque radical judge that Bitcoin (BTC) would go worthless, but its predictions to day person been acold disconnected the mark. The archetypal crypto currency has gained arsenic overmuch arsenic 36% since authoritative statements a twelvemonth agone that it would go worthless.

Amid a chaotic carnivore marketplace of 2022, the Chinese authorities attempted to capitalize connected a monolithic marketplace decline, informing crypto investors that Bitcoin prices were “heading to zero.”

Exactly 1 twelvemonth ago, the Chinese nationalist quality media bureau Economic Daily issued a informing astir Bitcoin, successful an effort to guarantee citizens that BTC was a worthless “string of integer codes.”

“In the future, erstwhile investors’ assurance collapses oregon erstwhile sovereign countries state Bitcoin illegal, it volition instrumentality to its archetypal value, which is utterly worthless,” the nonfiction read.

While it’s yet to beryllium seen whether Bitcoin is heading to zero 1 day, Bitcoin has not mislaid immoderate worth since the Chinese authorities made the warning. On the contrary, Bitcoin has importantly accrued since the nonfiction was published.

According to information from CoinGecko, Bitcoin traded astatine astir $20,000 by the clip the Economic Daily released the nonfiction successful June 2022. Twelve months later, BTC is trading astatine $28,852, up astir 36% astatine the clip of writing.

Bitcoin one-year terms chart. Source: CoinGecko

Despite posting notable gains, Bitcoin has seen its ups and downs implicit the past year. The largest cryptocurrency by marketplace headdress dropped to arsenic debased arsenic $15,700 successful November 2022. Then, successful April 2023, Bitcoin concisely crossed the $30,000 terms mark.

Related: Hong Kong’s regulatory pb sets it up to beryllium large crypto hub

China was 1 of the archetypal countries successful the satellite to instrumentality regulatory enactment against crypto. In 2017, Chinese regulators banned cryptocurrency exchanges from providing services successful the country. Despite the ban, Bitcoin continued to deed its all-time highs, surging 1,900% each the mode up to $20,000 by the extremity of 2017.

In 2021, China’s cardinal slope announced a caller prohibition connected crypto, uniting forces with assorted Chinese authorities successful bid to ace down connected section crypto activity. Just a fewer months aft the prohibition was announced, Bitcoin deed its all-time highs astatine astir $68,000 successful November 2021.

Despite “banning” crypto successful 2021, China has remained the second-largest Bitcoin miner successful the world. The Chinese authorities besides seemingly allows citizens to ain cryptocurrency and protects the rights of crypto investors.

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