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China and Bitcoin. A love story?

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china and bitcoin

The relationship between Bitcoin and China has been very unpredictable. The government of China loves their power and on the other hand, the Bitcoin enthusiast loves its Independence.

 

 

A partial ban on bitcoin by China in September 2017

 

The year 2017, for the cryptocurrencies in China, prove to be somewhat liberal until a series of a ban was imposed on various fields in the cryptocurrency within a duration of few months. This concluded in some way that are cryptocurrencies like Bitcoin, litecoin, ethereum and many other had little space in the borders of China. That point of time the people of China had little hope for the lift of ban from them because the government had promised for increased Innovation and research in the field of blockchain Technology with Bitcoin being at the center however it was speculated that the other coins would be banned except Bitcoin.

The Bitcoin brewed troubles in the month of February when the central bank of the country decided to ban all the withdrawals related to cryptocurrencies in order to stop the illegal funding until the employees were known and verified. Which resulted in the Global market trading share of cryptocurrencies from China reducing from more than 90% to almost 10%.

 

 

The complete ban on bitcoin by China in 2018

 

During the initial few months of 2018, many entrepreneurs and Businessmen had already made adjustments with respect to the ban and we’re looking forward to international Investments. They still were very optimistic that the government would be lifting the ban from the cryptocurrencies. However, there were also speculations from a few experts that the country might experience a complete ban on it by all means. It was even predicted that the country might restrict the access to the websites, both domestic as well as international which assists in the crypto trading, through its firewall.

But it was until in February when the financial regulator of the country released an official statement and completely banning all kinds of cryptocurrency trading in the country. According to reports the financial regulator of the country was not completely satisfied with the current restriction on the domestic exchanges and ICOs and hence they went a step further to ban the international services too.

Ban on Bitcoin in Beijing

A tougher decision was taken in Beijing which banned completely, all kinds of crypto-related activities. Following which the advertisements related to the cryptocurrencies were witnessed to be removed from the domestic social media website, Weibo along with the most popular search engine of China, Baidu.

Cryptocurrency mining in China

Amidst all these controversies from the cryptocurrency mining statistics of China doesn’t seem to have collapsed. The country is still one of the leading nations in the number of cryptocurrency miners around the world. This is evident from the initiation of a cryptocurrency mining firm by one of the biggest companies in China, the Alibaba group, despite toughening the regulations on the crypto in the nation.

The cryptocurrencies are still in the nascent versions and the decisions made by the countries like China which is considered to be the world’s second-biggest economy, influence other countries also to develop a viewpoint related to the cryptocurrencies. After all South Korea was heavily influenced by the cryptocurrency ban back in the September 2017 and even it followed the footsteps of China banning the cryptocurrency in its country as well. Any particular technology for that matter experiences a lot of reluctance from major economies because the financial regulators of those Countries fear that they might lose their position and their economy would be shattered.

Does China hate Bitcoin?

Currently, China has taken a very serious decision by banning all kinds of cryptocurrency related activities both domestic as well as International. In future, the ban would be lifted or not would be a very difficult question to be answered.

The financial regulators of China where quoted saying that the earlier ban in the September 2017 on initial coin offerings for domestic trading was not enough since the people were moving on to the international investments and hence prevailing the financial risk for the nation. However, the decision related to the cryptocurrency mining still remains unanswered. It is to be understood that the country is very keen in protecting the interest of its people by only banning the financial part of the blockchain technology which is the cryptocurrencies but the actual blockchain technology is not banned in the country, in fact, on the other hand, it is under an extensive research to discover its potential.

#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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