Bitcoin Primed For Immense Volatility As Chinese State Media Warns BTC Could Crash To Zero

Bitcoin Primed For Immense Volatility As Chinese State Media Warns BTC Could Crash To Zero
фото показано с : zycrypto.com

2022-6-23 17:05

The price of bitcoin and other cryptocurrencies has gyrated in recent days as investors remain wary due to recession fears. A Monday mini-rally had BTC perched back above $20,000 but the bulls are steadily losing their grip.

The world’s largest cryptocurrency saw a brief dip under the $20,000 largely symbolic barrier as crypto faces a harsh winter.

Meanwhile, China’s state-owned media outlet, the Economic Daily, is warning investors that the ongoing meltdown could drive the price of bitcoin to zero.

Bitcoin Going To Zero?

The past few months have been chaotic for digital assets. Crypto firms Celsius, Babel Finance, and Three Arrows are inching closer to insolvency while others like Gemini and Coinbase have laid off some of their staff to cope with the difficult times.

In a renewed sell-off Wednesday, bitcoin shed 6.09% of its value over the past 24 hours to hover around $20,129, while Ethereum fell over 7%. The combined market cap of all cryptos currently stands at $912 billion, up 1.88% on the day. That’s noticeably a far cry from roughly 7 months ago when the crypto market cap topped $3 trillion.

BTCUSD Chart by TradingView

According to the Economic Daily, the current bear market is bound to worsen. The Chinese Communist Party-owned outlet says the bellwether cryptocurrency has no intrinsic value and will ultimately become worthless as investors lose confidence and more sovereign states declare it illegal, the South China Morning Post reported.

The Beijing regime outlet also believes the crypto market is riddled with “manipulation and pseudo-technology concepts”. The latest warning reflects the Chinese government’s staunch anti-crypto stance against cryptocurrencies. The nation banned all bitcoin mining activities in May 2021, which led to miners migrating to other friendlier jurisdictions in droves. 

Besides mining, China’s top national finance and tech government institutions also declared all crypto-related transactions unlawful. The complete ban on decentralized tech has, however, proved futile.

The bitcoin mining prohibition, which once led to a 50% slump in the BTC network global hash rate, could not completely kill the mining industry in the nation. Surprisingly (or unsurprisingly, depending on whom you ask), China is back at the second spot after the U.S. in terms of contribution to the BTC mining network as underground mining operations flourish.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

3X Short Bitcoin Token (BEAR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.1288 (-100%)

economic according zero daily bear worsen bound

economic according → Результатов: 126


Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50%

Regardless of the growing economic sanctions against Russia, the volume of cryptocurrencies bought using Rubles across several major cryptocurrency exchanges plummets drastically. According to data from blockchain-data aggregators display, Russian collateralizing crypto trading across significant crypto exchanges is dropping badly.

2022-3-13 20:46


Фото:

India’s Advertising Watchdog Outlines New Promotional Guidelines For Crypto

The Advertising Standards Council of India (ASCI) has published a new set of guidelines that seek to check advertisement and promotional activities associated with cryptocurrencies and NFTs. According to The Economic Times, introducing the 12 guidelines on Wednesday, the self-governing body stated that all ads relating to the crypto-verse will be required to display a […]

2022-2-23 20:38


Фото:

India: Blockchain-Based Startup RealX Offers Fractional Ownership of Real Estate

Blockchain-based real estate platform RealX launches in India. Enabling Fractional Ownership of Real Estate According to a report by The Economic Times published on September 10, RealX – a blockchain-based service that allows users to own real estate in fractions – has opened its platform to the Indian public. Notably, RealX launched last year butRead More

2021-9-11 19:00


SEC Chair Says $2.2T Crypto Industry Is At A Level That It Must Be Within A “Public Policy Framework”

According to Gary Gensler, who is set to testify before the European Parliament’s Committee on Economic and Monetary Affairs on Wednesday regarding crypto, DeFi isn’t really a new concept. It has “a fair amount of centralization” as such regulators can exercise authority over these decentralized platforms.

2021-9-1 16:37


Фото:

India: Crypto Investors Could Be Subject to 2% Levy on Purchases from Offshore Exchanges

A report posits that Indians might be charged a 2% levy on crypto purchased from overseas exchanges. Charges Could Be Imposed on Indian Crypto Enthusiasts According to a report by The Economic Times published on June 22, digital currencies bought from crypto exchanges outside India could be subject to a 2% levy charge. Dubbed ‘equalizationRead More

2021-6-23 08:30


Фото:

Iran’s Government Mulls Legal Framework for Crypto Regulations

The President of Iran, Hassan Rouhani, is looking to establish regulatory policies for the cryptocurrency industry. Meanwhile, crypto mining activities remain banned in the country.  Iran Planning to Create Crypto Regulatory Policy According to local news media, the Iranian President made the statement while presiding over the Economic Coordination Board meeting held on Tuesday (JuneRead More

2021-6-11 13:00


Фото:

Crypto Climate Accord Making Significant Progress in Its Green Energy Push

The Crypto Climate Accord (CCA) has attracted more members to its growing consortium, which aims to decarbonize the cryptocurrency and blockchain ecosystem. The CCA now has 40 supporters across the globe, including bitcoin (BTC) linked businesses, and the World Economic Forum (WEF), barely two weeks after its launch, according to a blog post on AprilRead More

2021-4-23 17:00


JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target

With the increased institutional adoption of Bitcoin due to worldwide economic and social factors, the leading cryptocurrency can no longer be ignored. According to JPMorgan analysts via Bloomberg, gold may continue to lose market share: “Bitcoin may have the potential for substantial further gains over the long term as it competes with gold for investment … Continued The post JPMorgan Analysts Call for $146,000 Long-Term Bitcoin Price Target appeared first on BeInCrypto.

2021-1-6 16:36


Фото:

Nigerian Authorities Put Mastermind of the Inksnation Crypto Scam on Wanted List

Nigeria’s Economic and Financial Crimes Commission (EFCC) is seeking the public’s help in locating Omotade Sparks Amos Sewanu, the mastermind behind the Inksnation crypto scam. According to a notice published in the local media on November 11, the EFCC wants Sewanu to respond to fraud charges relating to Inksnation’s purported crypto token- Pinkoin.

2020-11-17 23:45


Фото:

Lebanon’s Central Bank To Issue Digital Currency In 2021 In Light Of Economic And Monetary Fallout

Banque Du Liban, the central bank of Lebanon is set to launch a central bank digital currency (CBDC) in 2021. According to a report by a state-run news publication on Tuesday, the central bank’s governor, Riad Salameh, indicated that the digital currency project is part of a move aimed at restoring confidence in the crumbling […]

2020-11-11 14:45


Фото:

Jack Dorsey’s Square Invests $50 Million In Bitcoin And That’s Yet Another Big Win For Crypto

Square, the mobile payment company founded by Twitter’s Jack Dorsey, announced Thursday that it has invested a mouthwatering $50 million in the bellwether cryptocurrency. According to an official statement, the firm purchased roughly 4,709 BTC as cryptocurrency is “an instrument of economic empowerment and provides a way for the world to participate in a global […]

2020-10-8 21:30


Фото:

Fed Chairman Claims ‘Now Is Not the Time’ to Worry About the Federal Budget

According to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over and the Covid-19 pandemic has fueled the tragedy. During his speech at the National Association for Business Economics annual meeting, Powell highlighted that the federal budget was essentially a disaster, but stressed that “now is not the time […] The post Fed Chairman Claims ‘Now Is Not the Time’ to Worry About the Federal Budget appeared first on Bitcoin News.

2020-10-8 15:00