2021-5-28 10:44 |
By the end of the second month of the second quarter of 2021, it was not as good as the first. Until May 10, 2021 the price of the main cryptocurrency was in the range of $53,000 to $59,000.
After a downward trend, the price of bitcoin, at some sites, tested the $29,300 level. Unlike the previous month, the reasons for the fall of bitcoin, and indeed of the entire cryptocurrency market, are generally known – China and its policies against cryptocurrency and mining, as well as the inflation rate in the United States and the abandonment of bitcoin as payment for Tesla.
According to statistics, about 48% of all bitcoin mining originates in China. The market is therefore highly sensitive to bills that seek to regulate or prohibit cryptocurrency in the country. The United States economy is considered the strongest in the world, so negative developments affect all markets, not just cryptocurrency markets.
As for Tesla, Elon Musk, whose Twitter posts regularly contribute to the rise or fall in the price of cryptocurrencies, has done so.
During May, there were three infiltrations from China that negatively affected the market:
The Chinese authorities have banned businesses that are somehow connected to cryptocurrency. In fact, all financial institutions can no longer provide services to the main company, cryptocurrency exchanges, exchangers, and other organizations. It was after the release of this news that bitcoin dropped from $45,000 to $29,300 in a 24-hour period.After the Chinese authorities announced that they were going to apply tougher measures to the mining and the bitcoin trade. According to Chinese officials, in order to protect the financial system, there is a need for tighter oversight of digital asset extraction.This was followed by criticism of the mining of the main cryptocurrency. It is estimated that if bitcoin mining in China does nothing until 2024, the same amount of greenhouse gas will be released by that time as the Philippine Islands.The Chinese authorities decided to focus on cryptocurrency in the country. It is likely that this may be related to the testing of the digital renminbi.
Inflation in the United States reached a record 4.2% in April. The most recent rate was 12 years ago, during the global financial crisis. Generally, if America’s economy is negative, investors tend to move funds out of risky assets (which are cryptocurrencies) and into protective assets (such as gold). As you can see from the bitcoin price graph, that’s how it happened.
Tesla refused to accept bitcoin as payment for electric cars, citing that its extraction was not environmentally friendly. Interestingly, the United States inflation data and news of Tesla’s abandonment of bitcoin came out one day, leaving a definite mark on the market.
Of course, the market is not entirely positive, but there is no cause for alarm. Glassnode has provided some data according to which a bear trend awaits us:
At this price decline, bitcoin was sold only by those who had purchased it in the last three months. Those who purchased bitcoin in early 2021 and earlier held it.The outflow of BTC and ETH began from the exchanges, which indicates the desire to preserve the assets of investors.As a rule, experienced traders and investors advice to enter positions in the straits, which is now the case in the crypto market. You can do this with RevenueBot.
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The post RevenueBot Looks at Crypto Market in May appeared first on BeInCrypto.
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