Anything that started in China has global consequences, I hope this will not be the same as coronavirus. When the president of El Salvador announced to the world of making BTC a legal tender a few weeks ago we all thought the moment we had been waiting for had finally come. It’s time for world leaders to start realizing the power of Bitcoin. But instead, the BTC price starts to collapse following that announcement. The Americans dropped the FUD, the one with the FBI announcing that they had terminated some BTC accounts. The ensuing panic led to a huge sell-off bringing the price of BTC from 40k down to 30k. BTC bounce back and would hit 40k again, suddenly crashing. The cross of death has been crossed, thanks to the Chinese government.
Why is the price of Bitcoin falling? Why are some cryptocurrencies falling? Is China causing falling prices?
Yes, China has created a new pandemic, a Crypto pandemic that could soon spread worldwide. As the Chinese government introduced the digital version of Yaun, it became clear that there would be a war with Bitcoin. And unfortunately for all of us, most of the mining industry is located in China. The clampdown of these industries is now hitting the crypto market. The Crypto pandemic has begun and we must all be ready for a Titanic crash.
The long-forecasted Bitcoin crash has come, and this crash will be a nightmare. Americans are warming up, and other nations of the world are discussing the creation of a digital currency. China started it, and who will be infected next with this crypto pandemic? Your guess is the same as mine.
The world is entering a completely digital age, and governments are not ready to make Bitcoin the digital currency of this age. They want another way to give them full control over money, which is why they have created a digital Fiat model. There is no problem building a digital version of Fiat, it can integrate with cryptocurrency. But governments do not want that, and the only way to get people to use their digital version of Fiat is by eliminating the opposition Bitcoin. That's what the Chinese government has just started, a campaign to eradicate Bitcoin.
The pandemic has begun, with the crackdown on cryptocurrency mining companies in China, when authorities in the southwestern province of Sichuan on Friday ordered the closure of bitcoin mining projects. The Council of State, Cabinet of China, last month vowed to tighten its grip on mining and trade as part of a series of financial risk management measures.
With this development, miners were forced to offload their coins into a thin market and lower it.
China's central bank said on Monday it had summoned other banks and payment institutions recently, urging them to crack down more in cryptocurrency trading. In furtherance of this, the Agricultural Bank of China (AgBank), China's third-largest lender, said it was following in the footsteps of the People's Bank of China and would be vigilant with clients to crack down on illegal activities including cryptocurrency trading and transactions. This means that companies with large cryptocurrency holding are quickly finding a way to sell large amounts of coins.
Bitcoin has finally crashed, and the crypto market will crash. Did I miss my word? Not at all, the global crash I called the crypto pandemic has started, and that crash is the Bitcoin crash with Fiat money. Yes, the market will crash soon, the only crash is that crypto CURRENCY will crash fiat currency. It's a battle between digital technology versus outdated analog systems Now, go back and read the mainline again "CRYPTO PANDEMIC HAS STARTED, BITCOIN FINALLY CRASH FIAT ..." In the near future it will make news headlines. CRYPTOCURRENCY has arrived. Don't panic sell your coins at a loss, the market will recover before you know it. Bitcoin will not crash, Cryptocurrency will not crash. HODL.
I am not even looking much into my portfolio. It is all red. Hahaha. My fiat is decreased further into half. Patience is a virtue, yes. Soon, I know this will be all over. Thanks for this.