China Scare, Bitcoin (BTC) Mining Ban? Bulls to Overcome


Bitcoin prices stable above $5,000NDRC of China propose Bitcoin and cryptocurrency miningChina’s National Development and Reform Commission (NDRC) of the opinion cryptocurrency and Bitcoin (BTC) rigs don’t adhere to relevant laws and regulators, pollute the environment and unsafe and therefore propose a ban. If that is the case, the network’s hash rate will drop and so will prices.Bitcoin Price AnalysisFundamentalsHours after reliable sources revealed that Bitcoin traders were circumventing state restrictions and funneling funds to BTC via stable coins with OTC facilitation, news is China could ban Bitcoin mining. Yesterday, we reported that Chinese traders were flowing back and thanks to OTCs, they could at any time convert their CNY to USDT albeit at a premium taking advantage of increasing BTC prices further boosting a recovering market.As it is, trading volumes, mainly from SE Asian countries like South Korea, are accredited for stabilizing the market as crypto trading and general adoption is high in these jurisdictions. Despite the ban, China is still a central player in Bitcoin mining and most of Bitmain’s rigs across the country. Bitmain has solid plans of rolling out 200k miners as the chipset manufacturer take advantage of low electricity prices this rainy summer.Now, Bitcoin mining