BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin Defies China’s ‘Heading to Zero’ Forecast with 36% YoY Increase

by Dan K
Jun 21, 2023 - 5:00 pm
in Bitcoin
Casey Rodarmor presenting the Runes fungible token protocol as a solution to BRC-20's UTXO issues.

Bitcoin Soars Despite Warnings from China

The government of China has made substantial efforts to sway its citizens’ belief that Bitcoin would eventually become worthless. However, the predictions so far have been widely off-target. The pioneering cryptocurrency has registered around a 36% increase since the Chinese government issued its bleak forecast in 2022.

Last year, amid a bearish market, China attempted to seize the moment during a significant market dip, cautioning crypto investors that Bitcoin prices were “heading to zero.”

China’s Economic Daily Sounds Alarm

In June 2022, the Chinese national news media agency, Economic Daily, released a warning about Bitcoin. They assured their citizens that the asset was nothing more than a worthless “string of digital codes.”

However, the evidence has proved otherwise. According to data from CoinGecko, Bitcoin traded at around $20,000 when the Economic Daily published the article. A year later, Bitcoin is now trading at $28,852, marking an approximately 36% increase.

Bitcoin’s Resilient Performance Amid Volatility

While the crypto market has seen its share of ups and downs, Bitcoin’s resilience is clear. Despite dipping to $15,700 in November 2022, it bounced back and briefly crossed the $30,000 threshold in April 2023.

China’s Relationship with Crypto: A Brief History

China was among the first nations to impose regulations on cryptocurrency. In 2017, it banned crypto exchanges from offering services within the country. Yet, Bitcoin continued to ascend, hitting a staggering 1,900% surge to reach $20,000 by the end of the same year.

In 2021, the Chinese central bank coupled with various local authorities to intensify the crackdown on cryptocurrency activities. Despite these efforts, Bitcoin achieved its all-time high at around $68,000 in November 2021.

Even though China announced a crypto “ban” in 2021, it has remained the second-largest Bitcoin miner globally. The government has apparently never prohibited its citizens from hodling the cryptocurrency, instead offering legal protection for crypto investors.

Tags: BitcoinChinaDecentralizedRegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Casey Rodarmor presenting the Runes fungible token protocol as a solution to BRC-20's UTXO issues.

Casey Rodarmor’s New “Runes” Pitched as a Solution to BRC-20’s Bitcoin “Junk” Issues

September 26, 2023

Rodarmor proposes Runes—a UTXO-based alternative to BRC-20 tokens. Aimed at reducing "junk" on the Bitcoin network, could Runes...

Mining professionals discussing renewable energy and efficiency upgrades at the World Digital Mining Summit.

Bitcoin Miners Embrace Renewable Energy and Efficiency Upgrades at WDMS

September 23, 2023

Bitmain introduces the Antminer S21. Miners emphasize the growing significance of renewable energy sources and technological advancements future.

Lars Seier Christensen discussing the future of crypto markets.

Bitcoin’s Next Bull Run Won’t Mirror the Past, Claims Concordium Founder

September 22, 2023

Lars Seier Christensen believes the next crypto bull market won't have the same flare as previous ones, suggesting...

Casey Rodarmor proposing changes to Bitcoin Ordinals numbering system at a conference.

Bitcoin Ordinals Creator Advocates for a Shift in Inscription Numbering System

September 20, 2023

Bitcoin Ordinals' chief coder proposes a change in the inscription numbering system to streamline the protocol's codebase, affecting...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise