• Home
  • Podcast
  • App
No Result
View All Result
Subscribe
×
sign in
  • Learn
    • All
    • Crypto Basics
    • Token Metrics Tutorials
    • Weekly Index Performance
    Bitcoin: Everything You Need To Know

    Bitcoin: Everything You Need To Know

    What is Web 3.0? Everything You Need to Know

    What is Web 3.0? Everything You Need to Know

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Weekly Index Performance – May 26, 2022

    Weekly Index Performance – May 26, 2022

    NFTs Explained: What Are Non-Fungible Tokens?

    NFTs Explained: What Are Non-Fungible Tokens?

    Weekly Index Performance – April 27, 2022

    Weekly Index Performance – April 27, 2022

    When Does the Crypto Market Close?

    When Does the Crypto Market Close?

    Will Shiba Inu reach $1?

    Will Shiba Inu reach $1?

    How to Receive Crypto Alerts Through Token Metrics

    How to Receive Crypto Alerts Through Token Metrics

    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • All
    • Market Navigator
    • Market Update
    shanghai hard fork

    Shanghai Hard Fork – Investing Opportunities | Navigator

    The Bottom | Market Update

    The Bottom | Market Update

    The Metaverse Rally | Market Update

    The Metaverse Rally | Market Update

    The Dollar and DOGE| Market Update

    The Dollar and DOGE| Market Update

    Crypto Market Update

    Can Crypto Rally In October? | Market Update

    Crypto Rektember

    Can You Believe The Macro Shift ? Market Update

    Crypto Rektember

    From Rektember to a Brighter October | Market Update

    ethereum-its-time

    Ethereum: It’s Time | Market Update

    Europe is headed for a depression

    Europe is headed for a depression | Market Update

    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • All
    • DeFi
    • Gaming and Metaverse
    • NFTs
    • Web 3
    Azuki NFTs

    Azuki | Hidden Gems – NFT

    LonelyPop

    LonelyPop, POTATOZ By 9GAG | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • All
    • Altcoin Quarterly
    • Awards and Ratings
    • News and Thought Leadership
    NFT Grade

    Introducing Token Metrics NFT Grade

    Token Metrics Research

    Introducing Token Metrics Research

    Research & Chill: 30% Token Metrics Discount

    Research & Chill: 30% Token Metrics Discount

    The Best Crypto News Sites of 2022

    The Best Crypto News Sites of 2022

    The Best Crypto Analysts of 2022

    The Best Crypto Analysts of 2022

    Token Metrics + CEX.IO Promotional Coupon

    Token Metrics + CEX.IO Promotional Coupon

    Partner plan

    NEW Token Metrics Partner Plan

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV
  • Learn
    • All
    • Crypto Basics
    • Token Metrics Tutorials
    • Weekly Index Performance
    Bitcoin: Everything You Need To Know

    Bitcoin: Everything You Need To Know

    What is Web 3.0? Everything You Need to Know

    What is Web 3.0? Everything You Need to Know

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Weekly Index Performance – May 26, 2022

    Weekly Index Performance – May 26, 2022

    NFTs Explained: What Are Non-Fungible Tokens?

    NFTs Explained: What Are Non-Fungible Tokens?

    Weekly Index Performance – April 27, 2022

    Weekly Index Performance – April 27, 2022

    When Does the Crypto Market Close?

    When Does the Crypto Market Close?

    Will Shiba Inu reach $1?

    Will Shiba Inu reach $1?

    How to Receive Crypto Alerts Through Token Metrics

    How to Receive Crypto Alerts Through Token Metrics

    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • All
    • Market Navigator
    • Market Update
    shanghai hard fork

    Shanghai Hard Fork – Investing Opportunities | Navigator

    The Bottom | Market Update

    The Bottom | Market Update

    The Metaverse Rally | Market Update

    The Metaverse Rally | Market Update

    The Dollar and DOGE| Market Update

    The Dollar and DOGE| Market Update

    Crypto Market Update

    Can Crypto Rally In October? | Market Update

    Crypto Rektember

    Can You Believe The Macro Shift ? Market Update

    Crypto Rektember

    From Rektember to a Brighter October | Market Update

    ethereum-its-time

    Ethereum: It’s Time | Market Update

    Europe is headed for a depression

    Europe is headed for a depression | Market Update

    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • All
    • DeFi
    • Gaming and Metaverse
    • NFTs
    • Web 3
    Azuki NFTs

    Azuki | Hidden Gems – NFT

    LonelyPop

    LonelyPop, POTATOZ By 9GAG | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • All
    • Altcoin Quarterly
    • Awards and Ratings
    • News and Thought Leadership
    NFT Grade

    Introducing Token Metrics NFT Grade

    Token Metrics Research

    Introducing Token Metrics Research

    Research & Chill: 30% Token Metrics Discount

    Research & Chill: 30% Token Metrics Discount

    The Best Crypto News Sites of 2022

    The Best Crypto News Sites of 2022

    The Best Crypto Analysts of 2022

    The Best Crypto Analysts of 2022

    Token Metrics + CEX.IO Promotional Coupon

    Token Metrics + CEX.IO Promotional Coupon

    Partner plan

    NEW Token Metrics Partner Plan

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV
No Result
View All Result
No Result
View All Result
Home Learn Crypto Basics

China Bans Bitcoin Again?!? – Chasing Bitcoin

by Azeem Muhammad
2022/04/22
in Crypto Basics, Learn
Reading Time: 2 mins read
0
china-bans-bitcoin
0
SHARES
0
VIEWS

Welcome back again every one to Chasing Bitcoin! It was a shaky week for Bitcoin and the crypto market as a whole as Fed news of quantitative tightening (QT), the opposite of quantitative easing (QE), sent risk-assets in a selling frenzy. The Fed announcement caused BTC to drop over 10% in the seven days before writing. 

We are nearing the present in our telling of the Bitcoin story. The good news is that some of the most electrifying events in Bitcoin’s history have happened in the last 12 months! In our latest post, we discussed how the third Bitcoin halving led major corporations like PayPal, Microstrategy, and Tesla to support the world’s foremost cryptocurrency. In this post, we’ll consider how the Chinese government once again tried to slow Bitcoin’s momentum. 

In April of 2021, China accounted for nearly 50% of the global Bitcoin mining. A month later, the Republic announced that it would crack down on mining the cryptocurrency to curb financial risks to investors. Skeptics argue that this had more to do with decreasing competition for their upcoming central bank digital currency, the digital yuan, and less to do with investor protection.

Nonetheless, the crackdown sent the price of Bitcoin tumbling over 50% from its April high of $64,000 to under $30,000 by July. Miners in all regions of China had to move their production elsewhere or throw in the towel on mining altogether and sell their rigs for scrap metal. Global hashrate fell by 50%. By the end of 2021, there was effectively no mining in China, and the United States had become the leader in global hashrate share. Ultimately, the ban on mining in China was positive for crypto as mining is now more decentralized.

Amid the FUD caused by the Chinese mining ban, a sliver of hope was cast out from Central America. On June 8, 2021, the Legislative Assembly of El Salvador approved Ley Bitcoin, or the Bitcoin law, officially making Bitcoin legal tender in El Salvador. Approval of this legislation meant that all businesses in El Salvador had to accept BTC for payment. El Salvador has also been buying Bitcoin for its treasury. By October, they had acquired over $60 million in BTC. 

El Salvador adopting Bitcoin as legal tender is a progressive albeit ironic development in an asset pioneered by anti-government anarchists. Nevertheless, it is one of the most exciting happenings in Bitcoin’s history and should serve to make us excited about the asset’s future!

Tags: BitcoinBTCChasing BitcoinChinaCrypto BasicsFree
Azeem Muhammad

Azeem Muhammad

Related Posts

Help

Market Landing Page Tutorial

January 6, 2023
NFT Grade
News and Thought Leadership

Introducing Token Metrics NFT Grade

August 18, 2022
The Ghost of Lehman Brothers |  Market Update
Market Analysis

The Ghost of Lehman Brothers | Market Update

July 11, 2022
Next Post
taproot-upgrade

The Bitcoin Taproot Upgrade – Chasing Bitcoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

COMPANY

  • About Us
  • Contact Us
  • Privacy Policy
  • Sitemap

7600 Chevy Chase Drive, Suite 300, Austin, Texas, 78752, USA
Email: info@tokenmetrics.com | Tel: +1-888-908-6536

DISCLAIMER

Token Metrics Media LLC is a regular publication of information, analysis, and commentary focused especially on blockchain technology and business, cryptocurrency, blockchain-based tokens, market trends, and trading strategies.

Token Metrics Media LLC does not provide individually tailored investment advice and does not take a subscriber’s or anyone’s personal circumstances into consideration when discussing investments; nor is Token Metrics Advisers LLC registered as an investment adviser or broker-dealer in any jurisdiction.

Information contained herein is not an offer or solicitation to buy, hold, or sell any security. The Token Metrics team has advised and invested in many blockchain companies. A complete list of their advisory roles and current holdings can be viewed here: https://tokenmetrics.com/disclosures/

Token Metrics Media LLC relies on information from various sources believed to be reliable, including clients and third parties, but cannot guarantee the accuracy and completeness of that information. Additionally, Token Metrics Media LLC does not provide tax advice, and investors are encouraged to consult with their personal tax advisors.

All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Ratings and price predictions are provided for informational and illustrative purposes, and may not reflect actual future performance.

Copyright © 2022 - Token Metrics - All Rights Reserved

No Result
View All Result
  • Learn
    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV

Copyright © 2022 Token Metrics All Rights Reserved