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Bitcoin accusation that Chinese media will talk about ›CoinTürk

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China had banned cryptocurrencies to protect investors and hedge financial risks. Opposition to Bitcoin (BTC) in the country continues unabated.
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China had banned cryptocurrencies to protect investors and hedge financial risks. Opposition to Bitcoin (BTC) in the country continues unabated.

Accusation of conscription and manipulation against the West

Official Chinese national media has broadcast that Bitcoin could go as low as zero dollars to dissuade people in the country from investing in cryptocurrencies. The Chinese government has turned the drastic drop in the cryptocurrency market into propaganda, warning cryptocurrency investors that the price of Bitcoin has “gone to zero”. The country’s English-language newspaper, South China Morning Post, reported on June 22 that China’s national news agency Economic Daily told people bitcoinHe reported that he warned that he was drifting into chaos. According to the newspaper, cryptocurrency investments are illogical due to the high volatility and manipulation. The Chinese media also accused the West of creating a highly indebted market. The newspaper issued the following statement:

Bitcoin is nothing more than a series of digital codes and its gain comes mainly from low purchases and high sales. In the future, when investor confidence is damaged and many countries ban Bitcoin, its value will return to zero.

The Chinese government banned Bitcoin mining last July and nationwide digital yuan It has big plans to launch a central bank digital currency (CBDC), called (e-CNY). The Asian giant banned all cryptocurrency transactions last September and also banned foreign cryptocurrency exchanges from operating within the country in 2018. There are many names on the market, such as the Chinese government, who believe that Bitcoin’s price will depreciate further.

Bitcoin’s new spike could take years

Tom DeMark, founder and CEO of market analysis firm DeMark Analytics, told Marketwatch. BTCHe said he believes the cryptocurrency market will remain in a prolonged bear market as the coin has dipped below 50% since November’s peak of $ 69,000. According to the expert, it will take many years for Bitcoin to return to its all-time highs. However, there is still a chance to return to the $ 40,000 range in the coming months. Bitcoin has a 50-56% chance of recovery in the coming months. This means that the price of Bitcoin will return to $ 40,000-45,000. Contrary to warnings from Beijing, the Bank of England (BOE) has made positive statements on Bitcoin despite the bear market. On June 22, the bank’s vice president, Jon Cunliffe, told Bloomberg that the companies that survived the cryptocurrency market crisis could be successful tech companies like Amazon and eBay.

Meanwhile, on June 19, Salvadoran President Nayib Bukele addressed Bitcoin investors about falling BTC prices. He tweeted that people should “stop looking at the charts and enjoy life”. The President is confident that Bitcoin’s price will correct. President Bukele, cryptocurrency units and has lost tens of millions of dollars so far, but the country’s finance minister Alejandro Zelaya said they are not at a loss because they have not yet made any sales.

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