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China banning all kinds of crypto activities has caused a lot of concerns in recent months but the crypto market has made China it’s past as total crypto market cap is has made an All-Time High of $2.6 trillion and BTC is trying to make another ATH, currently trading above $64,000.
With Bitcoin above $64,000, nearing its all-time high, its price has already doubled from its brief decline after China banned Bitcoin mining in June. After the BTC mining ban, China didn’t stop and imposed a ban on all kinds of crypto activities on Sep 24.
But despite all these bans rapid adaptation of the crypto industry continues, leaving a clear message for countries that are against Bitcoin: there will always be another country interested and open doors for the technological and financial evolution that Bitcoin has to offer.
For most of Bitcoin’s life, China was number one in bitcoin mining, therefore any possible ban from China has always caused fear among the crypto community. And in fact, the price of Bitcoin ended up falling as predicted after the ban on BTC mining activity in China, yet the hash rate quickly rebounded as Chinese miners migrated to other countries. With the price of bitcoin it was no different, the currency, now quoted at 64,000 dollars, has already doubled in value compared to May when it reached 30,000 dollars.
Most of these miners ended up moving their mining equipment to the US, now the country with the most hash rate in the world. Followed by Kazakhstan, and Russia, which may be considering using a decentralized currency to avoid US sanctions.
Read: Data Shows U.S. Becomes Largest Bitcoin Mining Market
Read: Kazakhstan Surges to Third Place in Global Bitcoin Mining
The US overtook China as the world’s biggest source of bitcoin mining two months after Beijing banned crypto mining this year, new data has revealed: https://t.co/lWx3bq2Q26 pic.twitter.com/smaxJ6ipGW
— FT China (@ftchina) October 13, 2021
While China took the worst possible attitude towards freedom, future, the US took the opposite path. The talks by the Fed and SEC presidents earlier this month indicate that the US authorities had no plans to ban bitcoin, which got the market excited.
Read: SEC Chairman, Gary Gensler Confirms That SEC Has No Plans To Ban Crypto
Read: Federal Reserve Chairman, Jerome Powell Said Fed Has No Intention To Ban Bitcoin Or Crypto
The approval of a Bitcoin ETF in the US, made this sentiment even greater, helping the BTC price to rise.
Read: ProShares First Bitcoin Futures ETF Started Trading, Trading Volume Reached Above $600 Million In Two Hours
Finally, regardless of China’s size, population, or economic strength, it did not stop bitcoin from following its path as industry players moved their facilities to other countries and the BTC began to gain greater credibility.