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Bitcoin took a beating on Tuesday, expanding losses completely down to $29,300, a level not seen because January, before climbing up back, ending the day at $32,000.
The major concern that terrified Bitcoin capitalists was news that China is tightening its hold on crypto transactions and mining, shutting down 90% of the country's mining ability.
Additionally, the People's Financial institution of China bought a halt to non-prescription (OTC) deals.
Saifedean Ammous, writer of "The Bitcoin Standard", informed David Lin, support for Kitco News, that you can't technically "restriction" Bitcoin and that historically, even adhering to an 80% adjustment, the cost has actually always bounced back.
Follow David Lin on Twitter: @davidlin_TV ()
Adhere To Saifedean Ammous on Twitter: @saifedean ()
0:00 – China ban on transactions, mining
7:12 – What triggered rate decline?
8:03 – Deal costs
10:29 – The Bitcoin Criterion
15:30 – Bitcoin used in illegal activity
18:20 – "Bitcoin thrives on adversity"
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Bitcoin price falls below $30k, but China ban can’t stop inevitable comeback – Saifedean Ammous
Bitcoin took a beating on Tuesday, extending losses all the way down to $29,300, a level not seen since January, before climbing back, ending the day at $32,000.
The main concern that spooked Bitcoin investors was news that China is tightening its grip on crypto transactions and mining, shutting down 90% of the country’s mining capability.
Additionally, the People’s Bank of China ordered a halt to over-the-counter (OTC) transactions.
Saifedean Ammous, author of “The Bitcoin Standard”, told David Lin, anchor for Kitco News, that you can’t technically “ban” Bitcoin and that historically, even following an 80% correction, the price has always bounced back.
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Saifedean Ammous on Twitter: @saifedean (https://twitter.com/saifedean)
0:00 - China ban on transactions, mining
7:12 - What caused price decline?
8:03 - Transaction fees
10:29 - The Bitcoin Standard
15:30 - Bitcoin used in illicit activity
18:20 - "Bitcoin thrives on adversity"
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
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