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Bitcoin Ban Is "Success Metric" in China: Adam Back

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  • Alex Dovbnya
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    Bitcoin follows the lead of Facebook, YouTube, Telegram, and other western tech juggernauts that are banned in China

Bitcoin Ban Is "Success Metric" in China: Adam Back
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Blockstream CEO Adam Back seems to be unfazed by China doubling down its crackdown on Bitcoin. The veteran cypherpunk states Facebook, Telegram, Twitter, Google and other major internet companies are banned in the communist state.

Hence, the ban issued in September 2016 could serve as a success metric for the top cryptocurrency since China recognized its disruptive potential. 

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Bitcoin and Blockchain Interest Explodes in China After Xi Jinping's Comments

Dampening euphoria

On Oct. 23, Chinese President Xi Jinping personally endorsed blockchain, the technology used for verifying cryptocurrency transactions. This provoked a massive cryptocurrency price rally that briefly pushed Bitcoin back in the five-digit territory. 

However, the euphoria quickly dissipated after China made it clear that it never warmed up to crypto. Its nod towards blockchain means that the technology could be potentially used for Orwellian-like purposes (for instance, improving the performance of soldiers). 

The People's Bank of China's (PBOC), despite working on its own cryptocurrency, cautioned investors not to get involved in cryptocurrency trading. 

“The issuance, financing and trading of virtual currencies involve multiple risks,” PBOC said.

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Pulling the strings

While the ban might be a good thing for Bitcoin, many believe that China wields an immense power over Bitcoin. Bitspark co-founder Maxine Ryan told WSJ that it was the dominant force behind BTC's price moves. 

“China really is what the market sees now as the main indicator moving crypto prices,” she said.     

The top cryptocurrency has recently erased the China pump and experienced an even deeper correction, plunging below the $7,000 level.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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