June Comes to an End – How’s The Crypto Market?
4 min read
It’s the end of June 2021 or the second quarter, so you can talk about what happened in the crypto industry in the last month.
The price of the main cryptocurrency in June ranged from $28,700 to $41,250. The month was rich in news, so there was high volatility in the market. Bans from the Chinese authorities were the main reason for the volatility: no more cryptocurrency can be used in China’s four largest provinces.
The fact is that until June 2021, about 58% of bitcoins were mined in China. However, after the introduction of bans, this indicator decreased, as well as the overall hashrate of the network. By June 28, 2021, a new anti-record was set: the hashrate of the BTC network fell below 60 EH/s, as a result of which the time to find a new block increased to 24 minutes, when only 10 minutes are required in a stable state.
News about the upcoming bans in China began to appear after June 10, and at first the market reacted strongly to them. But after several similar news, the price of the main cryptocurrency no longer succumbed to strong volatility and remained at about the same level.
Representatives of the crypto industry believe that such a step from the Chinese authorities is due to the fact that the state cryptocurrency (CBDC) is being actively tested in the country. Therefore, the ban on cryptocurrency mining seems logical for the authorities: there is less competition with the national cryptocurrency.
In addition, five major banks in China can no longer provide services that are somehow related to cryptocurrencies. You cannot store, transfer, buy or sell digital assets. It turns out that it will now be more difficult for cryptocurrency companies on the territory of the Middle Kingdom to engage in transfers within the country, legitimize profits and store cryptocurrency.
It is estimated that some 330 tons of miner equipment will be removed from China. Some miners have already offered private miners their help in transporting equipment, and Kazakhstan and Russia have become the intended destinations for miners.
How do we move forward?
- Chinese miners can adapt to the new bans and continue to mine cryptocurrency. Historically, Chinese citizens constantly adhere to some prohibitions and learn to live with them, or to avoid them.
- The United States may come into play. As we know, America likes to be the first in everything. However, the fact that more than 58% of bitcoins are mined in China was a little alarming to the US authorities. However, now, when the situation in the country is unstable, regarding cryptocurrencies and their production, the most appropriate moment for America to enter the game. They can provide preferential conditions to the manners, issue loans at low rates, for the establishment of mining on their territory.
The second version is not so bad, because the crypto industry will be infused with new money that will drive the price of cryptocurrencies up. But this option is not to everyone’s liking, because if the US takes most of the miners into its territory, it will have a new leverage, which, of course, it will once use.
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The post June Comes to an End – How’s The Crypto Market? appeared first on BeInCrypto.
