Bitcoin has surged by 36% year-over-year despite warnings from Chinese authorities that the cryptocurrency was “heading to zero.” In June 2022, during a bear market, the Chinese government attempted to capitalize on a massive market decline and warned investors that Bitcoin prices were going down to zero. However, BTC has gained significant value since then, currently trading at $28,852, up from around $20,000 when the warning was issued.
China was one of the first countries to take regulatory action against crypto and banned cryptocurrency exchanges from providing services in the country in 2017. In 2021, the central bank announced a new ban on crypto, uniting with other Chinese authorities to crack down on local crypto activity. Despite these bans, China has remained the second-largest Bitcoin miner globally, and its government apparently allows citizens to own cryptocurrency and protect the rights of crypto investors.
Bitcoin’s price has seen its ups and downs over the past year, dropping to as low as $15,700 in November 2022 and briefly crossing the $30,000 mark in April 2023. The cryptocurrency market is known for its volatility and fluctuations, and Bitcoin’s rise despite China’s warnings could indicate growing mainstream adoption and acceptance of cryptocurrencies as a legitimate financial asset.
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