A turbulent week for Bitcoin

It’s been more than a month since Bitcoin crashed unabated after Tesla’s decision not to accept payments. After that, China’s fierce campaign to suppress mining activities along with the move to punish and tighten management of cryptocurrencies in many countries has left this leading cryptocurrency still unsettled.

Although there were periods, BTC also rebounded strongly, but then began a new downward dynamic. Abnormal market drift and daily crypto events (both good and bad) are perfectly normal.

And last week – a turbulent week for Bitcoin, but not all despair

A turbulent week for Bitcoin – BTC drops below $ 30,000, but top investors are still increasing BTC holdings

This week BTC fell below $ 30,000 before rebounding sharply, and while a death chart appears on the charts, it may not mean anything. Despite the general market downturn, the Amber Group has become a new unicorn in cryptoverse. PayPal, Visa, and other traditional investors have more than doubled their crypto investments through the Blockchain Capital fund, and while MicroStrategy is down $ 479 million in 2021, the number is up since the first BTC purchase in 10 months $ 676 million up. In the meantime, Deutsche Telekom has teamed up with Andreessen Horowitz on a deal that sees Celo, Canaan become a Bitcoin miner in Kazakhstan, sued StakeHound Fireblocks for ETH 38K, and while Nassim Taleb released a dirty swan into the world, they cleared Bitcoiner up quickly.

A tumultuous week for Bitcoin – given the regulation of the Bank of China, the Korean financial regulator, and the attempted change by the El Salvador congressman

China’s central bank says all of the country’s largest commercial banks and Alipay have agreed to help them step up crackdown on cryptocurrencies, following the announcement that many large Sichuan farms will be closing, Ethereum, Litecoin and copper. The miners started doing fewer rigs in the face of the decline in the bitcoin hash rate.

The Salvadoran press was not blinded by the visit of Brock Pierce and the “Bitcoin Delegation” while another Salvadoran Congressman attempted to derail the law on BTC from the Bitcoin mining process in pictures in the country’s new “green” mining hub .

South Korea’s financial regulator seeks inspiration in Singapore as the country formulates new guidelines for the crypto sector, while a large sum of money was seized in the country’s recent tax evasion arrest: electronics valued at $ 47 million.

In the meantime, the BIS continues to rate Bitcoin as it prepares the platform for the CBDC.

A turbulent week for Bitcoin – more news

Bad news also happened to cryptos when John McAfee left this world in a Spanish prison.

Even so, the market also has a lot of good news. On the eve of New York City’s mayor’s race on Tuesday, Democratic frontman Eric Adams gave a brief endorsement of the world’s largest cryptocurrency. The leader in the running for New York mayor has vowed to make New York the “hub” of Bitcoin (BTC) within a year if elected.

The big crypto scam in Africa with the disappearance of 2 brothers (the head of the trading platform) cost investors $ 3.8 billion in BTC. At the same time, Andreessen and Horowitz secured $ 2.2 billion in their crypto investments.

Ethereum begins testing its London hard fork upgrade and expectations regarding EIP-1559, while El Salvador says it will begin a massive bitcoin test with a BTC airdrop. In other news, Jack Dorsey and Elon Musk agreed “THE bitcoin talk,” and the FATF decided to talk more deeply about crypto rules in October.

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