HomeBitcoinChinese bans are useless, BTC does not stop.

Chinese bans are useless, BTC does not stop.

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As Bitcoin trades at $19,275, up 1,822%, the atmosphere is still tight in the cryptocurrency market ahead of the Fed’s interest rate announcement today.

However, the widening range of cryptocurrency use cases and the increase in users of digital currencies have continued despite the sharp price reduction since the fall of last year.

The use of cryptocurrencies is particularly widespread in developing nations, where many individuals lack access to the financial system. According to a survey by blockchain analytics company Chainanalysis, China is once again among the top 10 nations in terms of the usage of cryptocurrencies.

Because of the Chinese central bank’s prohibition on cryptocurrencies, China fell to 13th position last year. The elevated ranking appears to be a sign that the prohibitions have not been successfully implemented.

This is good news for the cryptocurrency community since it will make access to digital currencies much more difficult to get elsewhere in the globe if the Chinese government is unable to fundamentally restrict it.

Technological standards for the pricing of bitcoin

Yesterday, the price of bitcoin closed below the $19,251 support level for the 78.6% Fibo retracement. Therefore, it is possible to test the cycle low of 17,630 dollars. The persistent positive divergence (green lines) may slow the downward momentum.

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