{"id":377786,"date":"2019-04-09T18:00:25","date_gmt":"2019-04-09T18:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=377786"},"modified":"2024-06-11T21:14:38","modified_gmt":"2024-06-11T21:14:38","slug":"china-scare-bitcoin-btc-mining-ban-bulls-to-overcome","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/china-scare-bitcoin-btc-mining-ban-bulls-to-overcome\/","title":{"rendered":"China Scare, Bitcoin (BTC) Mining Ban? Bulls to Overcome"},"content":{"rendered":"<ul>\n<li><em>Bitcoin prices stable above $5,000<\/em><\/li>\n<li><em>NDRC of China propose Bitcoin and cryptocurrency mining <\/em><\/li>\n<\/ul>\n<p><em>China\u2019s National Development and Reform Commission (NDRC) of the opinion cryptocurrency and Bitcoin (BTC) rigs don\u2019t adhere to relevant laws and regulators, pollute the environment and unsafe and therefore propose a ban. If that is the case, the network\u2019s hash rate will drop and so will prices.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>Hours after reliable sources revealed that Bitcoin traders were circumventing state restrictions and funneling funds to BTC via stable coins with OTC facilitation, news is China could ban Bitcoin mining. Yesterday, we reported that Chinese traders were flowing back and thanks to OTCs, they could at any time convert their CNY to USDT albeit at a premium taking advantage of increasing BTC prices further boosting a recovering market.<\/p>\n<p>As it is, trading volumes, mainly from SE Asian countries like South Korea, are accredited for stabilizing the market as crypto trading and general adoption is high in these jurisdictions. Despite the ban, China is still a central player in Bitcoin mining and most of Bitmain\u2019s rigs across the country. Bitmain has solid plans of rolling out 200k miners as the chipset manufacturer take advantage of low electricity prices this rainy summer.<\/p>\n<p>Now, Bitcoin mining may end up being illegal just because the National Development and Reform Commission (NDRC) is of the opinion that cryptocurrency mining and 450 other activities \u201c<em>should be phased out as they did not adhere to relevant laws and regulations, are unsafe, waste resources or pollute the environment<\/em>.\u201d\u00a0 According to <a href=\"https:\/\/www.reuters.com\/article\/us-china-cryptocurrency\/china-says-it-wants-to-eliminate-bitcoin-mining-idUSKCN1RL0C4\" rel=\"nofollow\">Reuters<\/a>, the general public has until May 7 to respond to this draft proposal.<\/p>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-377788\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?resize=1280%2C1024\" alt=\"Bitcoin BTC\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-9.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>At the time of press, Bitcoin (BTC) bulls are firm and up 25 percent in the last week. Although prices are stabilizing in lower time frames, we expect prices to drop towards the $5,000 mark in a healthy correction before prices rally back towards our first targets at $6,000.<\/p>\n<p>To reiterate our stand, <a href=\"https:\/\/wncen.com\/2019\/04\/07\/bitcoin-btc-is-not-a-joke-or-a-bubble-6000-easy-target\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> is trading within a bullish breakout pattern, above a five-month resistance trend line, which is evident in the weekly chart. However, bears still have the upper hand if we break-down price action from a top-down approach.<\/p>\n<p>Therefore, unless otherwise there is high-volume surge above $6,000, there is always a risk of BTC melting down mirroring losses of Nov-2018 driving back prices to $3,200 or lower.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Volumes are low averaging 18.1k by yesterday\u2019s close. In a bullish breakout pattern, this is normal. Prices may drop towards $4,500&#8211;$700 zone in a natural correction with light volumes below 54k of Apr 2. It is from this zone that bulls can ramp up at fair prices to targets at $6,000.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin prices stable above $5,000 NDRC of China propose Bitcoin and cryptocurrency mining China\u2019s National Development and Reform Commission (NDRC) of the opinion cryptocurrency and Bitcoin (BTC) rigs don\u2019t adhere to relevant laws and regulators, pollute the environment and unsafe and therefore propose a ban. If that is the case, the network\u2019s hash rate will drop and so will prices. Bitcoin Price Analysis Fundamentals Hours after reliable sources revealed that Bitcoin traders were circumventing state restrictions and funneling funds to BTC via stable coins with OTC facilitation, news is China could ban Bitcoin mining. Yesterday, we reported that Chinese traders were flowing back and thanks to OTCs, they could at any time convert their CNY to USDT albeit at a premium taking advantage of increasing BTC prices further boosting a recovering market. As it is, trading volumes, mainly from SE Asian countries like South Korea, are accredited for stabilizing the market as crypto trading and general adoption is high in these jurisdictions. Despite the ban, China is still a central player in Bitcoin mining and most of Bitmain\u2019s rigs across the country. Bitmain has solid plans of rolling out 200k miners as the chipset manufacturer take advantage of low electricity prices this rainy summer. Now, Bitcoin mining may end up being illegal just because the National Development and Reform Commission (NDRC) is of the opinion that cryptocurrency mining and 450 other activities \u201cshould be phased out as they did not adhere to relevant laws and regulations, are unsafe, waste resources or pollute the environment.\u201d\u00a0 According to Reuters, the general public has until May 7 to respond to this draft proposal. Candlestick Arrangement At the time of press, Bitcoin (BTC) bulls are firm and up 25 percent in the last week. Although prices are stabilizing in lower time frames, we expect prices to drop towards the $5,000 mark in a healthy correction before prices rally back towards our first targets at $6,000. To reiterate our stand, Bitcoin (BTC) is trading within a bullish breakout pattern, above a five-month resistance trend line, which is evident in the weekly chart. However, bears still have the upper hand if we break-down price action from a top-down approach. Therefore, unless otherwise there is high-volume surge above $6,000, there is always a risk of BTC melting down mirroring losses of Nov-2018 driving back prices to $3,200 or lower. Technical Indicators Volumes are low averaging 18.1k by yesterday\u2019s close. In a bullish breakout pattern, this is normal. Prices may drop towards $4,500&#8211;$700 zone in a natural correction with light volumes below 54k of Apr 2. It is from this zone that bulls can ramp up at fair prices to targets at $6,000. Chart courtesy of Trading View<\/p>\n","protected":false},"author":384,"featured_media":344598,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1310],"class_list":["post-377786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-china"],"acf":[],"yoast_head":"\n<title>China Scare, Bitcoin (BTC) Mining Ban? 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/wncen.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"China Scare, Bitcoin (BTC) Mining Ban? 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"China Scare, Bitcoin (BTC) Mining Ban? 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