Bitcoin Price has Managed to Stay Above $60k Despite Severe Crackdown of China

It has been a rough couple of months for Bitcoin, especially after China issued a very severe crackdown against cryptocurrencies and Bitcoin mining. The operation started by limiting the international exchanges from serving the local crowd and keeping their dealings with international users only. Next, the miners were notified that they had to shut down their operations, whether small or large, as the state doesn’t wish to get along with this procedure anymore. Not only this, but there were raids and search parties to close down these mining facilities and disband their operation altogether.

As a result, many Bitcoin miners were forced to leave the region and look for other friendly frontiers which would take them in and where they could once again begin mining. This initiated a market-wide crash within the crypto market which is also known as the mid-May crash. The price of Bitcoin took a very severe jolt, and it came flashing down to an even $30K.

Bitcoin Investors should Hold Bitcoin

Since then, Bitcoin has been trying its level best to get through these resistance levels, and it has failed multiple times to first cross the $45K, then the $50K, and after that the $55K. But all those corrections and hard times are now past Bitcoin as it has managed to take on a new all-time high above $66K. At the time of writing, the cryptocurrency is officially trading at $62K, and the chances of this bullish run to remain there with Bitcoin are even larger than the previous all-time high.

The CEO of MicroStrategy, Michael Saylor, has summed up this situation by saying that those who have sold their Bitcoin earlier are now definitely regretting that decision as Bitcoin has once again proved that it is not only the ultimate digital asset there is but the most subtle hedge against inflation as well. Some are even saying that from there on, the flagship cryptocurrency shouldn’t have any problems breaking further resistances down the road and reaching new all-time highs before taking a jolt once again to fall back as the market corrections do catch up with every cryptocurrency when they do.

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