China’s Crypto Ban Made Bitcoin Stronger According to Edward Snowden
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Answer China’s Crypto Ban Made Bitcoin Stronger According to Edward Snowden
The world’s largest cryptocurrency has found another supporter, which is the famous figure “Edward Snowden”, a former employee of the US National Security Agency.
Snowden reports that Bitcoin has surged more than 1,000% since March 2020 despite the ban on cryptocurrencies in China.
Snowden’s statement on Twitter was as follows:
Sometimes I think about the past and wonder how many people bought bitcoin in March 2020.
Bitcoin has risen 10-fold since then, despite a coordinated global campaign by governments to undermine public understanding of cryptocurrencies.
China even banned Bitcoin, but in fact it made it stronger.
In March 2020, the bitcoin price reached a low of around $5,000.
Read:Analysis: Bitcoin Needs to Recover $53,000 to Return to Bull Racing
Since then, the world’s most valuable digital currency has gained immense popularity among individual and institutional investors, resulting in a nearly 1,000% jump in the past 18 months.
Bitcoin is currently trading above $47,500 with a market capitalization of around $900 billion.
Bitcoin has overcome major hurdles over the past 12 months.
Earlier this year, China announced a complete ban on cryptocurrency including crypto-mining activities in the country.
As a result, the bitcoin mining hash rate has fallen by more than 50%.
However, the recent recovery in the bitcoin price has pushed the total mining revenue to a record high.
Bitcoin price movement:
After a difficult September, Bitcoin started October with a big rally.
Bitcoin touched a high of over $49,000 on October 3 while Ethereum price reached $3,480.
Commenting on the latest cryptocurrency price movements, Simon Peters, market analyst at eToro said:
Cryptocurrency prices struggled until the end of September, failing to make gains for most of the month or even hold out in some cases.
However, major cryptocurrencies rebounded over the weekend on the back of positive comments from Gary Gensler of the SEC.
Read:Binance platform joins a number of major platforms to create a stable digital currency
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