Monday, September 26, 2022

China’s attempt to kill Bitcoin failed — Here are 3 reasons why By Cointelegraph

-


China’s attempt to kill Bitcoin failed — Here are 3 reasons why

(BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regions after giving BTC miners a two-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.

The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla (NASDAQ:) would no longer accept Bitcoin payments due to the environmental impact of the mining process. It remains unknown whether China’s decision was influenced or related to Musk’s remarks, but undoubtedly those events held a negative effect.

Bitcoin estimated hashrate. Source: Blockchain.com
Huobi Global peer-to-peer market advertisement. Source: Huobi
Weekly spot volume, USD. Source: Cryptorank.io