Bitcoin bore a huge loss at the end of 2021. Consensus is around China for being the main reason for weakness.
China’s Optimism on BTC
BTC and USD dived $2,00 to $45,630 on Bitstamp before a modest recovery of data from Trading View Shows.
The lack of parabolic upside for Bitcoin has been seen while some anticlimax is far below much popular projection. Chinese Government is tightening the screws around crypto trading which were obliged to deregister them.
Bobby Lee, the former CEO of exchange BTCC and China’s optimism in Beijing’s arsenal has a considerable impact n selling behaviour. He argued, “Maybe that is why the hotly anticipated year-end bull market has not taken off yet” in one of his tweets in early December.
Others also supported his tweet this week. Blockstream says the possible pressure from offloading users of China could sell their BTC to withdraw capital. Thus, leading to a rise in balance.
That is also a big reason for optimism going forward as the Chinese exchange will be cleared by the end of this month.
Jesse Knutson, the Blockstream Analyst, says in the latest weekly newsletter of the firm, “I think this probably explains why we have seen Bitcoin typically trade weaker Asia hours vs US and European hours.
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