Bitcoin Stabilizes As China Concerns Remain, Terra Surges 25%
The consensus from analysts at this point is that Bitcoin is expected to consolidate and remain range-bound with support to be found near the 200-day moving average. Analysts also expect another attack of the $50,000 price level in September, although selling pressure remains high at that point.
China crackdown extends
Meanwhile there are renewed worries entering the market that the Chinese authorities will conduct another sweep of Bitcoin mining facilities in their country.
According to an article published on the website of the State Power Company of China, Lanzhou, Gansu, is conducting inspections on Bitcoin and other cryptocurrency mining, requiring companies to sign a letter of commitment not to conduct mining. https://t.co/g6pU70B98f— Wu Blockchain (@WuBlockchain) September 10, 2021
The well informed Chinese journalist website Wu Blockchain claimed yesterday that:
According to an article published on the website of the State Power Company of China, Lanzhou, Gansu, is conducting inspections on Bitcoin and other cryptocurrency mining, requiring companies to sign a letter of commitment not to conduct mining.
In May of this year, when Chinese authorities conducted their first sweep of Bitcoin mining facilities and forced many companies to move out of the country, the price of Bitcoin dropped to $29,000.
Terra climbs 25%
Meanwhile when we look at the broader altcoin market, there is a strong riser to be noticed with Terra at spot 11. It is up some 15% today and 25% in a week after announcing exciting new projects.
Terra is an Ethereum-based blockchain protocol. The project claims to use the price stability of some of the world’s biggest fiat currencies and combine it with borderless financial infrastructure. According to the project’s whitepaper, its goal is:
To replace complicated payment systems such as credit cards, banks and payment gateways with a single blockchain layer.