BITCOIN: Crypto Crash Hits As Bitcoin Records Half of All Time High
BITCOIN: Crypto Crash Hits As Bitcoin Records Half of All Time High
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
Cryptocurrency exchange platforms such as Binance have since been feeling the heat across the world as regulators and governments began to turn the screws on the operations of such platforms in the wake of crypto’s global crackdown.
The result of this saw Bitcoin’s highest prices sliced in half in June, with the coin struggling to break out of the low to mid $30k price range until it received a welcome boost from Tesla CEO Elon Musk in his appearance at major Bitcoin conference in July increased confidence in Bitcoin could see it remain at prices fluctuating between $60,000 and $70,000 in future, but with increased resistance as it looks toward a $100,000 price prediction for the year ahead in 2022
