Bitcoin Price Drop Due to Protest In China

[Wilbur Kwok]

Following a happy Thanksgiving weekend, the cryptocurrency market awoke with unfavorable news. Bitcoin fell in the early hours of the Asian trading day. As instability in China intensifies, this slump parallels the decline in Hong Kong and other equity markets.

Bitcoin dropped by 3% to $16,000 on Monday, February 28 at 2:00 UTC before edging marginally higher. The same thing happened to significant coins. Ethereum is currently down roughly 4%, while Solana, BNB, and Litecoin are down about 7-9%. Despite the state of the market, Dogecoin is the lone survivor, increasing by 8%.

Mass protests in China are currently causing turbulence in the world market. In response to the strict COVID-19 restrictions in the nation, Chinese citizens are protesting all around the country. The protest is spreading like wildfire and has scared off investors all around the world. Additionally, the timing of this demonstration puts the crypto markets at risk. As public anxiety soars to an unprecedented degree, the market is still struggling to recover from the FTX disaster.

According to Reuters, there are still protests taking place in eight towns including on college campuses. In Shanghai, hundreds of protesters and police engaged in combat. Since President Xi Jinping took office a decade ago, this is currently the largest demonstration of discontent with the administration.

 

[arunima25]

My knowledge for bitcoin and other crypto currency comes from the online sources. I have no personal experience as I kept myself away from crypto. It's future and legal status has always been unclear in my country India and I preferred to stay away from it till a clear picture was there.
Now coming to the protests in China. It's making news everywhere. People seem to be fed up of the authoritarian government and many even want to have a democracy there. The protests might have impacted the price of the Bitcoin to some extent. But the fall in the price of Bitcoins started much before that abd it has been months now that the bearish phase in the crypto market continues. China made some unfavorable decisions around crypto market. And that was definitely one of the major contributors to the beginning of the bearish phase. China is a big market abd so the unfavorable remarks about crypto did impact the market. The latest protest might have added to that in a small way.
I read that all crypto coins are on fall. It's surprising to know that Dogecoin has increased by 8%. What I knew from the online sources that Dogecoin was one of the worst affected coins in this bearish market.

 

[saoussen5765]

The bitcoin is affected by the global event and the economy of the countries so it is not something strange at all that you may get bitcoin down after such China protest.