Key Takeaways
- Bitcoin’s price jumped above $44,000 following China’s ban announcement on Friday
- The price of bitcoin has recovered and pushed higher after every crackdown from China
Bitcoin Jumped Over $44,000 to Kickstart the Week
Bitcoin jumped over $44,000 per coin to kickstart the last trading week of September. The original cryptocurrency reached a session high of $44,300 per coin.
Over the weekend, the price of bitcoin remained steady above the $43,000-mark, following another ban by Chinese authorities on Friday. The world’s number one cryptocurrency slipped to a low of $40,700 on Friday, but shortly after its lowest point, bitcoin bulls took control.
Bitcoin finished Friday trading at about $43,000, lower by 3.8% on the day. During the weekend, the price hovered fairly flat as it ended Saturday with a slight loss, and Sunday with a modest gain. Bitcoin lost less than 1% on Saturday, and stayed in the $43,000 area.
Sunday’s crypto market action saw bitcoin slide near its Friday lows in a trading environment with low volumes. Later, however, the orange coin jumped about 7% from a daily bottom of $40,700 to finish the day at levels near $43,600 per token.
Crypto Participants Unfazed from China’s Harsh Step
The ban on bitcoin and all crypto-related activities from China’s central bank did not faze crypto market participants this time around. In reality, China’s efforts to stamp out bitcoin have been going on for years. Since 2013, China has had several major attempts to shut down the fast-developing cryptocurrency market.
History shows that bitcoin has been able to recover and even surpass its previous highs after every ban coming from China. On that note, crypto market participants are not worried about the current stance of China officials who are looking to disrupt the crypto revolution.
Bitcoin Has Pushed Higher After Every Ban from China
Moreover, crypto hedge fund manager Dan Morehead pulled out bitcoin’s performance after every ban from China. Since the first time China issues a ban on crypto, bitcoin has returned 4,868%. The second time Chinese authorities cracked down on digital assets was in 2017. Since then, bitcoin has advanced 1,206%. And the latest crypto ban was in May this year.
During the last four months, the original cryptocurrency has added nearly 40% to its value after another unsuccessful attempt from China to ban the crypto industry. “If I knew nothing about a disruptive new technology other than that China was trying to ban it – I’m buying,” said Mr. Morehead, founder and CEO of Pantera Capital.
According to crypto advocates, the current short-term slump near the $40,000 is another chance for those holding out to hop on the crypto bandwagon and experience the wild ride. If you are among those who’ve been waiting on the sideline, considering taking the leap and buying bitcoin, head over to our Buy Bitcoin 2021 Guideline.
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