China vs. Bitcoin: Will we see $ 100,000?

continues to consolidate in a narrow range of $ 41,000 - $ 43,000 and shows no clear intentions to interrupt the downward trend. Market participants believe that the potential for a decline in the BTC has not yet been exhausted and that the large sale will probably be resumed in the coming days. It should be noted that the news background supports this scenario.

On September 27, large crypto exchanges stopped registering new accounts for users in China. In particular, the representatives of the world's leading crypto exchange Binance said that registrations with Chinese mobile phone numbers were now closed and the Binance mobile app in this country was not available for download. Huobi made a similar announcement. Such restrictive measures were the result of Beijing's latest approach to cryptocurrencies.

On September 24, the People’s Bank of China explained all digital coin transactions, including trade. It was also known that the online trade company Alibaba (NYSE :) intends to ban the sale of devices, software, tutorials and all crypto-related goods and services on October 8. Against this background, a number of large mining pools were closed in China. The largest BTC mining company F2Pool refused to operate Miners based in China, and the second largest mining pool ETH Sparkpool announced his work by the end of this year.

The number of transactions in the network has been declining since May and is now on several years of low. The increase in the number of transactions is usually connected to the upward mood on the market, since it shows the influx of new participants into the network. A decline in transaction numbers, on the other hand, is a sign of falling interest and a decline in active users. Around 200,000 transactions are currently being processed every day, which corresponds to the level of Baisse 2018. The main participants of the Bitcoin network are long-term owners who do not want to sell their tokens and still expect that the long-term upward trend will start again to over $ 100,000.

The general risk of risk to the dealers in view of the continuing debt problems of the Chinese developer. Evergrande (OTC :) and the potential US debt failure continue to burden the entire cryptocurrency market. On Monday, the Republicans of the US Senate blocked an issue law proposed by the Democrats that could provide funds for government agencies and increase the debt limit. The current financing of the government expires on October 1st. US Finance Minister Janet Yellen explains on Tuesday that the government will not be able to fulfill all the nation's obligations, unless it increases the loan border by October 18. Most likely, the congress will reach an agreement at the very last moment. Until then, the panic of investors can hit crypto enthusiasts hard. However, Bitcoin will run the risk of falling to $ 30,000 in the coming days, and only then will growth most likely resumed.