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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Community Reacts to China Mining FUD, Will Bitcoin Price React Next?

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
NewsBTC China Bitcoin WeChat Telegram

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China is home to the vast majority of cryptocurrency miners, as the country is privy to extremely low energy costs compared to the rest of the world. But as Bitcoin price finds new life, lawmakers in the country are considering banning crypto mining among 450 other activities that are deemed to be unsafe, wasteful of natural resources, or pollute the environment.

The news is largely viewed as FUD in the crypto community, who have become accustomed to China threatening crypto in the past. Others believe that the news is actually bullish for Bitcoin, and could help the first every cryptocurrency become more decentralized.

Crypto Community Sounds Off On China Bitcoin Mining Ban

South China Morning Post reports that the National Development and Reform Commission (NDRC) has revealed a draft list of industrial activities the government is interested in restricting or outright banning, which include cryptocurrency mining.

Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In 

Due to China dominating the Bitcoin mining industry, both in terms of the actual mining of BTC, as well as manufacturing the rigs that support the activity elsewhere, the entire crypto industry was up in arms this morning following the breaking news.

Of course, China fears bring out the trolls. Let's be clear: China banning PoW mining doesn't mean they are banning rig manufacture. It doesn't mean the end of Bitcoin. You'd think that maximalist trolls would have higher confidence and thicker skin.

— Emin Gün Sirer🔺 (@el33th4xor) April 9, 2019

Cornell University professor and founder of Ava Labs Emin Gun Sirer took to Twitter to dispel the FUD, and clear up any confusion over what it means for Bitcoin. As he points out, manufacturing mining rigs won’t end, and the news certainly doesn’t mean “the end of Bitcoin.” Other crypto analysts and investors, simply shrugged off the news.

"China says it wants to eliminate bitcoin mining"#Bitcoin Fud pic.twitter.com/t11kNWD695

— WhalePanda (@WhalePanda) April 9, 2019

China has repeatedly flip-flopped its position on cryptocurrencies, but overall hasn’t been welcoming to the new financial technology and emerging asset class.

What Does the China Mining Ban Mean for Bitcoin Price?

Sirer suggests that previous “China FUD” has resulted in bullish price action in Bitcoin and other cryptocurrencies, but calls the effects of the recent news “pretty weak.”

Historically, news of this kind (aka "China FUD") has been correlated with price upticks. Though as far as consumer-affecting FUD goes, this is pretty weak. The impact is on miners, not regular users.

— Emin Gün Sirer🔺 (@el33th4xor) April 9, 2019

BTC has continued to range below resistance at $5,300 after a nearly $1,000 rally early last week, that began once Bitcoin broke $4,200. The price has remained mostly stable despite the largest source of BTC mining potentially being barred from the activity.

Related Reading | Bitcoin Price Surged More In 1 Hour Than Last Two Months Combined

Regardless of the lack of price action in response to the news, there are still many positive implications for Bitcoin that could stem from such a ban.

Bullish for 2 reasons:
1- higher costs elsewhere
2- more decentralization

— mos (@der_kil_) April 9, 2019

With China no longer able to dominate Bitcoin mining, the network will become more decentralized and therefore safer in general. In the past, China was said to have the means and potentially the motive, to destroy Bitcoin. The motive may remain, but the means will be greatly diminished should the NDRC proceed with their proposed amendments.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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