#Market UPDATES Bitcoin below $30K, but it's OK Chinese | CryptoQuant Alert
#Market UPDATES
Bitcoin below $30K, but it's OK
Chinese mining ban is good for crypto
Let the gains come to you
3 reasons why Bitcoin below $30K is OK
You've seen the headlines. Bitcoin is below $30K for the first time since blah blah blah.
We get it, BTC is down. Start by asking yourself — what's the point of the endless doom and gloom Bitcoin headlines?
The answer is a simple one. These headlines create even more downward price action, all of which is meant to try and shake you out of your coins.
But guess who's on the receiving end of Bitcoin sold cheaply? That's right — the exact same people and institutions creating FUD now.
So don't take your eyes off the prize. Here are 3 reasons why BTC below $30K is fine.
Zoom out. last year, BTC was $5K. Prices are 400%+ since then.
Reset. Run to $60K created greed. Corrections are needed.
Flippening. Watch as the old $20K resistance becomes support.
The last upshot is especially relevant. Take a macro view of the market, then you realize daily price action is largely a distraction from the real prize later on: $100K+ BTC prices.
The Chinese mining ban is great for crypto
There's been plenty of fear in the market about the Chinese mining ban. Not only are people confused about what it means for Bitcoin, there's mixed messages about the consequences.
The mining ban has broadly extended to over 90% of the active Bitcoin miners in China. As you probably know, China has so far dominated the Bitcoin hash rate through sheer mining capacity.
However, Bitcoin's global profile is rising every day, which increases the spotlight on everything wrong with Bitcoin. A few weeks ago, Elon Musk tanked the market after tweeting that Tesla would no longer process BTC payments due to environmental concerns.
In response, Bitcoin hero Michael Saylor convened a North American Mining Council conference and outlined environmental goals like using renewable energy for mining.
The Chinese miner crackdown is well-timed. More people, institutions, and entire nations are getting involved with Bitcoin but are simultaneously concerned about mining power concentration in China.
Now, mining power is set to redistribute globally. El Salvador recently announced geothermal Bitcoin mining sites and locales throughout Africa are being scouted.
So, while miners in China are losing out on a long lucrative position as the world's top BTC excavators, everyone else is in a winning position.
Put your portfolio on auto-pilot
In market conditions like these, the best thing is to take emotions out of trading & investing.
The top of the current cycle is in, and the bottom is near, which means the current zone is nothing but market chop designed to cut your portfolio to pieces.
Best Regards .
