Chinese News media are once again dragging cryptocurrencies under their news agenda during the recent correction in the crypto market.
2 days ago, the whole crypto industry saw huge amounts of fund outflow, and the whole situation was initiated because of the increased inflation rate based news and bearish sentiment supported panic level among the crypto Investors.
In particular, bitcoin touched a price of around $18,600 and after that majority of the crypto assets like Ethereum, Cardano & BNB saw significant correction, where almost every coin lost the strongest buy support wall.
By taking reference to that situation, the Chinese Communist Party media outlet reported that the intrinsic value of Cryptoassets is nothing, and degradation in the trust among the crypto investors will make it zero-valued assets, South China Morning Post reported.
Chinese news media also claimed that the whole Crypto industry is backed by “manipulation and pseudo-technology concepts”. The covered news by this media outlet was a double-down statement of the Chinese Central Bank, the People Bank of China, which imposed a blanket ban on cryptocurrencies back in Q4 2021.
The news media outlet also stated that the crypto industry will reach at worse level when all the government agencies of other countries will declare it illegal and that will act as a catalyst to lose interest in crypto.
2021 & China Bitcoin network hash rate contribution
In 2021, Chinese Bitcoin miners were bearing around 80% of the load of the Bitcoin network, thanks to the cheap electricity tariffs in China.
But when the Chinese government & Central Bank announced a ban on cryptocurrencies then every crypto-related business have been forced to get out of China.
With the decision to a blanket ban crypto in inina, the whole Crypto industry faced a downfall in the price of cryptocurrencies with a very high difference.
The majority of the crypto mining companies shifted their operations to friendly countries like the US & Kazakhstan. Right now Kazakhstan is the second biggest Bitcoin network hash rate contributor.