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After a joyous Thanksgiving holiday weekend, bad news woke up the bitcoin market. In the early hours of the Asian trading day, bitcoin decreased. This downturn coincides with the decrease in Hong Kong and other equities markets as unrest in China grows worse.
BTC/USDT Perpetual Graph on MEXC dipped following Asia Market unrest
On February 28 at 2:00 UTC, Bitcoin fell by 3% to $16,000 before edging slightly higher. Significant coins experienced the same outcome. Solana, BNB, and Litecoin are presently down about 7-9%, but Ethereum is currently down about 4%. Meme Master Dogecoin is the lone survivor, rising by 8% despite the market's situation.
Market volatility is currently being caused by widespread protests in China. Chinese citizens are protesting around the nation in opposition to the severe COVID-19 restrictions. Investors from all around the world have shunned the protest as it spreads like wildfire. The timing of this event also poses a threat to the cryptocurrency markets. The market is still battling to recover from the FTX debacle as public fear rises to an unprecedented level.
Reuters reports that protests are still going on in eight places, including on college campuses. Hundreds of demonstrators and police clashed in Shanghai. This is currently the biggest show of opposition to the government since President Xi Jinping assumed office ten years ago.
Final Reflections
November was not a fantastic month for the cryptocurrency market. BTC has dropped by almost 21% since the beginning of 2022. FTX, a sizable bitcoin exchange, filed for bankruptcy right away. Many people are hesitant to invest in or own cryptographic assets. However, many renowned investors, including as Cathie Wood, are still upbeat about the cryptocurrency markets.
After a joyous Thanksgiving holiday weekend, bad news woke up the bitcoin market. In the early hours of the Asian trading day, bitcoin decreased. This downturn coincides with the decrease in Hong Kong and other equities markets as unrest in China grows worse.
BTC/USDT Perpetual Graph on MEXC dipped following Asia Market unrest
On February 28 at 2:00 UTC, Bitcoin fell by 3% to $16,000 before edging slightly higher. Significant coins experienced the same outcome. Solana, BNB, and Litecoin are presently down about 7-9%, but Ethereum is currently down about 4%. Meme Master Dogecoin is the lone survivor, rising by 8% despite the market's situation.
Market volatility is currently being caused by widespread protests in China. Chinese citizens are protesting around the nation in opposition to the severe COVID-19 restrictions. Investors from all around the world have shunned the protest as it spreads like wildfire. The timing of this event also poses a threat to the cryptocurrency markets. The market is still battling to recover from the FTX debacle as public fear rises to an unprecedented level.
Reuters reports that protests are still going on in eight places, including on college campuses. Hundreds of demonstrators and police clashed in Shanghai. This is currently the biggest show of opposition to the government since President Xi Jinping assumed office ten years ago.
Final Reflections
November was not a fantastic month for the cryptocurrency market. BTC has dropped by almost 21% since the beginning of 2022. FTX, a sizable bitcoin exchange, filed for bankruptcy right away. Many people are hesitant to invest in or own cryptographic assets. However, many renowned investors, including as Cathie Wood, are still upbeat about the cryptocurrency markets.
