Bitcoin took a beating on Tuesday, extending losses all the way down to $29,300, a level not seen since January, before climbing back, ending the day at $32,000.
The main concern that spooked Bitcoin investors was news that China is tightening its grip on crypto transactions and mining, shutting down 90% of the country’s mining capability.
Additionally, the People’s Bank of China ordered a halt to over-the-counter (OTC) transactions.
Saifedean Ammous, author of “The Bitcoin Standard”, told David Lin, anchor for Kitco News, that you can’t technically “ban” Bitcoin and that historically, even following an 80% correction, the price has always bounced back.
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Saifedean Ammous on Twitter: @saifedean (https://twitter.com/saifedean)
0:00 – China ban on transactions, mining
7:12 – What caused price decline?
8:03 – Transaction fees
10:29 – The Bitcoin Standard
15:30 – Bitcoin used in illicit activity
18:20 – “Bitcoin thrives on adversity”
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