China’s regulations and bans in the cryptocurrency sector have often led to short-term corrections in the markets. Finally, the guide, which was published in early September but took place in Western media last week, caused Bitcoin’s price to drop from around $ 47,000 to less than $ 42,000 at the time of broadcast. news.
However, this holds only in the short term, according to Fundstrat Insight data, and even leads to long-term bull trends.
Share a table that reflects the data in question. Twitter user Will McEvoyargued that China’s Bitcoin bans offer excellent buying opportunities. According to the table, China’s Bitcoin bans provided investors with an average return of 1,140 percent in the following period.
– Will McEvoy (@will__mcevoy) September 24, 2021
China’s ban on financial institutions from transacting with Bitcoin in 2013 caused the cryptocurrency to depreciate 15 percent in the first week and 63 percent in the first year. However, the return of Bitcoin to investors in the following periods was 4,266 percent.
China’s announcement in September 2017 that cryptocurrency exchanges were banned from the country led to a 3 percent correction in the first week. However, the cryptocurrency had risen to $ 20,000, the record level at the time, in just 3 months. Since then, the largest cryptocurrency has returned 965 percent to investors.
According to the Cointelegraph report, institutional investors have used the past week as a buying opportunity. Institutional crypto products received an investment of $ 95 million during this period.
The Agricultural Bank of China, China’s third-largest bank, announced on June 21 that it would terminate relationships with clients who have transacted crypto, further deepening the already corrective market decline.