23.06.202108:57 Forex Analysis & Reviews: Chinese miners are not discouraged by the actions of the authorities

The fundamental background for Bitcoin remains very weak and even downright negative. China continues to tighten legislation and prohibit mining on its territory, as well as any speculation in cryptocurrencies. Thus, Chinese financial institutions are now busy sending notifications to their clients that if they are noticed in transactions in cryptocurrency, their accounts may be blocked. And miners from at least four regions are assembling their equipment and going to transport it to other countries. However, the miners themselves are not discouraged. There are still a huge number of countries in the world where mining farms can be located. It is true that in the case of mining equipment in the country, there should also be no problems with electricity, which simply takes a huge amount for mining. Of course, miners pay for energy, but in principle it should be enough in the country where the mining equipment will be located. Miner Brandon Arvanaghi said in an interview that regular attacks by the authorities on Bitcoin only prove its importance and viability, so this is a good sign for the main cryptocurrency in the world. The former employee of the Gemini exchange believes that at this time many countries around the world are building consensus on Bitcoin, and the actions of the Chinese authorities are a good factor for Bitcoin in the long term. The miner compares the rise of bitcoin to a video game, where you go through various obstacles and then succeed. The same thing, according to Arvanaghi, awaits bitcoin, which sooner or later will establish itself as a means of preserving capital. Arvanaghi believes that due to the actions of the Chinese authorities, the role of the country where the largest number of miners is concentrated may shift to the United States, where the states of Texas and Florida are already able to offer economically beneficial conditions for the production of cryptocurrencies. However, it is hard to believe in such rosy prospects that Arvanaghi drew. Bitcoin is indeed experiencing ups and downs, but at the same time it continues to develop and conquer the world. However, it should be remembered that although bitcoin is decentralized, many countries of the world can simply ban it. Of course, here we are hardly talking about the United States, where it circulates in the form of derivatives on the stock market. However, as we can see, the PRC does not take into account the prospects and opportunities of the cryptocurrency segment at all and simply tightens the regulation of bitcoin and other digital assets, since it sees them as a threat to the stability of its economy and financial system.

Technically, in the 4-hour timeframe, bitcoin quotes fell to the support levels of $31,100 and $29,873 and rebounded from them. This rebound can trigger an upward movement in the sideways channel $31,100 - $41,000. Thus, at this time, you can count on the growth of bitcoin quotes up to the level of $41,000.