There is an opinion that the Chinese ban is actually good for the bitcoin price in the long run. The ongoing crackdown on bitcoin mining and trading could boost bitcoin and other cryptocurrencies in the future.
India is leading the way in cryptocurrency investment over the past 12 months, despite tough regulatory threats in the country. Investment in digital currencies began to rise in the middle of last year (2020) as the Kovid 19 pandemic spread at a rapid pace.
Iran has long been known as a crypto-friendly nation, but in the recent past it has changed its view towards this emerging industry. Currently, authorities in Iran are in the process of arresting bitcoin and cryptocurrency miners on a large scale. The move is a threat to the entire cryptocurrency industry as it cripples its planned growth.
China seems to have started a real war against the cryptocurrency community. Shortly after banning crypto mining and trading, the government forces one of the country’s biggest social media platforms to ban fintech bloggers.
Following Google's announcement of lifting the ban on Bitcoin and cryptocurrency ads on its website platform, the prices of major coins have skyrocketed dramatically. The total market cap has increased from $1.664 trillion to over $1.742 trillion, indicating a massive and bullish growth in the entire market of about 5%.
The condition of cryptocurrency miners in Iran is continuing to worsen as the government imposes a ban on the mining activity citing high energy consumption of the operation that have been causing power outages in the country. The poor Iranians who have been depending on crypto-mining will suffer more due to the government decision to prohibit mining during hot summer months.
The entire crypto market cap has lost over $689 billion, indicating a decline of about 30% in just a week. In the past 7 days, the price trend of most tokens has been worrying and it's hard to predict what will happen next in this nascent lucrative industry.