Bitcoin Rises Breaking $49,000: Asian Selloff Fading

The market has been facing extreme volatility throughout the month due to uncertainties regarding China FUD and the regulations that are looming over the crypto industry. The Bitcoin price has breached the $49,000 mark after the pump during the Asian trading hours which is a testament to the fading Asian selloff that started with China banning the crypto trading entirely.

The Bitcoin price has breached the $49,000 mark after the pump during the Asian trading hours which is a testament to the fading Asian selloff that started with China banning the crypto trading entirely. The market has been facing extreme volatility throughout the month due to uncertainties regarding China FUD and the regulations that are looming over the crypto industry.

Some experts believe that the recent pump is a holiday fiesta and might see a correction soon, but if Bitcoin breaks the $50,500 Resistance mark, it can indicate a bullish signal going into 2022. Historical data proves that there is a pump in the crypto industry around the holidays as people talk about investment options with their family and many investment decisions are actually made around this time.

Large cryptocurrency exchange Huobi made its complete exit from China last week that has resulted in fading away of the sell off that was due to the strengthening of crypto ban by China. As more and more miners and crypto exchanges are exiting their operations in China, this sell off will be made sooner than we think, thus benefiting the crypto industry as a whole.

Also, Bitcoin’s illiquid supply has also increased above $14 Million since the drop in May. This indicated a positive note for the whole crypto industry.

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

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