{"id":1453,"date":"2022-01-04T22:20:28","date_gmt":"2022-01-05T03:20:28","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1453"},"modified":"2022-01-04T22:21:29","modified_gmt":"2022-01-05T03:21:29","slug":"the-beijing-hammer-on-bitcoin-is-over-will-price-recover","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/the-beijing-hammer-on-bitcoin-is-over-will-price-recover","title":{"rendered":"The “Beijing Hammer” on Bitcoin Is Over. Will Price Recover?"},"content":{"rendered":"\n
\"The
The Beijing Hammer On Bitcoin Is Over<\/figcaption><\/figure>\n\n\n\n

It has been described as the last Beijing hammer, the last arsenal, and China’s final blow to crypto.<\/p>\n\n\n\n

The inevitable result has been trader exodus and a sad de-platforming of Chinese traders.<\/p>\n\n\n\n

For what’s there, Bitcoin’s rally was clipped. This saw prices close 2021 below the $50k level\u2014an anticlimax for maximalists and permabulls.<\/p>\n\n\n\n

At the time of writing, on-chain data reveals that Bitcoin has support considering the block buys in leading cryptocurrency exchanges. Already, there has been quite an exodus of coins<\/a> from Coinbase to third-party, off-grid non-custodial wallets. Overall, this is a net positive for prices recovering from intense selling pressure.<\/p>\n\n\n\n

Analysts pin this formation on China and regulators’ orders to Chinese traders requiring them to exit cryptocurrency exchanges. It is in line with the regime’s stand on cryptocurrency.<\/p>\n\n\n\n

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The 2021 #china<\/a> crypto ban actually has delayed enforcement. The China exchanges (Binance, Huobi, OkEx) all have until this month (Dec) to fully de-register their Chinese clients & force withdraw coins. Once done this could be the ultimate catalyst for upward $BTC<\/a> price movement!<\/p>— Bobby Lee – Ballet: World's EASIEST Cold Storage! (@bobbyclee) December 2, 2021<\/a><\/blockquote>