Crypto Market Rose Amid China Crackdown — Will Bitcoin Hit $60k?

The crypto market has risen again amid China’s declaration that crypto-related businesses are illegal.

More so, the reason for the recent price drop is that the People’s Bank of China (PBOC) announced that BTC, ETH, and USDT are not legal tender in China. Because of this, Bitcoin’s price dropped by almost $2,000 as the news flew around.

In fact, Galaxy Digital CEO Mike Novogratz commented on a tweet that the crypto market was down for three reasons.

This Bitcoin price drop is common whenever China FUD revolves. Moreover, Mike Novogratz, in a CNBC interview, mentioned that he believes the Bitcoin market is in good shape.

Bitcoin Price Will Break Out New Highs Soon

The cryptocurrency market has risen back again. Bitcoin price surged strongly on Sunday after seeing a sharp drop on Friday and Saturday, following China’s crackdown news. Over the weekend, many leading digital assets bounced back on Sunday.

Despite a whole country adopting bitcoin this year, nearly a lot of companies added Bitcoin to their balance sheets and billionaire crypto investors praised it every week. However, bitcoin has not come near to its May highs.

Currently, the crypto market is making a fast recovery from its drop. At the time of writing, the price of Bitcoin trades at $44,204.03 based on data from CoinMarketCap.

Just like the 2008 financial crisis which inspired Satoshi to create bitcoin, the growing crisis worldwide will likely push Bitcoin to great new highs. Furthermore, the upcoming Bitcoin’s Taproot upgrade will also make the Bitcoin price to hit $60,000 soon.