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Bitcoin was savaged by the Chinese authorities in June
The Chinese government has attacked Bitcoin mining, bank activity, social media influencers, and much more
Bitcoin still ended the month only $1,000 down, showing that China’s attacks are losing their potency
Time moves so quickly in the Bitcoin world that a week can seem like a month. This in turn leads to a month feeling like three, and so on. The upshot of this is that it can be hard to take in everything that has happened in a particularly turbulent month, and this is certainly the case for June. Thanks to one observant member of crypto Twitter however we can see just how much flak Bitcoin came in for in June, particularly from China, to the point where it’s remarkable that it’s even here at all, let alone still above $33,000.
China Tries to Beat Bitcoin Into Submission
The tweet in question came from Travis Kling, founder of Ikigai Asset Management, who posted a timeline of June and the various negative China-centric events that befell Bitcoin over the month, some of which made headline news and some of which went more under the radar:
June 2021 brought the most aggressive sovereign assault on #Bitcoin ever. That is not hyperbole, that is fact. Check this timeline- 25 discrete events in 30 days and I’m sure I missed a couple. A massive concerted effort from China. Yet here we are, making blocks & trading $33k. pic.twitter.com/YeRucQsUae
— Travis Kling (@Travis_Kling) July 1, 2021
Kling called this onslaught “the most aggressive sovereign assault on Bitcoin ever” and it’s easy to see why – the Chinese state sought to crack down through state media FUD, the closure of Chinese crypto influencers’ accounts, the strengthening of a ban on Chinese banks handling cryptocurrency proceeds, and of course the rapid closure of Bitcoin mining sites around the country. The latter episode resulted in the Bitcoin hashrate dropping to levels not seen for almost two years.
I’m Still Standing…
There was some good news in June, but this was massively overshadowed by bad, which went some way to explaining why the Bitcoin price ended the month lower than it started it. However, this was only by $1,000, which is quite remarkable considering all the mud that China was slinging at it.
Such a development goes to show that China’s attempts to crush Bitcoin simply aren’t working anymore, and given that they are almost out of ammunition it might not be too much longer until we can wave goodbye to China FUD once and for all.