Another significant market correction took place against the backdrop of strengthening anti-mining measures in China. After the ban on miners in Sichuan province, the hashrate of the bitcoin network fell to 91 Eh/s, which was observed last November.
This is not FUD
Monday, 21 June 2021, Twitter users got the hope that the actions of the Chinese authorities were kind of ordinary FUD: news of the bans abruptly disappeared from one of the major news portals. As it turned out, the government anti-lobby wanted this news to be released simultaneously on all top sources, so that their message is guaranteed to be heard by the market participants.
Reallocation of capacities
Experts expect a massive migration of both hardware and miners from China. The authorities of such American states as Florida, Texas and Maryland announced their readiness to create the best conditions for them. After the end of the "Chinese crisis", the decentralization of the network is expected to improve, as China controls up to 65% of the global hash rate.
Billionaire Michael Saylor's company Microstrategy has further increased its bitcoin capital by acquiring another 13,000 bitcoins for $489 million. The company now owns 105,085 BTC, which is equal to 0.5% of the total current emission. Large holders’ actions inspire hope for smallholders and support market prices. Earlier, at the Bitcoin 2021 conference in Miami, Max Keiser, host of the Keiser Report financial news and analysis show on RT UK and the Russian state RT network, also announced his refusal to sell the bitcoins.
According to PitchBook, large venture capital funds have already invested more than $17 billion in crypto technology this year. This is a record level of such investments in history.
EDC Blockchain tokens (BEP20)
EDC Blockchain, a blockchain platform providing services for entrepreneurs and crypto users, has successfully swapped custom ERC20 tokens for BEP20-standard tokens (EDCB) running on Binance Smart Chain (BSC). Now users have access to the capabilities of both the EDC and Binance ecosystems, including storing and managing BNB tokens in the EDC wallet, as well as storing, depositing and sending EDCB tokens, which allows them to conduct transactions in ~3 seconds, as well as not to overpay for fees.