Privacy Coins Up And China State TV Claims With Crypto “We’re All Gonna Die”

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Last Updated on 29 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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In the past week, Bitcoin moved some 2%, Ether by 7%. With this, it is clear that the period of heavy fluctuations has (temporarily) ended again and the biggest cryptocurrencies are trading within a defined range. For Bitcoin this is the $30k to $40k range whilst for Ether it is mostly between $2,000 and $3,000. In order to break above those levels, we would need to see several daily candles close above significant technical levels. For that to happen, we’ll have to wait a bit for some more positive news to move the market.

Most altcoins are waiting for the two majors to move before they do anything although privacy coin Monero seems to buck the trend and it is up 22% today, 17% in the past week. Zcash, another privacy coin, does even better and is up 25%. Also Dash is performing really well with a 11% rise.

Meanwhile the worldwide stock markets looks like they are going to snap, Joe Biden prepares a 6 trillion dollar stimulus plan and the Chinese warn that if Bitcoin becomes a currency, then we’re all gonna die.

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Biden: Another 6 Trillion Dollar Stimulus

US President Joe Biden is riding a wave of popularity across both aisles of the political spectrum in his country and profits from this fact by asking for another round of stimulus from congress, this time to the tune of $6 trillion. With it, the White House would, according to the Wall Street Journal sharply raise taxes on corporations and high-income households to pay for his plans.

Normally this would provide a boost for Bitcoin which is seen as an inflation hedge but thus far any direct impact on crypto has not been seen. Then again, gold has also barely moved in the past week, although it is up 10% since Bitcoin’s selloff mid-May.

China State TV

Lastly, the level of FUD (Fear, Uncertainty and Doubt) spreading by the Chinese government against crypto is becoming quite apparent on their media channels.

During a panel discussion on state broadcaster CGTN, Qu Qiang, a representative for the Renmin University of China, was asked what would happen is Bitcoin is widely used in China or the rest of the world. His answer was quite telling. The man said that if Bitcoin becomes a currency, then we’re all gonna die.

Well, at least you know what to expect.