Pennsylvania Senator Pat Toomey argued that China’s crypto crackdown is a great opportunity for the US, as we’ll learn in the latest crypto news.
The reports, pointing to further regulatory pressure on cryptocurrencies in China, would be good news for the US as the country appears to be targeting mining and trading. The crackdown announcement triggered a market-wide pullback, bringing BTC over $ 40,000. Senator Pat Toomey, who represents the state of Pennsylvania, said this could be a great opportunity for the US.
China’s crypto authoritarian crackdown on cryptocurrencies including BTC is a great opportunity for the US as it is reminiscent of China’s enormous structural advantage.
The politician added that Beijing is very hostile to economic freedom and cannot even allow its own people to participate in the most exciting innovation in finance. Toomey believes that economic freedom is the foundation for growth and an increase in people’s living standards.
As recently reported, BTC volatility continues as BTC drops below $ 42,000 as the weekend is slated for a weekly close and data from Tradingview shows the BTC / USD pair will drop $ 1,000 in just an hour of rebounding Lost US dollars. The weekend started the pair at around $ 43,000, which is important since that’s the weekly closing price. Others argued that lower price action would match the aftermath of BTC’s volatility on Friday, with $ 36,000 cut off for the bulls. The story of the Chinese ban still dominates the debate, affecting some of the most iconic names in the industry as the reaction, as well as nervous traders, has crashed the cryptocurrency. Despite the chaos, nothing has really changed in China as the government reiterated its current stance, and when the ban began in 2017, BTC hit an all-time high.
The total market capitalization of all cryptocurrencies in the entire market, including the total price of all tokens in circulation, is down around 5% today as the Chinese government once again makes it clear that its negative stance on cryptocurrencies persists.
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