In the last week, the price collapse experienced by the entire crypto market has made millions of people forget for a while about the consequences of the new Coronavirus, and turn their attention to the technical downtrend currently developing in Bitcoin, which, if maintained, may cause prices to fall below $104,000.

Although on a chart level, the patterns of a downward trend are beginning to be seen more clearly, and that added to the low volatility of the market are elements that hit the crypto world, it is also worth mentioning that around the Bitcoin a series of external events have taken place that do not favor the crypto market at all, since they have been awakening a sense of panic in investors.

Among the panic feelings, the one that has hit investors the most is the one linked to the restrictions that China has been implementing against Bitcoin miners, since the Asian giant as a repressive measure has reached the point of closing mining farms, an element that according to recent speculations triggered the migration of 3 tons of mining equipment to Maryland - United States of America.

In multiple crypto news portals, it is claimed that cryptocurrency miners in China are looking to migrate to the United States of America, due to the energy measures that the government of the Asian power is taking against the crypto industry.

Maryland is one of the major states that make up the United States of America, is economically a major financial center and has about 60% of its electricity produced by coal-fired power plants, so the migration of mining equipment does not sound so negative.

Now beyond the fact that Bitcoin prices and the entire crypto market continue to fall, probably due to the prohibition measures implemented by China against cryptocurrencies, it is also important to consider that simultaneously events are occurring in favor of the crypto market, among these the different reactions that have been generated after El Salvador adopted bitcoin as legal tender, which will probably force the World Bank to accept payments in bitcoin, in accordance with the Articles of Agreement of this global financial organization.

Despite the convulsed context in which the crypto world finds itself, I am confident that in the time to come the wind will blow in favor of the crypto market. I would like to know, what do you think?

[1] Crawley J Chinese Logistics Firm Airlifting Bitcoin Mining Machines to Maryland: Report. Article: Online Access