Privacy Coins Up, China State TV Claims With Crypto: We’re All Gonna Die

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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.

If you see this and you’re not bullish #Bitcoin, there’s something wrong with you. pic.twitter.com/ws4kKM3T47

— Stephan Livera (@stephanlivera) May 29, 2021

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.

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.

President Joe Biden is expected to present his $6 trillion budget for spending in infrastructure, education and other initiatives. Here’s the week in numbers pic.twitter.com/wsE4fCHuD7

— Reuters (@Reuters) May 28, 2021

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.

Walked into my hotel room and this was playing on the tv

*Proceeds to scream 😂 pic.twitter.com/6p1XHk0txh

— Hailey Lennon (@HaileyLennonBTC) May 28, 2021

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.