Bitcoin has traded above the $60,000 mark for a week, as China’s influence on the digital currency finally wanes.

It has been more than 150 days since China banned Bitcoin mining, prompting BTC market prices to drop. But signs last week suggest that the market was starting to rid itself of China’s influence as it recovers to new price heights.

When China began cracking down on BTC mining, the price dropped to one of the lowest in BTC history. Miners had to move out of China, and BTC network hash rate fell by 50 per cent, and BTC price fell to towards the $30,000 mark.

However, from late September until now, BTC has been making a renaissance, erasing any trace of China’s impact. This is happening in spite of the recent crackdown by Chinese authorities on BTC-related activities in China.

China’s move to ban BTC mining has improved the decentralisation of mining, solving a weakness of the BTC ecosystem in the process.

Last Wednesday, BTC hit a new high of $66,930.39 during the day’s trading. BTC’s price recovery has had the digital currency trade at an average price of $62,518.45 in the last seven days. It closed trading at $62,210.17 on Friday.

After hitting an all-time high in April ($64,863), BTC began to fall in May after Elon Musk announced that his company, Tesla, was not going to accept BTC payment any longer.

China later announced a ban on BTC mining, and BTC declined to $30,000 levels.

In October 2020, BTC was about $11,000. Its price recovery is coming as central bank digital currencies gain momentum.

The Central Bank of France has completed a significant trial of a blockchain-based CBDC in the country’s debt market.

According to the Financial Times, over 500 institutions in France participated in the 10-month experimental testing of the CBDC issued by Banque de France for government bond deals.

The trial allowed participants to trade government bonds and security tokens, settling them using a CBDC supplied by the apex bank. The project also tested the use case of CBDCs in a range of everyday activities, such as issuing new bonds, using them in repurchase agreements, amongst others.

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Source: Bitcoin trades above $60,000 as China’s influence wanes

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