Unrest In Asia Market Caused Bitcoin Price to Drop

Following a happy Thanksgiving weekend, the cryptocurrency market awoke with unfavorable news. Bitcoin fell in the early hours of the Asian trading day. As instability in China intensifies, this slump parallels the decline in Hong Kong and other equity markets.

Bitcoin dropped by 3% to $16,000 on Monday, February 28 at 2:00 UTC before edging marginally higher. The same thing happened to significant coins. Ethereum is now down roughly 4%, while Solana, BNB, and Litecoin are down about 7-9%. Despite the state of the market, Dogecoin is the lone survivor, increasing by 8%.

The global market is currently in turmoil as a result of large protests in China. China residents are protesting across the country in response to the country's stringent COVID-19 legislation. The protest is spreading like wildfire, scaring investors around the world. Furthermore, this demonstration comes at a sensitive time for cryptocurrency markets. The present market is still struggling to recover from the FTX debacle, while public panic reaches unprecedented heights.

According to Reuters, protests are still taking place on university campuses and in eight cities. In addition, hundreds of demonstrators clashed with police in Shanghai. This is the most widespread expression of discontent with the administration since President Xi Jinping took office a decade ago.

The month of November has not been kind to the cryptocurrency market. Since early 2022, BTC has fallen by almost 21%. In the blink of an eye, cryptocurrency behemoth FTX declared bankruptcy. Many people are skeptical of crypto assets and investments. However, many prominent investors, including as Cathie Wood, remain bullish on the cryptocurrency markets.