The Chinese government is apparently easing its approach to cryptocurrencies, and there are rumors that it may reverse its proof-of-work mining ban. The Chinese real estate market is booming, and it is suggested that Chinese liquidity has been in charge of global markets for the last decade. Hong Kong is pushing for web 3 adoption, and its budget planning identifies web 3 technologies as one of the key three focus areas. In contrast, the US government is working to restrict people’s access to cryptocurrencies by attacking staking services, cryptocurrency exchanges, and cryptocurrency banking-related services. Operation choke point 2.0 is an attempt by the US government to unbank cryptocurrency companies via back doors, putting pressure on US banks. Many crypto innovations are moving overseas, and the chart shows clear evidence of that. The move above $30,000 in Bitcoin price could really serve as a good indication for a stronger rally building into the summer months, as long as there is a weekly close above $30k.
