China Unrest Sparks Bitcoin Selloffs, with Some Analysts Setting Target of $10,000
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China Unrest Sparks Bitcoin Selloffs, with Some Analysts Setting Target of $10,000

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2 months ago

It isn't just the crypto markets that have been reacting to these protests, with selloffs also seen on the stock market.

China Unrest Sparks Bitcoin Selloffs, with Some Analysts Setting Target of $10,000

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Bitcoin slid by 2% to start the week as the markets reacted to anti-lockdown protests in China.

The world's biggest cryptocurrency was trading at $16,231.45 at the time of writing on Monday.

Major altcoins suffered larger losses, with Ether down 3.52% and BNB down 5.87% over a 24-hour timeframe.

All of this comes as demonstrations over tight COVID restrictions intensify around China, with officers using pepper spray against protesters in Shanghai.

In unprecedented scenes, some were also heard calling for President Xi Jinping to resign.

There has been widespread anger at his zero COVID policies, which mean quarantine periods and lockdowns are still in place — almost three years after the pandemic began.

It isn't just the crypto markets that have been reacting to this unrest, with selloffs also seen on the stock market.

In other developments, some analysts now believe that things could go from bad to worse for Bitcoin.

Speaking to Bloomberg, Mobius Capital Partners co-founder Mark Mobius set a gloomy target of $10,000 for BTC — and said digital assets were "too dangerous" for an investment, either with his own money or that of his clients.

Nonetheless, he said it was "amazing" that Bitcoin hadn't fallen more substantially in the wake of FTX's collapse.

While ARK Invest's Cathie Wood has warned that other crypto companies could go under as contagion spreads through the sector, she says she's sticking by her price target of $1 million for Bitcoin come 2030.

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