Bitcoin (BTC) saw a fresh toll dip on May 21 amid reports that China had reiterated its pledge to crack down on mining and trading.

BTC/USD one-minute candle chart (Bitstamp). Source: TradingView

Cathay and Bitcoin: Quondam news

Information from Cointelegraph Markets Pro and TradingView shows that BTC/USD shed 10% in minutes on May 21 equally mainstream media turned up the volume on familiar bad news.

The pair had recently regained $42,000 after a record-breaking recovery from a $xxx,000 dip on May 19, with the latest concerns erasing some of its progress.

These focused on a Chinese regime statement that revealed plans to "crack down on Bitcoin mining and trading beliefs, and resolutely forbid the transmission of individual risk."

As Cointelegraph reported, China had already reiterated its plans to command cryptocurrency activities within its jurisdiction, merely media sources had taken comments from officials every bit a threat to the manufacture. With no official changes in policy coming on May 21 either, commentators were too quick to lay the blame on those spreading bad publicity.

"Let China really ban Bitcoin and Bitcoin mining," popular commentator WhalePanda responded.

"Mining would exist more decentralized, blackness marketplace for Bitcoin would thrive and the 'China controls Bitcoin' false narrative would disappear."

Enquiry previously showed that the Bitcoin network is resilient to changes in weather condition, with a loss of mining power in one location presently compensated elsewhere.

In a separate evolution, regulators in Hong Kong are planning to ban retail trading of cryptocurrency — with an exception for millionaires.

As of the time of publication, Bitcoin was already rebounding from local lows of $36,680.

Market resilience solidifies

More broadly, the bear on of negative news slowed following the $30,000 dip, potentially due to the marketplace now being cleansed of overleveraged traders.

A tweet from Tesla CEO Elon Musk on May twenty further criticizing Bitcoin'due south energy consumption likewise failed to cause the aforementioned daze as the first tweet last week.

"Bitcoin hashing (aka mining) energy usage is starting to exceed that of medium-sized countries. Almost impossible for small-scale hashers to succeed without those massive economies of calibration," he claimed.

BTC/USD chart with Chinese press action highlighted. Source: Documenting Bitcoin/Twitter

Meanwhile, popular Twitter account Documenting Bitcoin became the latest to highlight the uncanny bullish consequences of Chinese FUD — fearfulness, incertitude and dubiousness — surrounding Bitcoin. BTC/USD tends to run across its biggest gains in the catamenia following a round of doomsday noises from Beijing.