Earlier this week, Fan Yifei, vice-governor of the People’s Bank of China spoke warned than stable coins like Tether (USDT) pose “risks and challenges to the international monetary system and the payments and settlement system”. The fan did not even spare (BTC) and called it a tool of speculation and a possible threat to “financial security and social stability”.

Besides China’s FUD, several traders have focused on unlocking a large amount of Bitcoin at the Grayscale Bitcoin Trust as a possible bearish sign. However, market analysis from crypto trading firm QCP Capital stated that the event habit have a “significant impact on the overall market outside of the GBTC itself”.

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