Bitcoin Price: Dogecoin, BTC, Ethereum Red Wedding When China Moves In

Almost all cryptocurrencies are absolutely brutal, and investors are in a world of pain after a barbaric move from China.

China is not confused about cryptocurrency crackdowns, and investors around the world are beginning to feel a pinch.

Bitcoin and other major currencies crashed hard this weekend and the market has been hit again this morning.

As of 6:30 am this morning, Bitcoin is down 9.39 percent, Ethereum is down 13.44 percent and XRP is down 11.47 percent.

But one of the biggest losers is the meme currency Dogecoin. This has fallen by a whopping 28.45 percent in the last 24 hours.

All this is due to China’s massive crackdown on emerging currencies that entered a tough new phase last week.

Yesterday, the superpower moved to close a major mine (a computer hub where coins are made) in major southwestern states.

China’s mines power nearly 80% of the world’s cryptocurrency trade, despite a ban on domestic trade since 2017, as Beijing has turned its keen eye on the industry in recent months. Several states have ordered the closure of mines.

According to a notice widely disseminated on Chinese social media and confirmed by former Bitcoin miners, Sichuan authorities ordered the closure of 26 mines last week.

Overnight, Beijing worked hard Global Times, The central bank of China has discussed the speculation of cryptocurrency trading with many Chinese banks and clearing houses, screened the capital accounts of cryptocurrency exchanges and over-the-counter dealers, and asked them to break the relevant payment links. ..

In a statement, the People’s Bank of China (PBC) reiterated that it does not allow banks or banking institutions to provide goods or services such as registrations, transactions, or accounts to individuals engaged in cryptocurrency trading. It was.

This was all a nightmare for investors around the world.

Bitcoin prices have dropped to $ 32,309. The unit has been hit hard in recent weeks, setting a record of nearly $ 65,000 in April, partly due to a crackdown in Beijing.

The notice reportedly instructed utilities to stop supplying electricity to all crypto mines by Sunday.

It vowed “complete cleanup” and ordered local governments to carry out “drug net-style investigations” to find and close suspicious crypto mines.

The state is one of the largest mining hubs in the country. A former cryptocurrency miner told AFP that it “closed everything” in line with recent requirements.

“A working group is coming to check … make sure we shut down the operation and removed the machine,” he said.

Sichuan Province, a mountainous region in southwestern China, is home to a number of cryptocurrency mines that require vast amounts of energy supplied by the state’s cheap and abundant hydropower.

The state tabloid reports Global TimesDue to the closure of mines in the state, more than 90% of the country’s Bitcoin mining capacity has been closed.

The central bank of China added on Monday that it had recently summoned banks and payment institutions such as the Industrial and Commercial Bank of China, the Agricultural Bank of China and Alipay (China) Internet Technology over the provision of services for cryptocurrency trading and speculation.

The People’s Bank of China said cryptocurrency trading activities “disrupt the normal economic and financial order and create the risk of illegal cross-border asset transfers,” and institutions must block the links that facilitate them. He added that he had to.

Beijing has turned crypto miners into a screw to eliminate the economic risk of speculation, but environmental issues with gas-intensive mines are also a factor.

Chinese media reported that power to all crypto mines throughout the state was cut off at midnight on Sunday due to social media buzz.

According to the University of Cambridge’s Bitcoin Power Consumption Index, Sichuan is the second most concentrated mining region in China after the Xinjiang Uygur Autonomous Region in northwestern China.

All cryptocurrency mines in the sparsely populated but coal and hydropower areas of Inner Mongolia and Qinghai have also been ordered to close in recent months, encouraging citizens to report illegal mines. It was.

Bitcoin’s value plummeted last month after three Chinese financial industry groups reasserted financial institutions to ban cryptocurrency services and warned against dangerous speculation by traders.

China is in the midst of widespread regulatory crackdowns on the fintech sector, with the largest players, including Alibaba and Tencent, being fined heavily after being convicted of monopoly practices.

– Use AFP

Bitcoin Price: Dogecoin, BTC, Ethereum Red Wedding When China Moves In

Source link Bitcoin Price: Dogecoin, BTC, Ethereum Red Wedding When China Moves In

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