Wednesday, July 28, 2021

Cryptocurrency Crackdown In China Clears Nearly $ 300 Billion From Market, BTC Slips

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GUANGZHOU, China – China’s renewed crackdown on the cryptocurrency industry has wiped out nearly $ 300 billion in value from the total digital currency market since Friday, when a major bitcoin mining center ordered miners to shut down their operations. .

Bitcoin was down about 6.6% to $ 32,735.71 around 10:47 p.m. ET, breaking out of its 24-hour low of $ 31,179.05, according to data from CoinDesk.

In recent days, China has stepped up its efforts to control the country’s cryptocurrency industry.

Mining ban, PBOC warning

On Friday, authorities in China’s Sichuan province ordered cryptocurrency miners to shut down their operations, according to multiple outlets. reports. Sichuan is one of the largest bitcoin mining centers in China.

Many bitcoin mines in the southwestern province of China were closed on Sunday, according to the state-backed tabloid Global Times.

Read more about cryptocurrencies from CNBC Pro

These aren’t new rules, but comments from the People’s Bank of China show how China’s top regulators are stepping up monitoring and pressure on crypto-related financial institutions.

China banned local cryptocurrency exchanges in 2017, forcing them to move abroad. That didn’t stop Chinese merchants from buying and selling digital currencies, although it added a layer of complexity to crypto trading.

Chinese traders would have to move their Chinese yuan to a platform to buy cryptocurrencies. That would be done through a payment service like Alipay or a bank account. Therefore, the latest reminder from the People’s Bank of China to financial institutions might be looking to put an end to this even more.

Since Friday, when Sichuan authorities notified miners to shut down their operations, bitcoin is down about 16%. The central bank’s notice added further pressure.

Other cryptocurrencies, including ether and XRP, were also down considerably Monday night.

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