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News: China’s progress has caused cryptocurrency prices to fall. China has been restoring its investment for some time, but it seems that more than 90% of the country’s Bitcoin mines will close, according to a report by Global Times, published by the Chinese government. Last Friday, officials in southwestern Sichuan ordered workers in crypto mines in the region to resign.
Yesterday, China’s largest bank he announced was directing banks to deal with cryptocurrency trading.
As a result: On the same day, the price of Bitcoin fell to $ 31,333 – down 20% last week – amid growing uncertainty about the future. Other cryptocurrencies have also fallen, and the overall market has fallen by 12% in the last few days, according to the CoinBase currency exchange platform. These trends also affect hardware prices. Chinese consumers who want to buy graphics cards, which are essential for Bitcoin mining, have found the lowest prices in recent days or so. Some prices dropped by 66%, according to South China Morning Post.
Why now: China sees cryptocurrencies, both mobile and uncontrolled, as a threat. Its central bank said it had “disrupted financial systems” and “increased the risk of illegal immigration and other prohibited activities such as money laundering.” He is planning to become the first country to establish its own official fund, in yuan.
Alternative: The Bitcoin mine will not end due to China’s collapse. Instead, users move elsewhere. Texas it is said to be an area that could benefit from China’s new restrictions, thanks to its limited facilities and low-cost electricity.
This article was first published in our daily newsletter, The Download. Enter to find the most important events in your profession, every morning.
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