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Bitcoin Plummet To 2-Week Low, China Intensifies Digital Asset Mining Crackdown

Bitcoin plummeted as low as $28893, falling below the thirty two thousand dollars level for the first time since 8th June, as per data from Coin Metrics. The cryptocurrency is changing hands at 32,051 USD, at the time of reporting.

Several BTC mines in Sichuan were shuttered Sunday after regulatory bodies in the southwestern Chinese province instructed an immediate suspension of digital asset mining, as per a report from the Communist Party-backed newspaper Global Times. The paper mentioned that over ninety percent of China’s BTC mining capacity is approximated to be shut down.

Charles Hayter, the CEO of digital asset data firm CryptoCompare, told CNBC via email,

“China often does this.”

He added,

“When China sneezes, bitcoin catches a cold. But this flexing of regulatory muscle is often just that — in the past eight years, this story has risen its head at least three times.”

China’s crackdown seems to have led to a noteworthy downfall in the hash rate of Bitcoin, which has fallen considerably in the last month, as per data from Blockchain.com. Approximately, sixty five percent of global BTC mining is done in China.

Additionally, the People’s Bank of China recently mentioned that it had urged Alipay, the payments service run by Alibaba affiliate Ant Group, and some key banks to crack down on virtual asset trading. China has already prohibited financial institutions from providing digital asset-related services.

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