Bitcoin and Ethereum Keep Dropping and Crashing Over 7%

Bitcoin has dropped more than 15% in the past seven days as authorities in China halt mining operations in one province at a time. Ethereum hasn't performed much better and has dropped about 20% over the same period. Continued progress towards a major code change has done little to dampen the second-largest cryptocurrency's decline. Dubbed Ethereum Improvement Proposal (EIP) 1559, this code change will, among other tweaks, make transaction fees on Ethereum more predictable for users. London is finally ready for testing. Ropsten will be upgraded next week, followed by Goerli & Rinkeby weeks later. Read this to learn how to prepare for the upgrade and await further announcement when a mainnet block is selected https://t.co/tq0Hq56MxV — Tim Beiko | timbeiko.eth (@TimBeiko) June 18, 2021 Ethereum developer and Ethereum Foundation member Tim Heiko announced on June 18 that a major hard fork, including EIP-1559, will be launched on testnets this week. Still, Ethereum continued to crash. Ethereum is down more than 8% in the last 24 hours. Bitcoin Slips Amid Chinese Mining Ban Bitcoin's recent decline makes much more sense given the ongoing pressure from China on miners. Five different provinces, including Yunnan, Inner Mongolia, Sichuan, Xinjiang, and Qinghai, have ordered Bitcoin miners to cease their operations. The results are significant, given the huge influence of Chinese miners on the network. According to the Cambridge Center for Alternative Finance, miners in the country are responsible for more than 65% of the network's hash rate. Hashrate is the metric used to measure how much computing power is used to secure the network. Source: Cambridge Alternative Finance Center As a result, the network hashrate has dropped nearly 39% from May peaks, according to BitInfoCharts. At the time of writing, Bitcoin has a hash rate of 104,748. China's Crypto Policy Was The Most Influential Factor In The Recent Bitcoin Price

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