China's mining ban changes the crypto environment

China announced last week that the country's financial institutions could no longer sell Bitcoin services and mining would be banned. Many members of the Bitcoin community, including this newspaper, responded with skepticism, stating that China previously "banned" its companies from using Bitcoin with little effect, and also that it was theoretically impossible to directly ban Bitcoin for personal use. use. However, it is clear that this new regulatory move has a significant impact on the Bitcoin ecosystem, as miners and local exchanges are limiting or halting Bitcoin-related activities. Responses to the ban Prices fell on Sunday as miners ceased operations in China due to increased scrutiny from authorities. Bitcoin, which was lower than $ 31,107 on Sunday, rose to $ 35,970, but the feeling of an increasing shake in the sparkling market made it difficult to make further progress and remained 45% below last month's high of $ 64,895. . The crash brought the world's most valuable cryptocurrency back to where it was in February, just before Tesla announced that it had purchased $ 1.5 billion of bitcoin and announced its decision to accept bitcoin as a means of payment for canceled vehicles since then. Bitcoin mining companies such as BTC.TOP, HashCow, and Huobi Mall all responded to the new ban. Huobi Mall recently stopped mining BTC, a cryptocurrency used by Chinese customers. According to Reuters, TOP ceased operations in China and HashCow stopped buying new bitcoin mining platforms. "On Sunday, [bitcoin] prices fell as miners using cryptocurrency to verify transactions stopped operations in China amid growing scrutiny from authorities," Reuters said. "The trigger for the initial cryptocurrency sale seemed to come from the stricter language of Chinese regulators." The Bitcoin trading scene also seems to be undergoing a dramatic transformation. At least those operating in Hong Kong, w

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