UPDATE 1-Crypto miners halt China business after Beijing cracks down, bitcoin dives Reuters 1 hr ago
(Adds context on U.S. moves)
SHANGHAI, May 24 (Reuters) - Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.
A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday - the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world s crypto supply.
Cryptocurrency miners and exchange platforms have, as a result, been forced to suspend operations, with Huobi Mall, a mining service, suggesting it’s seeking overseas support in order to export mining operations in the future,
The crackdown follows measures proposed last week that would ban banks and financial institutions from providing cryptocurrency-related services. The ban, which was issued alongside warnings against speculative investments, sent the price of Bitcoin tumbling by roughly 30% last week.
Bitcoin’s value continued to fall over the course of last week and in recent days following China’s doubling down against cryptocurrencies.
The motivation behind the actions isn’t fully clear, although the committee’s statement suggested the crackdown is part of a wider package of financial measures aimed at fighting instability, and illegal activity. More broadly, the committee is intent on guarding against external risk shocks, responding effectively to inflatio
SINGAPORE (Reuters) - Cryptocurrencies fought to find a footing on Monday after even weekend cheerleading from Tesla boss Elon Musk seemed unable offset selling pressure from spooked investors or nerves stemming from a gathering crackdown on the asset class in China. Musk had lent a bid on Saturday by tweeting support for crypto in the true battle with fiat currencies. But on Sunday prices slumped as miners, who mint crypto by verifying transactions, halted Chinese operations in the face of increasing scrutiny from authorities. Bitcoin climbed as high as $35,970 from Sunday s trough at $31,107, but the growing sense of a shakeout flowing through the frothy market left it struggling to make further gains and it remains some 45% below last month s record peak of $64.895.
Crypto miners halt China business after Beijing cracks down
Posted : 2021-05-24 13:10
Updated : 2021-05-24 13:10
This file photo taken Nov. 20, 2017, shows gold plated souvenir bitcoin coins arranged for a photograph in London. Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling. AFP-Yonhap
Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.