Andy Pickering is here with a weekly crypto-market update to see the turbulent world of crypto Twitter in order to discover last week's main stories and data points. And what a week has passed - China's crackdown on all areas of the crypto economy has increased. Consequently, miners leave China, and the hashrate of Bitcoin has fallen. The markets are down, but is it good for the Bitcoin network, ultimately?
Since the Friday, when a major Bitcoin mining center ordered miners to shut down their operations, China's latest cryptocurrency crackdown has washed away about $300 trillion of value from the whole digital currency market,
At about 10:47 p.m. ET, Bitcoin fell almost 6.6% to $32,735.71 and it's 24-hour low at $31,179.05, CoinDesk reports.
China has intensified its attempts in recent days to rein in the cryptocurrency sector in the nation.
PBOC warning, mining ban
According to many media sources, on Friday, the Chinese Sicuan authorities ordered crypto-currency miners to stop off operations. Sichuan is one of China's largest bitcoin mining centres.
According to the state-backed Global Times tabloid, many bitcoin miners in the south-west Chinese province were closed on Sunday. The action in Sichuan follows the shutdown of crypto-mining in other mining-intensive areas in China, notably Inner Mongolia. In May, Beijing demanded a repression against bitcoin mining to show how the command went down from top to bottom.
The People's Bank of China talked on Monday to Alipay and to several of the major financial institutions, which was managed by Alibaba affiliate Ant Group. The central bank asked them not to provide crypto-monetary services, including establishing accounts or clearing and settlement.
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