Bitcoin Price Finds Stability As Market Factors In China Crackdown
Markets have factored in the fee imposition by Chinese exchanges so we are entering a period of Bitcoin price stability. Chinese exchanges started levying a fee for investors and traders starting Jan. 24, 2017. This followed the decision of the People’s Bank of China to conduct on-site inspections. The decision of the Chinese exchanges to impose fees was clearly a move to stay in business and compliant with the demands of the central bank. While these exchanges may now be on the ‘right side of the law’ in China, the long-term effects of this move will be felt for some time to come. Trading....
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Fewer new bitcoin may be hitting the market because miners in China can't sell their bitcoins due to a crackdown by their government.
Several U.S. lawmakers see China’s authoritarian crackdown on cryptocurrency, including bitcoin, as “a perfect opportunity for American leadership on cryptocurrency.” One senator noted that it is “a reminder of our huge structural advantage over China.” US Lawmakers Comment on China’s Cryptocurrency Crackdown Following the latest news of China’s crackdown on cryptocurrency, several U.S. lawmakers have shared their views on the situation. Senator Pat Toomey from Pennsylvania said: China’s authoritarian crackdown on crypto, including....
Bitcoin mining companies in the west yield strong returns as China’s crypto mining crackdowns continue. Western Miners Rake In Big Profits During China’s Crackdown As per a report from Arcane Research, China’s crackdown on Bitcoin mining has resulted in more gains for Western miners. Despite the drop in the price of BTC, Western mining companies […]
In recent times, China has made moves to halt all forms of Bitcoin mining in its vicinity. According to the government, the operation is consuming more energy than necessary. There have been concerns on how the crackdown will affect crypto prices, given that other countries also picked up the trend. China’s action led to a […]
Bitcoin mining took a big hit when the Chinese authorities commenced a crackdown on crypto mining. This had led to an exodus of miners out of China. Which had been the world’s headquarters of mining at the time. Over 70% of the entire mining in the world is carried out in China before the crackdown […]