Another Chinese province Bans BTC, but market remains unfazed By BTC Peers

© Reuters. Another Chinese province Bans BTC, but market remains unfazed

China’s Hebei province has become the latest region to clamp down on mining operations, Reuters reported. However, it appears the crypto market has become immune to negative news from China.

The northern region issued a statement agreeing to act together with other government departments to crack down on crypto activities. According to the announcement, “cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal.”

Several local provinces, including Yunnan, have stopped miners from operating in their region. When other provinces restricted BTC mining and trading, the price of Bitcoin and other cryptocurrencies crashed. Bitcoin had just tapped its all-time high at nearly $65,000 in mid-April when China’s initial clampdown news spread. A month later, the digital asset dumped below $30,000.

However, the situation appears different this time around. The news that Hebei will also clamp down on mining and trading has been viral for hours now, yet the price of the cryptocurrency has remained unfazed.

Rather, Bitcoin recovered from yesterday’s mid-day volatility and traded at nearly $46,000. Bitcoin currently stands above $46,000. This might be an indication that the flagship cryptocurrency has matured and is no longer affected by China’s ongoing crackdown.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.