Bitcoin has quickly fallen to $38,500 from $41,600 on a renewed call by Chinese officials to curb bitcoin mining and trading.
Vice Premier Liu He said China will crack down on bitcoin mining and trading. China has gone back-and-forth on this but I wonder if this time they truly step it up on power-usage concerns. Liu He is right at the top of the CPC, this isn’t some low-level official. But the reality is that you never know with China. Sometimes they walk the talk, other times they keep on talking.
This lands in a vulnerable market though and 65% of mining is done in China.