Tuesday, July 27, 2021
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Cryptocurrencies, mining activities canceled in China: Bitcoin, Ethereum and Doge collapse




After the Black Monday of cryptocurrencies, today is also characterized by heavy losses for the most famous virtual currencies in the market. The news coming from China, where the government has imposed an almost total interruption (-90%) of Bitcoin mining activities, is weighing.

As we have been able to tell several times on these pages, in fact, the Chinese market represents the fulcrum of Bitcoin mining activities worldwide, and the fact that the most important virtual currency mining activities in the market have been eliminated is causing a ripple effect.

Bloomberg and Reuters report that the crackdown put in place by the Sichuan authorities follows what has been done in Inner Mongolia and Yunnan, where Beijing’s requests to stop cryptocurrency mining have been followed due to concerns related to massive energy consumption.

At the time of writing, Bitcoin is trading at $31,539.36, down 4.73% from yesterday, while Ethereum loses 6.80% and is now trading at $ 1,869.71. Dogecoin also collapses, which falls below the $ 0.20 threshold and is now available at $ 0.185, a decrease of 27% compared to 24 hours ago.


Arjun Sethi
Passionate guitarist, gamer and writer. Lives for the perfect review, and scrapes texts until they are razor-sharp.
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