China has announced nationwide crackdown against cryptocurrency mining projects and have ordered to close these projects as soon as possible. Crypto market was witnessing a downfall since last week but today on Monday, June 21, 2021, there values dropped below expectations. Bitcoin which is the oldest crypto currency and was trading at $38,894.56 last monday, today the market has witnessed that this currency is trading at $32,753.15.
Bitcoin And Other Major Cryptocurrencies Drop As China Intensifies Crackdown Against Crypto Mining Projects
The market has extended its negative trade beyond this weekend and all the major cryptocurrencies have been trading lower on Monday. And after China has announced to stop all these crypto mining projects and intensified its crackdown to Sichuan on this sunday, this has made the values more weaker. This market has become a risky market to invest and no one can predict that till what time it will again come back to its original shape.
As per some sources, after China’s Sichuan Province had ordered a crackdown on mining Bitcoins amid concerns over the energy usage and asked the electricity department of the province to supplying electricity to these sites and also asked the local government to find out which mines are generating electricity from burning coal, and punish them who are illegally mining, after the latest order, over 90 per cent of China’s Bitcoin mining capacity is expected to shut down.
Crypto market has become more volatile since the last week and investors are in great tension as the values are getting weaker day by day and there are no signs of its recovery. Other major Cryptocurrencies like Ethereum, Dogecoin, Polkadot have become weaker.
Edul Patel, chief executive officer and co-founder, Mudrex said, “The selling pressure that we witnessed last week continues to trouble the cryptos coming into this week. The trading volumes for both Bitcoin and Ethereum have increased. It indicates increased activity among both buyers and sellers. However, the bears seem to be overpowering the bulls at the moment.”
Top Cryptocurrencies And Their Value On June, 21, 2021 (Monday)
Value (Monday, 21 June 2021)