BTC Crashes 12% as China Reiterates Mining Crackdown
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BTC was hit by its second piece of bearish news out of China in under a week.
This time, China’s financial committee has added BTC mining as a key sector to monitor in an attempt to “resolutely prevent and control financial risks.”
The report includes a laundry list of other activities beyond BTC mining, including the reform of small- and medium-sized financial institutions, dull the effects of illegal securities activities, and “effectively respond to imported inflation.”
Despite the broad nature of the report, BTC plummeted by 12%. The cryptocurrency’s price has since recovered to around $37,800, a loss of nearly 8% in the last 24 hours.
On Wednesday, a similar piece of news dragged the leading cryptocurrency down to $30,000. At that time, a group of three payments and financial associations reiterated the central bank’s initial ban from 2017. The three associations were the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.
This story is developing, check back for updates.
