Huobi Pool No Longer Provides Services to Chinese BTC Miners
1 min read
Colin Wu, a Chinese cryptocurrency blogger, stated that Huobi Group’s subsidiary Huobi Pool will be withholding their services from China-based BTC miners amid the China’s crackdown on BTC mining and trading..
China’s State Council published the minutes of a meeting hosted by Financial Stability Development Committee on May 21, which mentions the “cracking down on BTC mining and trading.”
What follows after is a notable sell-off of USDT against Chinese yuan , suggesting that the comments have caused many local traders and miners to become wary of the situation.
Over the past 24 hours since the news, Huobi’s BTC mining pool fell by 29%. The BTC’s hash rate has also experienced a noticeable drop since the past week as Sichuan-based power stations are facing energy limitation.
Within the hour after 22:00 local time, the exchange token of Huobi (HT), OKEx (OKB), and Binance (BNB) decreased by 17%, 19% and 10% respectively. These tokens cater to crypto traders in China. As for BTC (BTC) and ETH (ETH), they fell by approximately 10% right after the news broke out. However, BTC and ETH ended up recovering back to roughly $37,000 and $2,300 respectively.
The post Huobi Pool No Longer Provides Services to Chinese BTC Miners appeared first on SuperCryptoNews.
