Bitcoin fell over the weekend as investors focused on Chinese mining closures and government scrutiny. Cryptomining is a major business in China, which produces more than half of the world’s bitcoin.
Following the possible inspection of bitcoin mining by Chinese officials, major cryptocurrencies were trading lower on Monday, failing to recoup from the steep loss over the weekend. Eight of the top ten digital tokens were trading with cuts Monday morning.
Bitcoin fell over the weekend as investors focused on Chinese mining closures and government scrutiny. Cryptomining is a major business in China, which produces more than half of the world’s bitcoin.
The Chinese government’s assault on cryptocurrency “mining” has spread to the southwest province of Sichuan, where officials have ordered cryptocurrency mining projects in the main mining center to be shut down.
According to data source PitchBook, venture capital funds have already invested $17 billion in companies that operate in the area this year. That is by far the most ever raised in a single year and nearly equals the sum of all prior years combined.
“Last week saw a bit of consolidation with low trading volumes for the top cryptocurrencies. The volatility in prices seems to be low. Both BTC and ETH seem to be hovering around crucial support levels. The meme coin, Shiba Inu has lately been among the favorites for the investors and traders after its listing in Coinbase. Dogecoin is currently witnessing a selloff,”
Edul Patel, CEO and Co-founder, Mudrex.
The Chinese government’s assault on cryptocurrency “mining” has spread to the southwest province of Sichuan, where officials have ordered cryptocurrency mining projects in the main mining center to be shut down.
According to data source PitchBook, venture capital funds have already invested $17 billion in companies that operate in the area this year. That is by far the most ever raised in a single year and nearly equals the sum of all prior years combined.
