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Bitcoin falls after China reiterates call for crackdown on crypto mining and trading

Bitcoin falls after China reiterates call for crackdown on crypto mining and trading

21 May 2021

Bitcoin takes a fall

Bitcoin takes a fall

Bitcoin has quickly fallen to $38,500 from $41,600 on a renewed call by Chinese officials to curb bitcoin mining and trading.

Vice Premier Liu He said China will crack down on bitcoin mining and trading.

China has gone back-and-forth on this but I wonder if this time they truly step it up on power-usage concerns. Liu He is right at the top of the CPC, this isn’t some low-level official.

But the reality is that you never know with China. Sometimes they walk the talk, other times they keep on talking.

This lands in a vulnerable market though and 65% of mining is done in China.

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