Bitcoin price slips further after more threat from China

TL;DR Breakdown

• BTC price slips further after threats from China
• Effect of  China threat on BTC price

Bitcoin price has slipped further down as Chinese authorities doubled down on their stringent regulations against cryptocurrencies, this time targeting miners in particular.

The Chinese Vice Premier, second to the President, Liu He, had vowed to curb the mining business in the country jolted the cryptocurrency market. He hosted a meeting with China’s state council, after which a statement calling for a crackdown was posted on the Chinese Government’s website.

The statement had a lot to say with mentions of aiming to prevent and control financial risks. It, however, emphasizes on crackdown on Bitcoin mining and trading behavior.

The Asian country is known in the crypto space for it cold gesture to the industry. Local authorities in the country have already begun introducing new checks to trading and mining.

Reportedly, this marks the first time the highest level of the Chinese Government has clearly proposed a blow to the mining industry.”

Effect of the threat on Bitcoin price

Report of the meeting with top leaders in the country had reaching effect on Bitcoin price. The number one crypto tumbled to an intraday low of $36,600, losing almost $5,000 in a single hourly candle.

It marks the second time this week that China had recycled its previous regulation, which has had only set the crypto back yet again.

Before China’s Friday state council meeting

On Thursday, Financial Times reported that the Inner Mongolian province, which announced a ban on Bitcoin mining last month, had set up a dedicated whistleblower hotline to “comprehensively clean up and shut down” mining operations in the region. The region houses around 7% of the country’s Bitcoin mining operation and is especially busy during the dry season.

Hong Kong also reiterated its legislative proposal that will allow only professional traders with a portfolio of over HK$8 million ($1.03 million) to trade on licensed cryptocurrency exchanges.

Source: https://www.cryptopolitan.com/bitcoin-price-slips-further/