According to a source citing this Bybt, over a seven-day period, the value of Bitcoin has decreased by 8.61% – the cryptocurrency is facing the worst closing of weekly trading in almost two months.
The decline in the 28th week of this year practically repeated the decline in the value of Bitcoin in the 24th week: about a month ago, the value of the cryptocurrency dropped by almost the same amount over the week – by 8.64%. However, the May record (minus 25.42% per week) will definitely hold up. At the moment, low trading volumes prevail, which indicates that in the short term, the value of Bitcoin is unlikely to start to rise. But what is the reason for the current decline?
It’s in China again. The State Grid Corporation of China has sent a notice to all parts of the country demanding to stop mining cryptocurrencies. It applies to all provinces, including Henan and Anhui. In fact, Anhui has become the last Chinese province to have a complete ban on cryptocurrency mining. At the moment, almost 90% of the capacity used for mining in China has been stopped. Large companies are moving equipment to other countries, including Russia, Kazakhstan, Canada and the United States, and individual crypto miners are selling equipment used to mine Ethereum. On the news of the termination of mining in Anhui, the cost of Bitcoin dropped to about $ 31,500 and has stopped at this level for now.