China’s renewed crypto crackdown wipes $400 billion off the market. Bitcoin down below $30,000 for the first time since January 27.
On Friday, authorities in China’s Sichuan province, ordered cryptocurrency miners to shut down their operations. The People’s Bank of China urged financial institutions not to provide services related to cryptocurrency activities.
China’s renewed crackdown on the cryptocurrency industry has wiped off around $400 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations, according to CNBC.
The move in Sichuan comes after other mining-intensive provinces in China, including Inner Mongolia, also shut down crypto mining. In May, Beijing called for a crackdown on bitcoin mining, highlighting how the order has trickled down from the top.
Then on Monday, the People’s Bank of China said it spoke to Alipay, the payments service run by Alibaba affiliate Ant Group, and some major financial institutions. The central bank said it urged them not to provide services related to cryptocurrency activities, including account openings or clearing and settlement.
Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard
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