The post Why Bitcoin Price Crashed Today? appeared first on Coinpedia Fintech News
The crypto market saw a sharp drop on December 15, losing nearly $150 billion in total value. Bitcoin price today fell close to the $85,000 level, while major coins like Ethereum, XRP, and Dogecoin dropped between 4% and 8% in just one day.
The sudden move left many traders surprised, wondering the key reason behind the fall.
Chinese Authorities Tightened the Bitcoin Mining Rule
One major reason behind the fall appears to be new action from China. Authorities reportedly tightened rules on Bitcoin mining again, forcing 1.3 GW of capacity mining operations to shut down.
In Xinjiang alone, around 400,000 miners went offline in a short time. This cut global Bitcoin mining power by about 8%.
China has once again tightened regulations on domestic Bitcoin mining.In December, most mining operations in Xinjiang were shut down, with around ~400K Bitcoin miners taken offline. pic.twitter.com/P
We współpracy z: https://coinpedia.org/price-analysis/bitcoin-crashed-today-amid-china-mining-action-and-etf-outflows/
