The benchmark cryptocurrency slipped briefly under the $29,500-level this Tuesday as a Glassnode report indicated possibilities of miner capitulation in China.
Bitcoin (BTC) plunged 7.38% to hit its five-month low of $29,313 on Tuesday as the market stared at the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China.Bitcoin drops below $30K for the first time since January 2021. Source: TradingView.comThe People’s Bank of China on Monday said it had summoned multiple regional institutions, including the Agricultural Bank of China, China Construction Bank, and ICBC, as well as Jack Ma’s payment platform Alipay, to “strictly implement” its recent ordinances on curbing Bitcoin and other cryptocurrency-related activities, including mining.Sichuan, a hydropower-rich region in South-West China, ordered the 26 largest crypto mining farms to stop operating,
Źródło: https://cointelegraph.com/news/a-seismic-mining-shift-may-be-driving-bitcoin-price-below-30k-report
