Bitcoin Price Slides As Panic Grows In China

China created chaos for the last two weeks after the Chinese authorities warned that there will be tougher regulations on Bitcoin as it “should not be used in the market”. In the latest turn of the market, last week 26 Bitcoin mines were closed in the Sichuan province as the power companies were ordered to stop the power supply for cryptocurrencies at the mines. As a result of that, the Bitcoin price slides from $34,484 at 6.15 am to $33.409 at 10.25 am which is a drop of 3.1%. Ethereum price also witnessed a drop of 6.9% from $2139 to $1991.  

Crypto mines in China constitute almost 80% of the global trade in digital currency. And according to Cambridge University’s Bitcoin Electricity Consumption Index, Sichuan is China’s largest region after Xinjiang. 

However, a former Bitcoin miner asserted that they have “closed everything” now for the past two weeks. He said, 

“There have been working groups coming to check making sure we shut down operations and removed the machines.”

Ethereum And Bitcoin Price Slides Continue To Struggle

Leading digital currencies Bitcoin and Ethereum continue to hurtle as the huge market fluctuations continue to exist. The price of Bitcoin decreased 6.75% over the last 24 hours to $32,162. The price of Ethereum has decreased further by 9.75% over the same period as Bitcoin to just $1,992. 

Crypto Can Be Used To Buy Rare Diamonds At Auctions

Digital currencies were boosted after Sotheby’s affirmed that they can be utilized to buy a unique and rare pear shaped diamond which is expected to cost $15 million and will be there in an auction in the coming month. The auction house asserted that this will be the first time that a diamond of such size and valuation will be offered for public purchase with digital currency. 

Sotheby’s further added other physical products of similar valuations that have been available previously for sale with cryptocurrency. 

The diamond which is of 01.38 carats and is priced at $10 – $15 million will be sold on July 9 in Hong Kong. 

Bitcoin Price slide: Bitcoin To Fall Closer To $32,000

The world’s most popular digital currency struggles to not fall below $32,000 as its price is getting closer to that. The Bitcoin price index is already decreasing due to the crackdown in China. The Bitcoin price today is just $32,270 and has been high to $36,000 within the recent 24 hour period. 

Should The UK Accept Digital Currency?

In February 2021, London was asked to greet Bitcoin in a post-Brexit Britain and the UK searched for new paths to shine outside the EU. Dominic Raab the Foreign Secretary affirmed that the EU will not be the main competition for Brexit Britain. According to him, EU financial capitals may, 

“nick a bit of business here and there from the City”

They also added that they will not be challenging the status of London as Europe’s global capital for Finance. 

TSB Bank Bans Cryptocurrency

According to a report, TSB Bank is ready to block customers from transferring money to the BTC trading sites including Kraken and Binance. This will be done to scare the web scammers from setting up an e-wallet and stealing the customer’s money because the security checks are weak. According to Ashley Hart, head of fraud at TSB Bank, 

“We’ve seen a dramatic spike in fraud as cryptocurrency exchanges are rife with fraudsters, stealing vast sums as they capitalize on the surging interest in this type of investment.”

Cryptocurrency Price Warning Issued

Fred Ehrsam who is the CEO and founder of Coinbase warned most digital currencies and digital assets will not work as the efforts to bring back Bitcoin price USD have ramped up. According to him, 

“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work.”

Check Also


New Mining Strategies You Need To Incorporate After Crypto Halving

Good News! The Bitcoin network has already crossed its 800,000th block at the end of …

Leave a Reply

Your email address will not be published. Required fields are marked *