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  4. Another Chinese province Bans BTC, but market remains unfazed
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Another Chinese province Bans BTC, but market remains unfazed

China’s Hebei province has become the latest region to clamp down on Bitcoin mining operations, Reuters reported. However, it appears the crypto market has become immune to...
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Another Chinese province Bans BTC, but market remains unfazed © Reuters. Another Chinese province Bans BTC, but market remains unfazed

China’s Hebei province has become the latest region to clamp down on Bitcoin mining operations, Reuters reported. However, it appears the crypto market has become immune to negative news from China.

The northern region issued a statement agreeing to act together with other government departments to crack down on crypto activities. According to the announcement, “cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal.”

Several local provinces, including Yunnan, have stopped miners from operating in their region. When other provinces restricted BTC mining and trading, the price of Bitcoin and other cryptocurrencies crashed. Bitcoin had just tapped its all-time high at nearly $65,000 in mid-April when China’s initial clampdown news spread. A month later, the digital asset dumped below $30,000.

However, the situation appears different this time around. The news that Hebei will also clamp down on mining and trading has been viral for hours now, yet the price of the cryptocurrency has remained unfazed.

Rather, Bitcoin recovered from yesterday’s mid-day volatility and traded at nearly $46,000. Bitcoin currently stands above $46,000. This might be an indication that the flagship cryptocurrency has matured and is no longer affected by China’s ongoing crackdown.

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01-05-2024 10:45:17 (UTC+7)

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