The Bitcoin industry on the weekend had a roller-coaster ride. While the Bitcoin sell-off continued over the weekend, it fell below $32,000, the lowest price since the start of the year. Meanwhile, the mining operators in Huobi Mall and BTC are working towards the suspension of crypto in China. This comes after Beijing announced its crackdown on crypto mining and transaction of digital currency.
Crypto miners have been using special computers to verify virtual coin transactions helping to produce minted cryptocurrencies like Bitcoin. After the latest move from China, the market rate of Bitcoin dropped by 50% and a further 17% on Sunday. For the Chinese government, the prevention of money laundering and protecting investors’ money is a major concern and vital to regulating the crypto industry.
Huobi Mall, in its statement, said that all its mining business has been suspended until further notice. They have been contacting overseas providers to make way for mining in the future. According to crypto experts and Bitcoin Prediction, in the near future, all Chinese crypto mining will be sold to different countries, as the regulators are cracking down the mining process back home.
The Sell-Off Weekend
The recent sell-off of Bitcoin is a reversal for the crypto industry and is gaining traction with Wall Street Banks and trading companies. Including the mining halt in China and strict regulation by the US Treasury, the Bitcoin industry had some major blows.
Tesla CEO Elon Musk, who announced that his company purchased $1.5 billion of Bitcoin but later declared his company, has suspended all its transactions, especially vehicle purchases via crypto, due to environmental concerns. Similarly, the JP Morgan report also mentioned that institutional investors have started dumping Bitcoin against gold.
On Wednesday, Bitcoin fell to more than 30%, which is nearly $30,000. However, in April, the market peaked at $65,000. According to Coinbase, in the last year, the Bitcoin market was up by 268%, and the Ether grew to more than 840%, which is a good growth sign.