Six months after China banned bitcoin (BTC) mining, how is the price of cryptocurrency today?

O bitcoin (BTC) it’s at 0.05% high this Thursday morning (19th), at US$ 45,397.53 (BRL 246,157.45). In the last seven days, the retreat is of 2.95%.

THE last wednesday (18) marked the first six months of the beginning of China’s bans against cryptocurrency mining. The date was “celebrated” with one more news, now from the province of Shenzhen, southwest of the country. The region is known for being a center of innovation and technology.

THE Shenzhen branch of the People’s Bank of China (PBoC) is taking a tougher approach to illegal activities related to cryptocurrencies. According to the document of the Chinese province’s monetary authority, 11 companies suspicions were “rectified” to conform to the new rules.

The document does not spell out the name or the sanctions taken by the Shenzhen government as punishment for the companies. Also, no further data on punishments to those involved were released.

The only information given is that the portal is a “known local website suspected of making illegal international transactions”.

Six months later

O bitcoin (BTC) was headed to give astronomical returns in May this year. The cryptocurrency quote left US$29 thousand in january for almost $65,000 in five months, a return of over 124%.

But there was a China in the middle of the road, in the middle of the road, a China.

The sequence of measures that closed the encirclement against the mining of bitcoin made the quotes of cryptocurrency touch the level of US$29 thousand and reset the year’s earnings.

With the normalization of the market, the main digital currency in the world has returned to $45 thousand and guarantee the return of just over 55% in 2021 to date.

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Remember: when China’s bans started

May 18: China bans banks and payment companies from offering services in cryptocurrencies

In a statement, government agencies warned investors about dangers involving transactions in crypto. The information is from Reuters International.

This news was received with little news by investors. In practice, China had previously banned cryptocurrency exchanges and currency initial offers (ICOs). However, this new rule prohibits individuals from owning cryptocurrencies.

May 21: China closes siege on bitcoin and cryptocurrency mining drops more than 10%

This is the first time that the top echelon of the Asian giant has made direct mention of mining. At that time, China was the country that contributed the most to bitcoin mining hashrate, which also affected cryptocurrency quotes (click here to learn more about bitcoin mining).

May 25: China region publishes 8 measures to combat bitcoin mining

The Inner Mongolia region (northern China) has proposed eight rules to control bitcoin mining. The autonomous province was responsible for most of China’s mining hashrate.

June 10: China arrests 1,100 people suspected of bitcoin money laundering

The investigations span 23 provinces and targeted 170 criminal groups that carried out scams involving online and telephone fraud. Officials at the country’s Ministry of Public Security said the criminals carried out transactions between cryptocurrencies to cover their tracks and 1,100 people were arrested.

June 11: Yet another province in China bans bitcoin mining; in all, four districts have already banned activity

Chinese authorities in Iunã (Yunnan) province in southwest China have said they will ban bitcoin mining activities. With this, the region joins the Inner Mongolia, Xinjiang and Qinghai as districts that banned the activity in the Asian country.

About Hrishikesh Bhardwaj

Tv specialist. Falls down a lot. Typical troublemaker. Hipster-friendly advocate. Food fan.

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