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Bitcoin (BTC) falls to $36K after China calls for crackdown on crypto mining

Chinese miners are unsure of what the impact of Vice Premier Liu He's statement might be on the industry.

Image by 3D Animation Production Company from Pixabay

Fri, 21 May 2021, 16:26 pm UTC

It appears that the series of developments negatively affecting Bitcoin’s price is not yet over. Just as BTC recovered from its recent correct and soared above $40,000, news from China sent the crypto’s price falling once more as BTC traded above $36,000 on Friday.

Authorities believe that tighter regulation is needed to protect the financial system, according to a statement from Chinese Vice Premier Liu He and the State Council released on Friday, CNBC reported.

In a meeting held on May 21, the Financial Stability and Development Committee of the State Council vowed to “resolutely prevent and control financial risks,” an English translation (via Google Translate” of the statement reads, Forexlive.com reported. The Committee enumerated a number of steps on how to achieve this goal, which includes the “crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

The committee also called for severe punishments and a severe crackdown on illegal financial activities. However, the statement did not provide any specific details on the subject.

“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities,” the statement said.

Bitcoin has already recovered from its previous low of around $31,000 and was trading above $40,000 before the statement was released. When the statement started to circulate, BItcoin’s price plunged and traded at $36,646 at the time of writing based on Coinmarketcap data.

Even Chinese miners are unsure how to interpret the government’s statement. “Vice Premier Liu He calls for a crackdown on bitcoin mining and trading activities,” Compass Mining co-founder Thomas Heller posted on Twitter. “Anti-bitcoin (mining) news regularly comes up, but this is worth monitoring. Miners in China I've spoken with are unsure of the impact right now.”

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