BTC Dives Below $36k as China Cracks Down BTC Miners

BTC Dives Below $36k as China Cracks Down BTC Miners
  • Bitcoin fails to maintain its position above the uptrend position of $40k.
  • China continues the cracking down of Bitcoin mining farms.

Bitcoin fails to maintain its position above the uptrend position of $40k. As a result, the price of the crypto falls below $35k with a 7-day decline rate of -2.1%. This price decline of crypto is due to some issues that BTC is facing right now. The continued cracking down of Bitcoin mining farms is one reason to consider.

Specifically, the shutting down of Bitcoin mining farms is a very hot topic in China. This movement comes after the authorities in China ordered the closing of a major mining center in the country. The southwest province of Sichuan is one of the biggest producing mining industries in China that was ordered to shut down. Truly, the increasing number of Bitcoin mining closures puts Bitcoin in a bad market position.

On the other hand, despite the left and right challenges that Bitcoin is taking on nowadays, BTC remains strong. In fact, BTC was able to surge its price to over $40k in the past few days. Furthermore, prominent people and giant companies remain on the side of BTC in these challenging times.

Michael Saylor, the CEO of MicroStrategy, reacted in a tweet post:

In other news, Shiba Inu remains famous in the crypto world. As a result, the popular meme coin and Dogecoin emulator Shiba Inu is now listed on Coinbase Pro. Trading for the coin began on Thursday, June 17, at 9 AM Pacific Time (PT). The coin was listed along with Chiliz and Keep Network.

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