BTC Price Plunges as China Slays Crypto Mining and Trading

June 23, 2021 at 12:28 AM GST updated: June 23, 2021 at 12:42 AM 1 min read Bitcoin News

Bitcoin price drops as China continues its crypto ban campaign
MicroStrategy bought an additional 13,005 BTC

Bitcoin price plunges drastically as China continues its campaign against cryptocurrencies. This movement of China has been made to control the financial risk in the country.

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Furthermore, the People’s Bank of China (PBOC) has reached out to some payment firms to strengthen their regulations against crypto trading. The China Construction Bank and Alipay are some of the major payment firms that the PBOC has invited.

This initiative made by the PBOC aims to stop criminals from abusing cryptocurrencies in their transactions.

PBOC explained further:

Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth.

On the other hand, as the Bitcoin tension increases in China, MicroStrategy added more Bitcoin to its holdings. Interestingly, MicroStrategy bought an additional 13,005 BTC amounting to $489 million which is paid in cash. As a result, MicroStrategy now holds a total of 105,085 BTC.

MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTR https://t.co/gLfnOxZEZc
— Michael Saylor⚡️ (@saylor) June 21, 2021

Today, Bitcoin trades at a decent price of over $32k with a solid market cap of almost $610 billion.

In other news, China remains firm on its decision to crack down BTC mining farms in the country. For this reason, the mining industries in the southwest province of Sichuan were ordered to shut down.

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