Crypto sledgehammer: China ‘erases’ 300 billion and US plans more rules

China’s ‘war’ on bitcoin costs cryptocurrency thousands of dollars

China’s renewed crackdown on the crypto industry has wiped out nearly $ 300 billion in value from the total digital currency market since last Friday , when a major bitcoin mining center ordered miners to shut down their operations.

Bitcoin has lost $ 32,000 and Ethereum is already falling below $ 2,000. Many virtual currencies show losses in excess of double digits this Tuesday.

In recent days, China has stepped up its efforts to control the country’s cryptocurrency industry.

On Friday, authorities in China’s Sichuan province ordered cryptocurrency miners to shut down their operations. Many bitcoin mines in the southwestern province of China were closed on Sunday, reported CNBC .

On Monday, the People’s Bank of China ruled that “virtual currency trading activities disrupt normal economic and financial orders, create the risks of illegal cross-border asset transfers, money laundering and other illegal and criminal activities, and seriously infringe people security of property ”, details MarketWatch.

But the restrictions could go further. These days movements in cryptocurrencies underscore the influence that large governments, such as China and the US, have on the price of bitcoin and other cryptocurrencies, experts explain to MarketWatch .

According to this medium, “the president of the US Securities and Exchange Commission (SEC), Gary Gensler, has repeatedly discussed the need for greater regulation of crypto exchanges to protect investors, while saying that he considers that many of the thousands of existing cryptocurrencies traded on exchanges are unregistered securities that are subject to SEC enforcement actions. “

In fact, earlier this month, the North American regulator published a rule-making agenda outlining its priorities for the coming year.

In February, New York State Attorney General Letitia James banned the use of Tether and a partner crypto exchange, Bitfinex, in the state.

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