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archerships"China’s recent decision to ban crypto mining and trading operations within the country has had a widespread impact on the crypto markets. The crypto market extended its losses on Sunday, May 23, with its valuations hitting a 3-month low.
Just as Beijing steps up its regulatory efforts in the crypto space, local Bitcoin miners of China have started suspending the operations in the home country. This has further put downward pressure on BTC and the overall crypto space. As we know, China alone accounts for 70% of the total crypto mining market worldwide. Thus, if the Chinese miners decide to turn off their rigs, even for a short time, the effects of the same can be far-reaching.
On Sunday, May 23, Huobi Mall, the subsidiary of crypto exchange Huobi announced that all of its custodial business has been suspended. Huobi Mall is planning to move its rigs to an overseas market out of China."
Just as Beijing steps up its regulatory efforts in the crypto space, local Bitcoin miners of China have started suspending the operations in the home country. This has further put downward pressure on BTC and the overall crypto space. As we know, China alone accounts for 70% of the total crypto mining market worldwide. Thus, if the Chinese miners decide to turn off their rigs, even for a short time, the effects of the same can be far-reaching.
On Sunday, May 23, Huobi Mall, the subsidiary of crypto exchange Huobi announced that all of its custodial business has been suspended. Huobi Mall is planning to move its rigs to an overseas market out of China."