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China Might Ban Bitcoin Mining

According to the latest news reported by Reuters on April 9, that a Chinese government agency is considering to eliminate crypto mining in the country. It must be noted that China has been hosting the maximum numbers of mining pools, the overall crypto market might be impacted with this news. However, the plan to do so is not fixed yet and people in crypto community are looking at it as another FUD.

As per Reuters:

Now, China's central state planning agency, the National Development and Reform Commission (NDRC), has revealed it might restrain crypto mining in the country altogether. The news was first broken by state-owned newspaper The Securities Times, who reported that the NDRC’s draft list “distinctly reflects the attitude of the country’s industrial policy” toward the cryptocurrency industry,

If we looked at the past, Bad news from China always used to affect the market. When local authorities banned on cryptocurrencies last year, Bitcoin instantly dropped to its lowest level of the month, with Ethereum dropped to 20% and Ripple shattered to 30%.

Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.

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