The price has Bitcoin sharply declined in recent days/weeks, and the drop in price across basically the entire cryptocurrency market can be attributed to one thing.
The price of the following cryptocurrencies plummeted on Monday; bitcoin, Ethereum, Cardano, dogecoin, and more, after China announced that it was targeting Bitcoin miners located in Sichaun. The effort made by China to shut down Bitcoin miners in Sichaun is a part of a nationwide effort to reduce electricity. According to Forbes, China is the number one country when it comes to Bitcoin operations, accounting for nearly 80% of all operations globally.
Additionally, Sichaun is the province that holds the second most Bitcoin mining, and due to the shutdown, Bitcoin's hash rate plummeted. According to Chinese state media, the Global Times, local Chinese authorities have said that the country's latest crackdown on the cryptocurrency has reduced China's Bitcoin production by more than 90%. For more information on this story, check out this link here.
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