Dogecoin managed to get below the support at $0.20 and continued its downside move as crypto markets remained under pressure.
Bitcoin declined below the important support level at $32,000 after another Chinese province, Anhui, decided to ban crypto mining. The move is expected to ease the power shortage in the province. Anhui will eliminate all crypto mining projects.
The continuation of the crackdown on crypto mining in China has put pressure on most cryptocurrencies. Ethereum declined below the $1900 level while XRP slipped below the $0.60 level.
At this point, it is obvious that China will ultimately eliminate all crypto mining in the country, which is bearish for crypto markets. Crypto miners have been moving to other places once the crackdown began, but the number of areas with cheap electric power is limited, and crypto miners may continue to face pressure due to concerns about potential power shortage and environmental damage.
Bitcoin declined below the important support level at $32,000 after another Chinese province, Anhui, decided to ban crypto mining. The move is expected to ease the power shortage in the province. Anhui will eliminate all crypto mining projects.
The continuation of the crackdown on crypto mining in China has put pressure on most cryptocurrencies. Ethereum declined below the $1900 level while XRP slipped below the $0.60 level.
At this point, it is obvious that China will ultimately eliminate all crypto mining in the country, which is bearish for crypto markets. Crypto miners have been moving to other places once the crackdown began, but the number of areas with cheap electric power is limited, and crypto miners may continue to face pressure due to concerns about potential power shortage and environmental damage.
