Earlier this week Bitcoin dropped below $30,000 for the first time since January as the crypto market continues to struggle. But why? Who’s to blame for this recent economic downturn? Well, in a shocking turn of events the answer is actually in no way related to Elon Musks’ Twitter account. Instead, the blame can largely be placed on the Chinese government.
China is in the process of cracking down hard on crypto miners, which is a problem considering that 65% of bitcoins hashrate is mined in China. While they have yet to ban crypto outright they have already informed the countries financial institutions that they will have to stop dealing in crypto. The Chinese government also met with the countries major banks to remind them that they are not allowed to be involved with crypto transactions.
Chinese officials state that these crackdowns are part of an ongoing attempt to decrease the countries carbon footprint in an attempt to improve their optics around the world. This is an odd move, considering China’s active involvement in the ongoing Uyghur genocide has probably stained their optics worse than Bitcoin mining would.