{"id":42954,"date":"2021-05-21T18:25:32","date_gmt":"2021-05-21T15:25:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42954"},"modified":"2025-08-31T01:26:20","modified_gmt":"2025-08-30T22:26:20","slug":"bitcoin-falls-below-37000-on-news-of-chinas-mining-ban","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\/","title":{"rendered":"Bitcoin falls below $37,000 on news of China&#8217;s mining ban"},"content":{"rendered":"<p>Chinese authorities <a href=\"http:\/\/www.gov.cn\/xinwen\/2021-05\/21\/content_5610192.htm?ivk_sa=1023197a\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">intend to<\/a> take action against cryptocurrency mining and Bitcoin trading. Liu He, Vice Premier of the State Council, said during remarks to the Financial Stability and Development Committee.<\/p>\n<p>According to him, to safeguard the financial system, tighter supervision is necessary. He urged regulators to support the real economy, and to decisively prevent and contain financial risks.<\/p>\n<p>The official said it was necessary to &#8216;fight Bitcoin mining and trading, and to prevent the transfer of individual risks into the social sphere&#8217;.<\/p>\n<p>Bitcoin fell 8%. The price of digital gold briefly slid below $37,000 (on Binance).<\/p>\n<p>At the time of writing, the cryptocurrency was trading around $38,000.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"485\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-32-1024x485.png\" alt=\"Bitcoin fell below $37,000 amid news of China's mining ban\" class=\"wp-image-136225\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-32-1024x485.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-32-300x142.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-32-768x364.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-32-1536x728.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-32.png 1805w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Chart of BTC\/USDT on Binance. Data: TradingView.<br \/><\/figcaption><\/figure>\n<p>\u0417\u0430\u044f\u0432\u043b\u0435\u043d\u0438\u0435 \u0425\u044d \u043f\u0440\u043e\u0437\u0432\u0443\u0447\u0430\u043b\u043e \u0447\u0435\u0440\u0435\u0437 \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u0434\u043d\u0435\u0439 \u043f\u043e\u0441\u043b\u0435 \u0442\u043e\u0433\u043e, \u043a\u0430\u043a \u0442\u0440\u0438 \u0430\u0441\u0441\u043e\u0446\u0438\u0430\u0446\u0438\u0438 \u043f\u0440\u0438 \u041d\u0430\u0440\u043e\u0434\u043d\u043e\u043c \u0431\u0430\u043d\u043a\u0435 \u041a\u0438\u0442\u0430\u044f <a href=\"https:\/\/u1f987.com\/en\/news\/media-china-bans-support-for-cryptocurrency-related-business\">banned local companies<\/a> from supporting a digital asset-related business, and citizens were urged to refrain from investing in this class of financial instruments.<\/p>\n<p>Colin Wu noted that Chinese senior officials for the first time directly proposed banning cryptocurrency mining. He believes this may be linked to the sector&#8217;s high energy consumption.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is the first time that the highest level of the Chinese government has clearly proposed a blow to the mining industry.<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1395745508728074242?ref_src=twsrc%5Etfw\">May 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>News out of China: <a href=\"https:\/\/t.co\/8fOJ0YpAlc\">https:\/\/t.co\/8fOJ0YpAlc<\/a><\/p>\n<p>Vice Premier Liu He calls for a crackdown on bitcoin mining and trading activities. <\/p>\n<p>Anti-bitcoin (mining) news regularly comes up, but this is worth monitoring. Miners in China I\u2019ve spoken with are unsure of the impact right now.<\/p>\n<p>Let China actually ban Bitcoin and Bitcoin mining.<\/p>\n<p>Mining would be more decentralized, black market for Bitcoin would thrive and the \u00abChina controls Bitcoin\u00bb false narrative would disappear.<\/p>\n<p>\u2014 WhalePanda (@WhalePanda) <a href=\"https:\/\/twitter.com\/WhalePanda\/status\/1395750459651117064?ref_src=twsrc%5Etfw\">May 21, 2021<\/a><\/p>\n<p>Earlier, China CITIC Bank <a href=\"https:\/\/u1f987.com\/en\/news\/chinas-citic-bank-bans-accounts-from-buying-and-trading-bitcoin\">banned individuals and legal entities from using<\/a> accounts to buy and sell cryptocurrencies.<\/p>\n<p>In April 2021, China proposed treating cryptocurrencies such as Bitcoin as <a href=\"https:\/\/u1f987.com\/en\/news\/china-proposes-treating-bitcoin-as-an-investment-instrument\">investment instruments<\/a>. <\/p>\n<p>Hong Kong plans to <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-plans-to-ban-bitcoin-exchanges-from-operating-without-a-licence\">ban Bitcoin exchanges from operating without a license<\/a> and offer services to retail investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese authorities intend to take action against cryptocurrency mining and Bitcoin trading. Liu He, Vice Premier of the State Council, said during remarks to the Financial Stability and Development Committee.<\/p>\n","protected":false},"author":1,"featured_media":42955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,133,1306,36],"class_list":["post-42954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-china","tag-mining-ban","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42954"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42954\/revisions"}],"predecessor-version":[{"id":42956,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42954\/revisions\/42956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42955"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}