A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report By Cointelegraph

A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

CryptocurrencyJun 22, 2021 11:40AM ET

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A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

Bitcoin (BTC) plunged 7.38% to hit a five-month low of $29,313 on June 22 as the market faced the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China.

Bitcoin drops below $30,000 for the first time since January. Source: TradingView

The People's Bank of China said on June 21 that it had summoned multiple regional institutions — including the Agricultural Bank of China (OTC:ACGBF), China Construction Bank (OTC:CICHF), Industrial and Commercial Bank of China, and Jack Ma's payment platform, Alipay — to “strictly implement” its recent ordinances on curbing Bitcoin- and other cryptocurrency-related activities, including mining.

Bitcoin's mean hash rate plunged 16% in the two weeks since the China FUD. Source: Glassnode

Over the last two weeks, miners sold more Bitcoin than they held . Source: Glassnode

Miners' supply of 3,000 BTC to OTC desks met buyers within two weeks. Source: Glassnode

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A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

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