Mining

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Belarus Central Bank is imposing new restrictions on foreign currency transactions in response to EU sanctions. Such a move could create complications for citizens and push them to seek alternatives such as cryptocurrencies.

The global market cap of cryptocurrencies is $1.27T, down 14% in 7 days. This was one of the worst trading periods in the cryptoasset market since May 23.

There is an opinion that the Chinese ban is actually good for the bitcoin price in the long run. The ongoing crackdown on bitcoin mining and trading could boost bitcoin and other cryptocurrencies in the future.

Although China has cracked down on cryptocurrencies in recent years, it remains the largest bitcoin mining country in the world, with more than 65% of the total hashrate.

For the first time in 2021, all of the top 50 cryptocurrencies are trading in the red as both their 24-hour and 7-day prices are in negative territory.

China, a workshop for more than 65% of the world's bitcoin, has taken a tough stance against crypto mining and related transactions, including a total crackdown on bitcoin mining.

Iran has long been known as a crypto-friendly nation, but in the recent past it has changed its view towards this emerging industry. Currently, authorities in Iran are in the process of arresting bitcoin and cryptocurrency miners on a large scale. The move is a threat to the entire cryptocurrency industry as it cripples its planned growth.

As China is continuing to crack down on Bitcoin and cryptocurrency mining and trading, more provinces in the country are implementing the decision. However, in an attempt to stop such environmentally unfriendly and high-energy-consuming activities, the prices of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) are negatively being affected.