Bitcoin dropped significantly due to these factors.
BITMEX CEO Surrenders to face charges on money laundering.
Blackout in Xinjiang mining zone.
Turkey bans Crypto Payments.
Mining Corporates dumped BTC due to blackout panic.
864,000 Crypto futures liquidated
Firstly, there are rumours circulating that the US Treasury are seeking accountability from a number of corporations whom they suspect as being involved in money laundering via Cryptocurrency - an example this is the recent surrender of the BITMEX CEO & close compatriots,
This is nothing new it was a normal event for Crypto but the second one is pretty big.
One of the largest Bitcoin mining zones had a huge blackout in Xinjiang, China. The plummet in the hash rate caused a panic on the market during the Asian session. I still believe that this was a normal technical failure to the electric grid and not a government orchestrated crackdown. Hash rate has a direct link to the Bitcoin price. Bitcoin dropped around 13.60% in less than 30 minutes when the crisis broke out to miners.
Last Friday, the Turkish central bank issued a ban on the use of cryptocurrency as a payment method in Turkey. The decision to ban crypto was due to the rising number of crypto asset users within the country in addition CBRT cited lack of supervision mechanism and central authority as reasons.
Some mining corporation dumped their holdings on to the market due to panic from the blackout as well.
The uproar resulted in a single-day record liquidation of 864,000 Crypto futures.
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