The price of Bitcoin fell back to $ 30,000 this Tuesday, a drop of -8% from the day before. And, to be more exact, this would be the first time Bitcoin’s price has fallen under the $30,000 barrier in the last six months. Since the last time we saw prices around this barrier was at the end of December last year. At which time the digital currency had been capitalizing on a sharp rise.
While many anticipated a drop in the price of the digital currency, it occurred quite sharply and formally began shortly before 4:00 am (New York Time). Over a period of at least five hours, Bitcoin lost at least $ 2,500. In the middle of a large volume of commercial operations, which reflects large amounts of sales through the main exchanges during that space.
However, what has been seen in recent hours confirms the thesis put forward by various analysts. Who anticipated a significant setback for the digital currency in recent days. Precisely because of the events that have been shaking the Bitcoin ecosystem.
The fact that Bitcoin fell back to $ 30,000 is mainly associated with the announcements and actions undertaken by the Chinese government. Which is carrying out crackdowns against mining and trading with cryptocurrencies within the country.
However, the price of Bitcoin recovered and stands at $ 33,000 at the time of writing. This is recorded by our internal tool, crypto online.
Bitcoin mining migrates to the US UU? 3 tons of mining equipment moved from China to Maryland
Bitcoin’s mining power is beginning to shift to the United States amid a heavy crackdown on the sector in China.
A report this Monday shared by media outlets such as CoinDesk aligns with recent speculation that cryptocurrency miners in China are looking to migrate to the US. due to the energy measures that the government of the Asian power is taking against the crypto industry at the national level.
Eunice Yoon, CNBC representative, reported Monday that a Chinese logistics company in the city of Guangzhou, northwest of Hong Kong, has confirmed that it will transport three tons of Bitcoin mining machines to Maryland, USA. UU. The correspondent and host of the Inside China network feature program shared the information via her Twitter feed.
China logistics company in Guangzhou confirms to CNBC that it is airlifting 3,000 kg (6,600 pounds) of Bitcoin mining machines to Maryland, United States. Fenghua International announces that products are delivered at the door, with taxes on both ends settled. Price per kilo: starting at $ 9.37!
The news comes just as multiple reports are popping up about the intensification of Chinese government measures against cryptocurrency trading and mining.
Norwegian FSA sees urgent need to protect cryptocurrency investors
Amid Bitcoin slipping back to $ 30,000 on Tuesday, at six-month lows, a Norwegian financial regulator warned investors that the cryptocurrency industry is largely unregulated in the country.
The Norwegian Financial Supervisory Authority, or Finanstilsynet, released a statement on consumer protection for cryptocurrency investors on June 22. Emphasizing that the authority currently does not supervise local crypto companies in terms of nothing more than money laundering:
“These platforms must notify Finanstilsynet in accordance with the money laundering regulations. But apart from money laundering supervision, Finanstilsynet does not supervise these actors.”
Finanstilsynet further pointed out the main risks associated with cryptocurrency trading, such as extreme price volatility and scam vulnerabilities. The authority noted that cryptocurrency price formation is not transparent in many cases.
You know what?
Amid current concerns about Bitcoin’s carbon footprint, the United Nations has said that the cryptocurrency’s underlying technology has enormous potential to solve global problems such as climate change.
The UN will continue to explore the uses of blockchain technology as a way to combat the climate crisis and help achieve a more sustainable global economy. According to an article published on the official UN website on Sunday.
UN experts are confident that ” cryptocurrencies and the technology that drives them can play an important role in sustainable development. And, in fact, improve our management of the environment.”
Specifically, the article points to a number of environmental and sustainability benefits associated with blockchain. Including its power to enable transparency and fraud resistance, climate finance and clean energy markets.