Jim Cramer, the host of CNBC’s Mad Money, announced he has liquidated nearly all of his Bitcoin (BTC) holdings. Speaking on June 21 during an interview with CNBC’s Squawk Box on the Street, Cramer asserted that BTC is ”not going up because of structural reasons,” highlighting China’s renewed regulatory clampdown. Cramer stated that China’s central government understands Bitcoin to be a “direct threat” to the regime and its capacity to control monetary flows within the country, describing the cryptocurrency as “as a system that’s outside of their control.” The escalating Chinese crypto mining ban has sent Bitcoin’s hash rate tumbling …

One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians. The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC. …

Bitcoin (BTC) price dropped roughly 22% over the past 7 days, retesting the $31,700 area for the second time in June. The most pressing news for the negative performance has been China supposedly cracking down bank accounts of over-the-counter desks, according to some analysts: China cracking down on the bank accounts of #bitcoin OTC desks, this is getting serious!!! — Lark Davis (@TheCryptoLark) June 21, 2021 However, as reported by Cointelegraph, Bitcoin's hash rate dropping nearly 50% to an 8-month low could also have played a vital role in the price correction. Not even MicroStrategy's recent $489 million purchase was …

Amid the ongoing crackdown on cryptocurrency mining in China, prices of graphic cards from major GPU providers like Nvidia and Asus are becoming more affordable. According to a Monday report by South China Morning Post (SCMP), prices of some graphic cards have tumbled as much as two-thirds on Chinese e-commerce platforms after Sichuan province terminated mining operations. Asus’ flagship RTX 3060 card was reportedly down to 4,699 Chinese yuan ($730) on Monday from its peak price of 13,499 yuan ($2,100) in May on JD.com-operated online retail site Tmall. Nvidia's Quadro P1000, a less advanced card, dropped to 2,429 yuan ($380) …

The Agricultural Bank of China (AgBank) — the world's third-largest bank by assets — is set to implement Beijing’s firm anti-cryptocurrency measures and rigorously vet its clients to ensure they are not engaged in any form of illegal activities involving crypto transacting, trading or mining. AgBank’s statement today followed the institution’s meeting with the People’s Bank of China (PBoC), which convened major domestic banks and mobile payment service providers and ordered them to ensure that banking and settlement services are denied to clients engaged in crypto-related transactions. An official PBoC statement today reiterated that all banks and payment institutions “must …

Bitcoin (BTC) is lower going into a new week’s trading — Monday has seen a test of levels below $33,000, and bulls are struggling. What could be next? With bullish short-term voices few and far between, it seems that cryptocurrency just isn’t of interest to investors right now. Against a backdrop of macro market uncertainty, low volumes and claims of a bull market top, Bitcoin has a lot to do to convince the market that the good times still lie ahead. Cointelegraph offers five things to consider when charting what might happen to BTC/USD in the coming days. Spotlight on …

Bitcoin (BTC) shed $1,000 in minutes on Monday as fresh news from China succeeded in routing bulls yet again. Third-biggest Chinese bank warns on crypto Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows beneath $32,500 on Monday. The cause, which disturbed a day of recovery from another dip, appeared to once again come from China via a major bank statement that confirmed it would not allow the use of its services for transactions related to Bitcoin or cryptocurrency. Involved was China’s third-largest bank, the Agricultural Bank of China. “The statement emphasized that once relevant behaviors are …

Bitcoin’s (BTC) hash rate has fallen to its lowest levels since early November as mining operations in China start unplugging. Bitcoin’s network hash rate, a measure of its computational horsepower, has slumped 46% since its peak level in mid-May. According to Bitinfocharts, Bitcoin’s hash rate is currently 91.2 exahashes per second (EH/s), close to half of its 171.4 EH/s high posted less than six weeks ago. Bitinfocharts has also reported a drop in mining profitability from a peak of $0.449 per day per terahash per second to current levels of $0.226 over the same period. Bitcoin’s hash rate has not …

At the moment, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the DXY index, the impact on Bitcoin (BTC) is negative. For the past few weeks, analysts and influencers have been issuing alerts about this inverse correlation, which held true until March 2021. So I guess we're not all obsessed with $DXY anymore? Because it's looking super bullish & had provided an almost perfect inverse correlation for over a year. Either way we're about to find out if $BTC has matured to the point of being …

China's crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests. In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin's potential price floor. Don't believe the China FUD As a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin's electrical cost — the combined cost of keeping the network running — is dropping. As Edwards notes, this "Bitcoin production cost" is very rarely crossed by spot price. In becoming lower itself, the indicator thus opens up the possibility of …

With Bitcoin (BTC) mining concentration expanding in North America, Miami mayor Francis Suarez is looking to position his city as a hub for crypto mining activity. Speaking to CNBC on Thursday, Mayor Suarez said he is inviting foreign mining companies to consider establishing data centers in the city. According to Suarez, Miami’s ample nuclear electricity supply should attract Bitcoin miners looking to adopt clean energy sources for their operations, especially amid the current spotlight on the supposed carbon footprint of crypto mining. Mayor Suarez has previously weighed in on the issue claiming back in March that 90% of Bitcoin mining …

Chinese authorities continue to crack down on cryptocurrency mining as a city in Sichuan province has reportedly halted local Bitcoin (BTC) mining farms. Authorities in Ya’an City, a prefecture-level city in the western part of Sichuan province, have ordered local Bitcoin mining operations to shut down for examination, Chinese financial publication Sina Finance reported Friday. Citing an anonymous source from Chinese news agency PA News, the report said that it is unclear when or whether miners will restart mining operations. According to Chinese crypto blogger Colin Wu, the latest decision will impact major Bitcoin mining farms in Sichuan, which is …