Former hedge fund manager and Galaxy Digital CEO Michael Novogratz has shared his opinion on China's latest attempt to crack down on cryptocurrencies.

"China news isn’t good" 
Novogratz has taken to Twitter to explain why Chinese officials are attempting to suppress Bitcoin (BTC) and cryptocurrencies yet again. According to him, the crackdown should be attributed to the authoritarianism of President Xi Jinping's political system.

China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play ... Read more »

Category: News | Views: 228 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)

(Kitco News) As bitcoin hit two-week lows Monday, CNBC's Jim Cramer said he "sold almost all" of his bitcoin, citing concerns over China's crypto mining crackdown and ransomware attacks.

"Sold almost all of my bitcoin. Don't need it," Cramer told CNBC's "Squawk on the Street" on Monday.

Bitcoin began the week with another significant selloff. The cryptocurrency neared the $30,000 level after China intensified its crackdown on crypto mining. At the time of writing, bitcoin was trading at $32,730, down nearly 5% on the day, after hitting a daily low of $31,744.

According to media reports, the price drop was triggered over the weekend as China's crypto mining crackdown extended to the southwest province of Sichuan.

Reuters cited a notice issued by the Sichuan Provincia ... Read more »

Category: News | Views: 198 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)

TOKYO (Reuters) - Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining expanded to the province of Sichuan.

Bitcoin fell to as low as $32,288 for the first time since June 8, and was last down 7.9% at around $32,781.

Smaller rival ether dropped below $2,000 for the first time since May 23, before trading 10% lower at 2019.01.

Cryptomining is big business in China, accounting for more than half of global bitcoin production.


... Read more »

Category: News | Views: 170 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)

Ether, the second-largest cryptocurrency, collapsed below the psychologically important level of  $2,000 for the first time in nearly a month. It reached an intraday low of $1,976 on the Bitstamp exchange at 6:46 a.m. UTC.  

Ether is now down more than 20 percent over the past week. 

Other major altcoins are also taking a massive hit at the time of writing. Ripple-affiliated XRP is currently trading at $0.69. Dogecoin is trading at just $0.25.  

Bitcoin is currently changing hands below $33,000.    

The total crypto market cap has shrunk to $1.3 trillion. 

China's ongoing crackdown on the industry is believed to be the main headwind that is putting pressure on th ... Read more »

Category: News | Views: 135 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)

Denver, Colorado-based Crusoe Energy is capturing the energy from flare gas at oil patches and using it to mine Bitcoin.

The firm is now one of North America’s biggest BTC miners and has attracted investment from Coinbase Ventures and the Winklevoss twins, according to a recent report.

Renewable Bitcoin Mining
Crusoe claims that its system can slash the CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

The system works off the oil drilling industry, which often results in the discovery of natural gas in the wells. Drilling companies lack the infrastructure to sell the gas and so burn it off in a process called flaring.

Crusoe installs a piping system to divert the natural gas away from the flares and into generato ... Read more »

Category: News | Views: 190 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)

The recent “death cross” on Bitcoin’s daily and hourly charts weakened price stability as Bitcoin miners continue to face immense pressure from China in the wake of deadly coal accidents, further weakened Bitcoin bulls resolve to break above $38,000.

Though price patterns reveal long-term investors are considerably holding on the desirable store of value asset, the growing activity of retail investors has made market reactions choppy and consolidating in principle.

Additionally, trading activity in Bitcoin’s futures has dropped drastically, particularly relative to the $120 Billion in trading volumes that occurred during the capitulation event last month.

Although data from Glassnode, a crypto ... Read more »

Category: News | Views: 188 | Added by: danyagames2007 | Date: 21.06.2021 | Comments (0)