With China cracking down on Bitcoin trading, investors are looking elsewhere. Some have moved to the West to host their machines. Industry experts tell Coindesk Factors like lead times to build out hosting sites, energy and labor costs, tax regimes, climate, and political and business environments are among many local issues that make it difficult for miners to map out a specific route of migration.
With the surge a few days ago, some investors took the opportunity to gain profit or cut loss. A semi-sell-off created this price dip. Bitcoin was down from $42000 a few days ago to today’s $38000, and it’s stabilizing at this level. Buyers remain active despite ongoing regulatory crackdowns in China. On Sunday, the People’s Bank of China (PBoC) said it will keep applying high regulatory pressure on crypto trading, mostly due to concerns about financial risk.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.