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.
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