Bitcoin dips to two week low as China tightens restrictions on cryptocurrency mining

After picking up some speed after Tesla’s latest announcement regarding their renewed trading decision as far as Bitcoin was concerned, it has again dipped down to two weeks low, that is $31,760. According to Coin Metrics, this is the first time it went as low since June 8.

All the ‘mining’ sites in Sichuan, China, where most of them are concentrated have been shut down by the government in order to regulate the environment and compensate for the damage already made. According to Global Times, a Communist Party-backed newspaper, about 90% of the mining sites have been shut down.

“China often does this. When China sneezes, bitcoin catches a cold. But this flexing of regulatory muscle is often just that in the past eight years, this story has risen its head at least three times,” Charles Hayter, CEO, CryptoCompare said to the press.