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18 June’s Daily Market Trends (June 18th): Ya’an, Sichuan Stops Bitcoin Mining, Price of Bitcoin Falls Under $38,000 Again

Author: Researchers:
Gazer. C & Charles. F

As of 12:15 GMT, Bitcoin’s price was $37,830.67 and Ether’s price was $2,338.79. Under the continuing influence of high inflation expectations as well as Shutdown of mining operations in Ya’an, China, crypto markets continue to fall. Price of bitcoin fell from $39,550 to $37,210.50 at the lowest, while the price of Ethereum fell from $2,459.88 to $2,306.50 at the lowest.The prices bounced back in the morning but not too much. Over the past hour, the Bollinger bands are facing down, and the whole crypto market struggles.

Ya’an, one of the major crypto mining hubs in Sichuan, China, is set to shut down crypto mining according to local media reports. Miners have received a notice that requires them to shut down their operations by 22:00 local time (14:00 UTC Thursday) for self-inspection.

According to research by the Financial Conduct Authority in the UK, an estimated 2.3 million adults hold cryptocurrencies such as bitcoin, equating to 4.4% of UK adults.

Henry Fernandez, chief executive of the global securities index publisher MSCI says that the publisher is working with experts, aiming to launch crypto indexes.

During an interview with CNBC, Miami mayor Francis Suarez says that Miami’s doors are open to bitcoin miners in the world, especially those in China. And it’s possible to offer clean, inexpensive energy with the city's reliance on nuclear power for crypto mining. Suareza is also considering a mix of other measures such as setting up enterprise zones for crypto mining.

Author: Researchers: Gazer. C & Charles. F

* reserves all rights to this article. Reposting of the article will be permitted provided is referenced. In all other cases, legal action will be taken due to copyright infringement. Spot Quotes (as of 12:15 CST)


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