It’s wreaking havoc on the environment.

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China’s renewed crackdown on the cryptocurrency industry has wiped out nearly $300 billion in value from the total digital currency market since Friday. Bitcoin, ether, XRP and other digital coins fell sharply. On Friday, authorities in China’s Sichuan province ordered cryptocurrency miners to shut down their operations. And the People’s Bank of China urged financial institutions not to provide services related to cryptocurrency activities. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y

China’s renewed crackdown on the cryptocurrency industry has wiped off around $400 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations.

Bitcoin was down more than 8% in the last 24 hours, trading at $29,791, at around 8:40 a.m. ET on Tuesday. It broke below $30,000 for the first time since Jan. 27, according to CoinDesk data. Other cryptocurrencies including ether and XRP were also sharply lower.

Over the past few days, China has stepped up its efforts to rein in the country’s cryptocurrency industry.

Mining ban, PBOC warning

On Friday, authorities in China’s Sichuan province, ordered cryptocurrency miners to shut down their operations, according to multiple media reports. Sichuan is one of the biggest bitcoin mining centers in China.

Many bitcoin mines in the southwestern Chinese province were closed as of Sunday, according to state-backed tabloid the Global Times.

The move in Sichuan comes after other mining-intensive provinces in China, including Inner Mongolia, also shut down crypto mining. In May, Beijing called for a crackdown on bitcoin mining, highlighting how the order has trickled down from the top.

Then on Monday, the People’s Bank of China said it spoke to Alipay, the payments service run by Alibaba affiliate Ant Group, and some major financial institutions. The central bank said it urged them not to provide services related to cryptocurrency activities, including account openings or clearing and settlement.

These are not new rules, but the PBOC’s comments show how China’s top regulators are stepping up monitoring and pressure on financial institutions related to cryptocurrencies.

China banned local cryptocurrency exchanges in 2017 forcing them to move offshore. That did not stop Chinese traders buying and selling digital coins, though it added a layer of complexity to crypto trading.

Chinese traders would have to move their Chinese yuan to a platform to buy crypto. That would be done via a payments service like Alipay or a bank account. So the PBOC’s latest reminder to financial institutions could be looking to stamp this out further.

Since Friday, when the Sichuan authorities notified miners to shut down operations, bitcoin is down around 16%. The central bank notice added further pressure.

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China dominated the world in bitcoin mining until Beijing cracked down in 2021. Since then, the mining industry has changed dramatically, and proponents of it argue that bitcoin is now helping lead the way to a clean energy future. For this video, I took a closer look at how the mining industry has relocated, expanded and evolved since Beijing’s crypto ban.

0:00 Bitcoin mining has changed a lot since China cracked down on cryptocurrencies
0:28 How bitcoin mining works
1:10 The countries that gained market share after China’s ban
2:44 Major bitcoin milestones since miners left China
3:39 How some bitcoin miners are investing in clean sources of energy

I’m Shelby Holliday, a reporter for WSJ, and I’m digging deeper into news stories that are having a powerful and sometimes surprising impact on our lives. Join me as I report on the events and trends shaping our world by subscribing to the channel.

#Bitcoin #Crypto #ShelbyHolliday

Welcome to Asian QuickTake, your go-to channel for comprehensive analysis of global affairs, international relations, and technology. In this video, we delve into recent developments and challenges concerning the US dollar hegemony and its impact on the global economy.

The appointment of Andrea Gacki as the Director of FinCEN by the US Department of the Treasury signals a potential strengthening of the defense of the US dollar hegemony through financial sanctions and restrictive measures against non-conforming economies. However, such actions have faced growing scrutiny and opposition worldwide, especially from China, a significant holder of US Treasury bonds and the world’s second-largest economy.

US Treasury Secretary Janet Yellen acknowledges the limits of financial sanctions and the potential consequences of China selling its US Treasury bonds. The rise of de-dollarization movements in various countries across Asia, Africa, and Latin America challenges the US dollar’s singular role in the global economy.

Countries are exploring various strategies to reduce their dependence on the US dollar, such as increasing gold reserves, signing currency swap agreements, and conducting transactions in non-dollar currencies like the Chinese yuan. This trend poses challenges to the US economy, which has relied on the profitability of petrodollars and US Treasury bonds.

The US’s credibility and the reliability of the US dollar as a global reserve currency have been questioned, leading over 121 countries to take steps towards de-dollarization. The repatriation of gold reserves from various countries further highlights the shifting dynamics in the global financial landscape.

China’s significant holdings of US Treasury bonds and its role as a major commodity and oil importer give it the potential to impact the petrodollar and US Treasury bonds. The US Congress has warned of the possibility of China selling a substantial amount of its US Treasury bonds.

The US economy faces the challenge of adapting its financial and economic strategies in response to the growing global scrutiny and challenges to the US dollar hegemony. Embracing cooperation and promoting a balanced and diversified global economic order can lead to a more just and sustainable future for the global economy.

Join the conversation in the comments below, and don’t forget to share your thoughts and opinions. Thank you for watching, and we’ll see you in the next video.

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