Bitcoin selling pressure remains high as crypto miner exodus from China continues

18 Jun 2021

???? BTC | $38,003 (-654, -1.7%)

???? ETH | $2,361 (-40, -1.7%)

???? XRP | $0.84 (-0.01, -1.2%)

???? LTC | $166 (-3, -1.7%)

The World Bank has rejected El Salvador’s request for help to implement Bitcoin as legal tender in the country, citing Bitcoin’s “shortcomings” in environmental and transparency concerns.

A Decentralised Finance (DeFi) token saw its value go from around $2B to zero on Wednesday. The unusual occurrence happened thanks to a virtual bank run on the token, where the protocol was unable to pay users as it was only partly collateralised.

The Chinese crackdown on crypto mining continues to expand, with a major mining hub in Sichuan ordered to shut down for “inspections”. There has been an exodus of crypto miners from China, with many setting up shop in Central Asia, South America, or North America. Correspondingly, many of them have been selling their Bitcoin holdings to fund their moves.