Bitcoin Faces Ban Amid Brutal Week

It’s been a crazy few days for cryptocurrency, but then again, isn’t it always crazy? This week, Bitcoin saw a significant dip, hitting a low of about $28,911 on Tuesday. While Bitcoin has been struggling to hold its market value after Elon Musk’s comments and business decisions, this drastic drop was likely related to China’s recent attempt to rein in cryptocurrency. 

Sichuan, home to one of the largest Bitcoin mining centers in China, ordered miners to shut down operations last Friday. This comes after other provinces throughout the country have made similar mining bans. The People’s Bank of China has also urged financial institutions not to provide cryptocurrency-related services.

Things got crazier when John McAffee, who was indicted in March for cryptocurrency fraud charges was found dead in Barcelona after learning he would be extradited to the United States. 

We don’t doubt this rollercoaster will continue as more countries grapple with the increased prevalence of cryptocurrency.