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Prices of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies nosedived after China’s Financial Stability and Development Committee (FSDC) decided to maintain its stance on Bitcoin mining in the country during its 51st meeting, with a plan to crack down on crypto mining and trading.

According to the report, the Chinese financial regulatory body will also focus on reducing credit risks, reforming medium-sized financial institutions, and punish illegal financial activities severely.

Read Also: Iranian Government Licensed Bitcoin Mining Farm to Set Up In Iran

Thomas Heller, Co-Founder and CBO of Compass Mining, who broke the news on Twitter claimed that local crypto miners in the country are still unsure how the recent development will affect the industry.

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Thomas Heller tweeted, “Vice Premier Liu He calls for a crackdown on bitcoin mining and trading activities. Anti-bitcoin (mining) news regularly comes up, but this is worth monitoring. Miners in China I’ve spoken with are unsure of the impact right now.”

Anti-bitcoin news regularly surfaces but this seems to be different and worth monitoring.

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As expected, the news has majorly affected the price of Bitcoin (BTC), Ethereum (ETH), and others. Even some proof-of-stake (PoS) powered digital currencies, such as Cardano (ADA), are also affected.

Bitcoin has plunged to an intraday of $36,679, while Ethereum has dipped below $2,500. Other cryptocurrencies have also had losses. How long this negative trend will last cannot be ascertained at the moment.

Unfavorable news from FSDC marks yet another blow to Bitcoin, Ethereum, and other cryptocurrencies during their rough week.

Read Also: Ripple Reveals Why XRP is More Sustainable than Bitcoin (BTC) and Ethereum (ETH)

The crypto market also got hit yesterday after the United States Treasury called for the report of transfers that are more than $10,000 to the IRS by businesses, which is part of the Biden administration’s strategy of pushing for tax enforcement.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.