China’s Crypto Mining Ban Drives Longest Bear Run in Market in Over Three Years
Things are not looking too good in the world of cryptocurrencies, ever since China started coming down hard against cryptocurrency mining
Things are not looking too good in the world of cryptocurrencies, ever since China started coming down hard against cryptocurrency mining across the nation. According to digital asset manager CoinShares, markets experienced the sixth consecutive week of outflows from Bitcoin investment products and funds.
During the past week, a total of $89 million was pulled out of BITCOIN investments, taking the total of outflows since the beginning of this year to $487 million, accounting for around 1.6% of AUM. Meanwhile, the overall crypto sector registered outflows for the third straight week, losing around $79 million over the past week.
This period has been the longest bear run in cryptocurrencies seen since February 2018. The total outflows from the sector for the month of June has already touched crossed $210 million.
The downbeat sentiment was triggered a few weeks ago after China imposed strict ban on cryptocurrency mining. Over the past weekend, several Bitcoin mines operating in Southwest China’s Sichuan Province were shut down, bringing down the nation’s Bitcoin mining capacity by more than 90% and weighing on the investor mood further.
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