July 16, 2024

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Exchanges Close Doors, But Bitcoin (BTC) Hash Rate Recovers »Crypto Insiders

Exchanges Close Doors, But Bitcoin (BTC) Hash Rate Recovers »Crypto Insiders

In the middle of this year, the Chinese government once again opened fire on the cryptocurrency world. Bitcoin (BTC) The country’s miners were ordered to pack their belongings at short notice and take them to other countries.

However, it didn’t stop there. at recent days , China’s central bank They announced that they will also reform cryptocurrency trading in China. It is clear that China wants to ban cryptocurrencies from the country permanently.

Cryptocurrency exchange

By banning trade in Cryptocurrency Several cryptocurrency exchanges have been hit hard. The Chinese market is huge and there are even cryptocurrency exchanges that are completely focused on this market.

So many cryptocurrency exchanges are forced to close their doors in China. Users are often informed that their account will be closed on December 31, 2021.

The most recent example of an exchange that has taken such steps is KuCoin. Chinese users KuCoin They were instructed to withdraw their assets by December 31 before KuCoin permanently closes their accounts.

Among other things Huobi, Binance, and OKEx Similar actions were taken in response to the Chinese central bank’s decision. These crypto exchanges will also ban Chinese users and deposit existing users before the end of the year.

Returns the hash rate

For Chinese crypto investors, the drastic measures are, of course, disastrous. However, the global cryptocurrency market appears to be more resilient in the face of the Chinese war on the crypto industry.

When miners in China suddenly had to leave a few months ago, computing power waned, or Hash ratefrom the bitcoin network. This reduced the network speed. Fortunately, Grid was able to adapt to the circumstances and this matter was dealt with very quickly, but the consequences were temporary.

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It now appears that the network is almost fully working again. The Bitcoin network hash rate is close to its previous rate again absolutely high. At its peak, the network hash rate was 198.5 EH/s. Yesterday this hash rate was like this 177.5 EH/s. Excellent healing!