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Invest. com – Yesterday cryptocurrencies escaped Chinese pressures that always come with any price hikes they experience and altcoins.
Bitcoin has managed to spend most of the time trading above the $ 50,000 levels, and it has come to its knees in most alternative currencies, despite the escalation of legal authorities into the cryptocurrency market. Monday.
below 50
However, with the start of trading today, Tuesday, Bitcoin fell below the $ 50 thousand levels, after another wave of escalation by Chinese authorities. Bitcoin is trading during the session today, Tuesday, between a high of 50.4 thousand and a low of 48.8 thousand dollars, as it declines by about 0.5%.
On the flip side, altcoins are still holding their gains over the past few sessions, with Ethereum rising slightly by less than 1% to $ 3,356,000.
As Karadno shines thanks to recent network updates, as it grows 4% to levels of $ 2.92, with a market value of $ 93 billion.
mining energy
Regulators in Yinjiang County in China’s Yunnan Province have issued stern warnings to hydropower plants against supplying energy to Bitcoin mining companies. A recent report claimed that the People’s Government Office in Yinjiang Province sent a notice to hydropower plants to strengthen oversight of bitcoin mining operations.
According to the announcement, the power plants had until the end of Tuesday to remove mining companies from the “illegal” feed to their network. After the deadline, the county reportedly scheduled a “forced dismantling” of the power source for Bitcoin mining facilities under its jurisdiction.
In addition, the notice requires hydropower plants to report to China’s National Development and Reform Commission (NDRC) after the grid mining operators shut down.
Previously, China had decided to stop mining in the 4 largest Chinese mines that served as a safe haven for mining in the country.
unprotected
China’s highest regional court has ruled that cryptocurrencies are not protected by the country’s laws. In a new precedent, the Supreme Provincial Court of China refused to protect lost digital tokens, with one of the plaintiffs losing $ 10,000.
Another blow has been dealt to society in China, with the announcement of a new decision by the Supreme Court of Shandong Province, based on the consequences of the lack of legal status of digital currency in the country. The case in question was an appeal against a ruling issued in January by an intermediate court in Jinan, the South China Morning Post (SCMP) reported.
The plaintiff in the case lost 70,000 (approximately $ 10,750) investing in unnamed digital tokens in 2017. This came after the People’s Bank of China doubled down on anti-crypto measures in 2018, shutting down the accounts in question, resulting in the loss of tokens.
In the latest case, the Shandong High Court confirmed that investing or trading in cryptocurrencies is not protected by law.
The Shandong ruling is in line with that of some other provincial courts in China, where a Fujian provincial court last year dismissed a Bitcoin-related case on the grounds that a digital asset could not be protected under Chinese law.
The article does not express a recommendation or appointment, but simply a monitoring of market fluctuations, as digital currency trading involves high risks, including the risk of losing all or part of the investment amount, knowing that ‘it is not fully submitted to the financial authorities. and markets.
Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.
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