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  • Date of publication: 31 August 2020
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  • businessbuysale.com
  • Bitcoin got a battery. Crypto currency fell below $ 14,000

    Synopsis

    The rate of the crypto currency fell against the backdrop of the ban on mining in China and South Korea's intention to ban the work of crypto-exchange

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Description

The rate of the crypto currency fell against the backdrop of the ban on mining in China and South Korea's intention to ban the work of crypto-exchange

 

The cost of bitcoin has fallen by 16% since the beginning of the week and more than 30% from the peak value reached on December 7, 2017 - to $ 13,868 for a digital coin, according to the Coinmarketcap resource.

The fall is taking place against the backdrop of China's negative attitude to the mining: the provincial authorities were instructed to facilitate the termination of the crypto-currency, according to the Financial Times, quoted by Vedomosti. The country's miners plan to move their computing farms to other countries, preference is given to those with a cool climate and inexpensive energy: this is Russia, as well as Canada, Iceland and some countries of Eastern Europe. The ban on mining is explained by concern about reducing energy consumption.

Another negative factor was the preparation of the authorities of South Korea to ban the work of crypto-exchange exchanges, reports Reuters. According to some estimates, this Asian country accounts for up to a fifth of crypto-exchange operations and the authorities are worried that they are of a speculative nature and are not considered at all, and are not taxed.

Due to information about the cancellation of the exchange of crypto-currencies on South Korean exchanges, Coinmarketcap excluded them from the calculation of the global rate of crypto-currency. This led to a sharp decline in the rate of Ripple's crypto currency by 30%, but the real drop was only 10% according to David Schwarz, the chief cryptographer of the crypto currency, according to a DeCenter resource report. However, the courses of individual crypto-banks show that the drop in the cost of bitcoin occurred on the sites of other countries and can not be explained by a change in the methodology of Coinmarketcap.

Potentially negative sentiment was added by the introduction from January 1 in the US of taxes on the operation of exchanging crypto-currencies against each other. This event is not so noticeable for a crypto community, but it can affect it if other countries also take over this practice and begin to try to track crypto-currency transactions.

The total capitalization of crypto-currencies on January 11 is $ 676.7 billion. The largest part of this capitalization is accounted for by crypto-currencies bitcoin ($ 230 billion), ether ($ 119.5 billion), Ripple ($ 69 billion), Bitcoin Cash ($ 42 billion) and Cardano ($ 18 billion ).

 

Forbes.ru