On Wednesday, the cryptocurrency market experienced a major correction, with the value of significant currencies including Bitcoin, Ethereum, BNB, and others dropping by up to 30% in only 24 hours. This follows Chinese regulators’ announcement on Tuesday of a cryptocurrency crackdown.

In China, financial institutions and payment companies are banned from providing services related to bitcoin transactions. This means that banks and online payment channels are banned from offering cryptocurrency-related services to their customers, such as registration, trading, clearing, and settlement. China had adopted a similar ban in 2017, but the new regulations have expanded the list of prohibited activities and concluded that virtual currencies do not have any genuine value.

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During this time, According to crypto-trading platform Binance, Bitcoin, the most well-known cryptocurrency, was trading around 21% lower at $34,693.1 at 7 p.m. IST on Wednesday. Another major cryptocurrency, Ethereum, was down 25% at $2,453.15, while Binance Coin, or BNB, was down nearly 31% at $353.12.

However, While the Chinese move was one of the major reasons for crypto crash, Bitcoin and Ethereum have been on the decrease since Tesla CEO Elon Musk stated last week that the electric carmaker would no longer accept Bitcoin as payment, reversing an earlier decision.

Tesla announced in a February SEC filing that it had purchased $1.5 billion in Bitcoin and would accept it as payment. The business later said that sales of Bitcoin resulted in a net gain of $101 million during the period, helping to lift net earnings to a new high in the first quarter.

Also Check  Two Reasons To Choose Bitcoin And Not Traditional Money

Today News

Bitcoin which is is the world most valuable cryptocurrency in the world was up by the day bu about +14.36% which also came after the Tesla CEO, Elon Musk tweeted on twiter about Bitcoin mining’s.

According to his words,

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

Just a few minutes after Elon’s tweeted, the price of bitcoin rose to $39,966 and was trading at $39,700.98 at the time of writing this article.

Elon Musk and MicroStrategy CEO

Aside from the CEO of Tesla, Elon Musk, Michael Saylor who is the CEO of MicroStrategy also took to Twitter to announce the formation of a Bitcoin Mining Council.

In his words,

Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.

Saylor and Musk both revealed late Monday that the Bitcoin Mining Council has been established following the high-level talks. The council is made up of several industry leaders, including Argos Blockchain, Blockcap, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital and Riot Blockchain.

According to the tweet

Execs from @ArgoBlockchain, @blockcap, @Core_Scientific, @GalaxyDigitalHQ, @HiveBlockchain, @hut8mining, @MarathonDH& @RiotBlockchain were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.

They’ve all agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,” Saylor tweeted Monday.

Saylor further stated that the council will be dedicated to achieving larger environmental, social, and corporate governance goals in relation to Bitcoin mining, as well as educating the public about the mining process.

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