CoinDesk (@CoinDesk): HISTORY: On this day in 2021, China's State Council issued a formal crackdown on $BTC mining and trading, triggering a single-session drop from ~$41,7…
Estimated coin impact
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HISTORY: On this day in 2021, China's State Council issued a formal crackdown on $BTC mining and trading, triggering a single-session drop from ~$41,700 to $36,800 and a ~20% weekly loss across crypto markets. The mining ban that followed pushed hash rate off Chinese soil permanently, redistributing Bitcoin mining across the globe.