The historical note says China’s State Council launched a formal crackdown on Bitcoin mining and trading in 2021, a move that coincided with a steep one-day fall and broader weekly losses across crypto markets.
On this day in 2021, China’s State Council announced a formal crackdown on Bitcoin mining and trading. According to the source, the move triggered a single-session drop in Bitcoin from about $41,700 to $36,800 and contributed to an approximately 20% weekly loss across crypto markets. The mining ban that followed pushed hash rate (total computing power securing Bitcoin) out of China, marking a major shift in the global geography of Bitcoin mining.