Chinese Crypto Ban: What It Means for Cryptocurrency

Just a couple of weeks ago, Chinese regulators outlawed all cryptocurrency-related transfers, citing concerns about money laundering and ecological damage. The move sparked a sharp drop in markets; some investors were quick to dump their holdings, and the price of Bitcoin, Ethereum, and all other notable coins fell nearly 10% after the announcement before quickly regaining some lost ground. What was the reason behind it It's estimated that 65% to 75% of the world's bitcoin mining takes place in China, mainly in four provinces: Xinjiang, Inner Mongolia, Sichuan, and Yunnan. Sichuan and Yunnan are home to many of China's hydropower…