The reason for such dynamics was negative news from China. On June 21, the People’s Bank of China ordered Chinese organizations, including the largest banks and the Alipay payment system, not to participate in cryptocurrency transactions.
In addition, after the gradual introduction of a ban on the mining of cryptocurrencies, miners began to leave the country. Regulation is already in place in four provinces, including Sichuan, which was considered a major mining center.
At the end of May, Beijing warned that it would tighten control over cryptocurrencies. First, Vice Premier of the State Council of the People’s Republic of China Liu He made such theses, and then the relevant material was published by the state agency Xinhua.
The problems for the world’s largest cryptocurrency were expected. Analysts noted that the largest Chinese players in the market are hastily selling their assets due to the actions of Beijing.