Chinese journalist Colin Wu, who covers everything to do with crypto and blockchain in China, including mining and exchanges, spreads the word that Chinese authorities have ordered energy supplying companies to stop servicing Bitcoin mining firms.

This has been confirmed by the 8BTC Chinese news outlet.

Still, according to Wu, there is a lot of unused hydroenergy there in summer and now it could be wasted.

China bans crypto mining in yet another province
Wu has reported that today, on June 18, Sichuan authorities issued an official document demanding that the local electricity companies would stop servicing firms that deal with cryptocurrency mining and report on the situation in a week.

This has been confirmed by the 8BTC Chinese news outlet.

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Previously, Wu reported that Bitcoin mining companies were forced to stop operations one after another and miners expected restrictions to be implemented soon.

Ethereum hashrate is already down by seven percent. Bitcoin hashrate dropped to a 6-month low as reported by CoinDesk earlier this week.

Would Sichuan rather waste energy than allow Bitcoin mining?
Wu also tweeted that in summer Sichuan has large supplies of renewable hydropower. It can only be wasted unless used for cryptocurrency mining, Wu believes.

Therefore, the long-term implementation of the mining ban is uncertain for now, the journalist adds.

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Earlier, no link shorteningday reported that China has banned Bitcoin miners from accessing energy in other provinces as well – Xinjiang (with large supply of fossil resources – gas, oil, etc), Qinghai and others.

China plans to reduce CO2 emissions in this decade
Earlier, no link shorteningday reported that Chinese President Xi Jingping had stated that as of 2016, the country is going to withdraw high energy consuming projects from operation.

The goal is to drastically reduce the amount of carbon footprint the country’s industries make. Other countries are following the suit of China.

In this regard, Bitcoin opponents have doubled their criticism of BTC with Elon Musk taking the lead and banning Bitcoin payments for Tesla until miners around the world begin using renewable energy for at least 50 percent of their operations.

However, as is reported above, China is blindly banning crypto mining as if the carbon footprint issue is just a pretext to ban Bitcoin from the country ahead of the digital yuan release.source

While bitcoin sees signs of life after a month of dashed hopes, experts warn it may be too early to call a resumption of the broader bull run.

The cryptocurrency reached 2 1/2-week highs above $40,000 early Tuesday, having found bids near $36,000 over the weekend after Tesla CEO Elon Musk said the carmaker could resume bitcoin transactions should miners meet environmental standards.

Some observers see Musk’s comments as massively bullish, because they show that concern over the negative environmental impact of mining that was partly responsible for May’s 35% drop are transitory. Others are cheering El Salvador’s decision to adopt bitcoin as legal tender.

However, macro and crypto-specific factors including the impending Federal Reserve (Fed) meeting, bitcoin’s dominance rate, and technical charts warrant caution on the part of the bulls.

Let take a look at these factors in detail.

Fed fears
The Federal Open Market Committee(FOMC) is scheduled to meet on Tuesday and Wednesday to discuss policy. Fed Chairman Jerome Powell will hold a press conference following the meeting at 2 p.m. ET on Wednesday.

While the central bank is likely to keep key policy tools unchanged, some analysts are concerned the bank may strike a slightly less dovish tone in the wake of rising inflation.

“While we think that most Fed members will be determined to keep interest rates on hold until they see signs of a sustained increase in prices, we also expect a handful of voting members to upgrade their interest-rate projections over the forecast period,” Matthew Ryan, a senior market analyst at the global fintech and FX risk-management firm Ebury, said.

“This is likely to result in a median dot that shows hikes before the end of 2023 versus the March projections that signaled no hikes until 2024,” Ryan said.

According to crypto finance service provider Amber Group, there are some concerns the Fed may discuss the timeline for paring down, or tapering, the liquidity-boosting emergency stimulus launched a year ago. That’s evident from the pre-Fed weak tone in gold, copper, and other commodities, as noted by Bloomberg.

Any hint of early taper or rate hike could trigger risk aversion in financial markets, killing the nascent bitcoin recovery. Alternatively, a strong-worded commitment to keep the tap open would bring cheer to bitcoin and asset prices in general.

Prominent investors like Barry Silbert, co-founder, and CEO of Digital Currency Group (CoinDesk’s parent company), expect a pick up in the equity market volatility after the Fed meeting. Some of that could feed into the bitcoin market. “I’ve gone long the VIX to prepare for the macro fireworks,” Silbert tweeted Monday, referring to the Cboe Volatility Index.

“Fundamentally, we still see downside risk [for bitcoin] associated with a correction in the extended U.S. equities and downside risk associated with regulatory headwinds,” Joel Kruger, a currency strategist at LMAX Digital, said.

Bitcoin's dominance rate
A sustained uptick in bitcoin’s dominance rate – the top cryptocurrency’s share in the total market capitalization – is needed to confirm a trend reversal higher.

That’s because the largest cryptocurrency by market value is usually the first to rally, followed by alternative cryptocurrencies (altcoins). In other words, money enters the crypto world through bitcoin, as seen in October 2020, and moves to altcoins.

The dominance rate remains below 50% at press time, having peaked above 70% in early January, according to TradingView. According to analysts at JPMorgan, that bitcoin’s share is still quite low is a bearish sign.


“We believe that the share of bitcoin in the total crypto market would have to normalize and perhaps rise above 50% (as in 2018) to be more comfortable in arguing that the current bear market is behind us,” JPMorgan analysts led by Nikolaos Panigirtzoglou said in a note published June 9.

Matthew Dibb, co-founder and COO of Stack Funds, said he expects bitcoin’s share in the crypto market to rise in the coming weeks. “With the rotation from altcoins to Bitcoin, as well as the imminent purchase of large tranches of Bitcoin by Microstrategy, we may see the dominance rate grind higher in the next few weeks, while altcoins lag.”

Also read: MicroStrategy Raises $500M From Bond Sale to Buy More Bitcoin – CoinDesk

Key resistance still intact
While bitcoin has charted an impressive relief rally to $40,000, it has yet to clear key price hurdles that could pave the way for bullish revival.

“Ideally for us to call a bottom, we would like to see a weekly close above $41,000,” Stack Funds’ Dibb said.

Simon Peters, a crypto asset analyst at multi-asset investment platform eToro, also cited $41,000 as the level to beat. “We’ve seen the price face resistance earlier in the year at this level when it was trading around what was then an all-time high, and I would need to see a stronger increase to feel optimistic about the price recovering and possibly pushing onto $50,000 and beyond,” Peters said in an email.


Bitcoin briefly topped $41,000 on Monday before falling back to under $40,000, CoinDesk 20 data show.

While Dibb and Peters are watching $41,000, social media chatter suggests some in the investor community are focused on the 200-day simple moving average (SMA) hurdle, currently lined up at $42,604.

Per Pankaj Balani, CEO of Delta Exchange, the recent recovery from lows near $30,000 might be a short-term respite. “The bounce might extend to $45,000 levels, but upside looks limited here, and we expect to see more selling come through at those levels,” Balani said in a WhatsApp chat. source

The price of Bitcoin has been falling sharply for some time but again the price of Bitcoin has already touched 40 thousand dollars.  Do you think that the price of Bitcoin is more likely to be 70 to 80 thousand dollars this time?

Bitcoin (BTC) starts a new week on a pleasant high thanks to a boost from a familiar source, Elon Musk. Are the good times back?

After spending weeks languishing close to $30,000, Bitcoin has managed to stage a sustained comeback to line up an attack on major resistance.

With on-chain indicators flashing bullish, there may be a chance of a breakout, but analysts and traders are far from 100% convinced.

Cointelegraph takes a look at five things that could influence how BTC price action unfolds in the coming days.

Musk tweet changes the game... again
The talk of the town, once again, is Tesla and SpaceX CEO Elon Musk this week.

Firmly out of favor after playing the devil’s advocate on Twitter on multiple occasions, Musk returned to the fray with news that previously seemed unlikely.

Tesla dropped Bitcoin payments earlier this year shortly after announcing them and without actually processing any BTC transactions. This, according to Musk, was due to the allegedly unsuitable energy usage involved in mining.

Widely criticized for both his logic and its impact on Bitcoin price action, Musk did not give up, with subsequent tweets on various aspects of Bitcoin and altcoins producing discernible but comparatively muted price movements.

Now, it appears the self-proclaimed “Technoking” has tweaked his social media approach once more.

Responding to a complaint from Magda Wierzycka, CEO of financial services company Sygnia, he reopened the door to Tesla adopting Bitcoin once again. Wierzycka’s criticism of Musk’s Bitcoin impact was covered by Cointelegraph last week.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk responded, adding that Tesla still had 90% of its initial $1.5 billion BTC purchase.

BTC/USD relished the news, climbing past $39,000 to seal daily gains of over 12% at the time of writing.

Indicators produce mixed narrative
As Cointelegraph reported over the weekend, bulls’ case is being supported by a host of on-chain indicators.

Covering price versus active addresses, spent output profit ratio (SOPR) and stock-to-flow, analytic tools firmly point to an undervalued Bitcoin at current prices.

As such, predictions of a comeback in the short to mid-term are creeping in — one calls for $85,000 within the coming months, while stock-to-flow model creator PlanB still believes that $100,000 is plausible this year.

On Monday, meanwhile, there are two other charts to consider — and one is a less frequent visitor than the other.more updates

Tesla CEO Elon Musk has tweeted that the e-car manufacturer will resume Bitcoin payments when the cryptocurrency’s clean energy usage reaches the 50 percent threshold:

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

In addition, Musk denied pumping and dumping Bitcoin, describing the accusations recently made by Sygnia CEO Magda Wierzycka as “inaccurate.”     

The centibillionaire has once again confirmed that Tesla only sold 10 percent of its holdings in order to test the cryptocurrency’s liquidity without moving its price. 

Tesla suspended Bitcoin payments due to the adverse environmental impact of mining on May 12, triggering a sharp market correction.

According to Ark Investments, over 70 percent of Bitcoin miners are already powered by renewable energy.source

Currently PancakeSwap is a very good exchange cryptocurrency occupying a wide space.  Because cryptocurrency, however, PancakeSwap is one of the few X changes.  It is being traded extensively every day.  And we have added B.Sc platform so that more benefits are available now.  And hopefully more benefits will be available in the future.

Crypto exchange OKEx has announced an integration with scaling solution Polygon. The platform seeks to provide more access to Ethereum-based dApps. Thus, developers can build, and users can connect to them at a lower cost.

Ethereum is the number one platform for DeFi dApps. Uniswap, Curve, Aave, and others, operate on its network. The high operational cost has forced some users to look for alternatives. They have found them on Binance Smart Chain, Solana, and others.
However, DeFi on Ethereum remains popular and the features, security, and decentralization of their dApps along with the fast growth of its ecosystem continue to attract new users. OKEx leverage Polygon to provide its users with a better experience when transferring funds from the exchange platform to Polygon’s network and into DeFi.

OKEx CEO Jay Hao highlighted the importance of solutions such as Polygon for users which are “priority” for the platform. Hao addedsource

South Korean police have recovered a bumper haul of ethereum (ETH) tokens stolen from an exchange by hackers in 2018 after a three-year search – and the victims, the trading platform’s customers, are set to be reunited with their coins, which have appreciated in value, despite the recent market slump.

An unnamed domestic crypto exchange was raided to the tune of around USD 45m in “mid-2018,” reported the Segye Ilbo and Asia Kyungjae, with hackers making off with some 11 different kinds of tokens, including ETH and bitcoin (BTC).

And although the whereabouts of most of these tokens is still unknown, the police have been relentless in their continued pursuit of the stolen funds – and the hacker group behind it. Their work appears to have paid off in part, with an investigation that involved police forces in five other countries finally closing the net on a stash of ETH 1,360 (worth around USD 3.4m at current prices).

ETH was trading for around USD 450 in mid-2018, and is now trading at over USD 2,500.


The thieves appear to have moved the funds around from wallet to wallet in a bid to throw the police off the scent, but most recently were holding the funds on a Latin American exchange. The police did not reveal the name of the hacked exchange, nor the Latin American exchange the tokens were recovered from.

However, they added that the hackers had moved the funds onto exchanges in “several countries.”

Police cybercrime spokespeople explained that the exchange in question was reluctant to allow overseas officers to access its wallets without firm proof the funds were stolen. They also added that this was the first time crypto stolen from a South Korean company has been recovered from an overseas exchange.

A police official was quoted as stating:

“We have confirmed that a hacker was trying to trade the stolen ethereum for another cryptoasset in order to launder the funds and throw investigators off their trail. The assets will be returned to the victims according to legal procedures and regulations.”source