Bitcoin Drops Below $8,800 As Hash Rate Marks Largest Slump This Year; Where Is BTC Headed Next?

Going Forward China is a key player in the crypto industry with at least 70% of bitcoin’s hashrate being generated there. Regardless, China had not been so welcoming to cryptocurrency. Chinese regulators imposed a ban on cryptocurrency trading and Initial Coin Offerings (ICOs) in 2017. As if that was not enough, the National Development and Reform Commission (NDRC) published a list of industrial activities that would be prohibited because they were harmful to the environment – one such activity being bitcoin mining.  But now, NDRC published an updated list and it’s pretty clear the country has no plans of banning crypto mining in the near-future. This new direction marks a unique boon for bitcoin-based activities in China. Pricewise, the charts look gloomy. At press time, bitcoi...