China has made a big decision by restricting Bitcoin trading. A decision taken as the markets collapse, especially because of statements by Elon Musk, who could lose his influence in the long term according to the co-creator of Ethereum. And with these new restrictions, Chinese miners have no choice but to ease off. Reteurs reports that major companies, like HashCow or BTC Top, have stopped or reduced their cryptomining operations in the country. The first even announces that it is stopping the purchase of new mining platforms while the second invokes a suspension in the face of the new regulations in force. Huobi has ended mining and some of its trading services, announcing that it is working overseas.
While Bitcoin is experiencing a dramatic fall, it is not the only cryptocurrency affected. Many major currencies, like Ethereum, are experiencing the same fate. Declines linked to China’s decision to crack down but also Elon Musk’s positions. Because as astonishing as it may seem, only one man is capable of making it rain and shine in the crypto markets! If, like the co-founder of Ethereum, some assure that this influence will not last, others already strongly criticize the billionaire, leader of You’re here and SpaceX. Elon Musk had announced to refuse payments in Bitcoins for his electric cars, speaking of a too big ecological cost.