State Council of China Reiterates Ban on Bitcoin Mining and Trading: BTC Price Drops Below $37K

It appears that Chinese authorities are doubling down on their reiterations of the previous crackdown on cryptocurrencies.

• The latest stark warning comes from the State Council of China.
• According to a report issued today, the Financial Stability and Development Committee of the State Council of China held a meeting, pointing out that “the financial system resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, increased support for the real economy, credit policies accurately adapted to the needs of market entities and so forth.”
• The report, however, also mentions that the meeting had a purpose work in aims to “prevent and control financial risks.”
• There, the document reiterates the crackdown on “Bitcoin mining and trading behavior.”
• According to Chinese media Wu Blockchain, “this is the first time that the highest level of the Chinese Government has clearly proposed a blow to the mining industry.”
• The news had a direct impact on bitcoin’s price, which tumbled to an intraday low of $36,600, losing almost $5,000 in a single hourly candle.

BTC/USD. Source: TradingView

• It’s worth noting that this is the second time this week when China is recycling old regulations, directly impacting the price of BTC.