Most cryptocurrencies have seen price declines after China’s Anhui province revealed plans to ban crypto mining on July 14.
Related: Interest in bitcoin fell to the level of November 2020
Anhui was the latest region to take such measures. Authorities announced the reason was growing electricity demand and power supply shortage for the last three years. According to the plan, crypto mining will be phased out within 3 years.
After the news, Bitcoin's price fell by around 4% dropping to $31.500. This was the coin's three-week low price. However, BTC has gone up by 2.3% and currently trades at above $32.500.
As for Ethereum, the price declined below $2.000 after the announcement. However, it could break above the $2000 mark several times afterward and fall again. Currently, Ethereum is trying to keep the support level of $2000.The global crypto market cap stands at around $1.29 T, which indicates about a 0.20% decrease over the last day. Data from CryptomarketCap shows that the total crypto market volume over the last 24 hours is $60.76 B. That is a 2.38% decrease.