Crypto Mining added to the “Negative List” by Chinese authorities

Chinese regulatory bodies has pushed its stance on cryptocurrencies to extremes as a recent report claims that China is adding crypto mining to the “Negative List” of firms in which investors can’t put in their money. 

China’s harsh stance on cryptocurrencies is widely known. Until recently, China has banned everything related to cryptocurrencies in the nation. Be it crypto mining or crypto investment; China has  forbidden it all. 

Now with this new development in the crypto industry in China, investors won’t be able to put their money in the firms listed in the “Negative List.” Be it investors from outside the country or investors residing in the country; they won’t be able to invest in these firms. 

Crypto mining scenario worsens in the country

The recent opposition of the People’s Bank of China to crypto mining banned any mining-related activities in the nation. As many as 20 mining firms or trading platforms left the country or shut their businesses down. 

Major exchanges like Binance, Huobi, etc. have all decided to shut down their operations in the nation by the end of the year. Furthermore, prohibiting investment in crypto mining forced mining firms to relate to South Korea, Kazakhstan, and South Asia. 

The Crypto industry remains unaffected 

Crypto bans and crackdowns from China’s side have no impact on the bullish sentiment of the entire market. With the price of Bitcoin trying to break the resistance at $55K, we are closer to the currency’s all-time high. 

There has been a surge in the number of NFT-projects as the industry transforms into a multi-billion dollar one. DeFi protocols, blockchain-based gaming are all becoming popular. Companies like Auto1 FT are introducing blockchain technology in car financing. 

Due to this widespread adoption of blockchain, major analysts are bullish on cryptocurrencies. Many analysts claim that there is simply no reason to be bearish on Bitcoin, and historically, every China crackdown is followed by a bullish cycle.