On June 18, the local authorities at the southwest province of China’s Sichuan Province had ordered a halt on mining Bitcoins amid concerns over the energy usage.
About 65% of the world’s Bitcoin mining took place in China as of April 2020, according to an estimate by the University of Cambridge.
The analysts cited China’s clamping down on cryptocurrency mining as a concern.”The selling pressure that we witnessed last week continues to trouble the cryptos coming into this week.
Ethereum traders will be looking closely at the $2,000 support level, as this is usually considered to be a psychological support level,” Patel added.
“Among the much-talked-about meme coins, Shiba INU is doing well considering the bearish momentum observed among the other cryptos.
Technically on a daily time frame, BNB is consolidating and trading in a range from $320 to $380,” said ZebPay trade desk.