Chinese Crackdown on BTC Miners Puts Pressure on Crypto Market — Analysis, 21 June

Last week, the news about China’s cryptocurrency mining crackdown dominated the market. The authorities of China’s southwest province Sichuan issued an order demanding to close the mining facilities in the region. Sichuan is considered to be the second-biggest Bitcoin mining region in China. Because many of those miners have started to shut down their mining activates and close the facilities, the hash rate of Bitcoin has dropped by over 30%, reaching the levels from the second half of 2020:Source: coinwarz.comChina’s crackdown on Bitcoin miners has put a lot of pressure on the crypto market recently. Last week, the prices of most of the top cryptocurrencies went down.Robert Kiyosaki, the author of ‘Rich Dad Poor Dad’, tweeted that the biggest bubble in world history is going to burst, and he expects Bitcoin to sink to $24,000.Source: TwitterNevertheless, the real cryptocurrency enthusiasts do not succumb to the China FUD and are even taking advantage of the ongoing price correction in the market by buying more crypto. According to Glassnode, on June 16, the centralized exchanges recorded the first Bitcoin net outflow in the last almost two months — a signal that the number of cryptocurrency buyers at the current levels is increasing.Source: TwitterThe negative news from last week has dominated the market, and most of the major cryptocurrencies have recorded price slumps. The Monday market starts with a continuation of this price decline. According to Coin360.com, one Bitcoin costs €27,767.75 (-7.35%), one Ethereum — €1,693.22 (-8.59%), one DOGE — €0.2156 (-8.55%), and one UNI — €15.40 (-9.15%):Source: Coin360.com (Daily crypto market performance)Now let us look at the price charts of the top cryptocurrencies against the euro in the most significant time frames.BTC/EURIn the daily chart (1D), BTC/EUR is moving sideways within a broad range that corresponds to the consolidation range from the…