Data shows someone was able to cash out $58m in crypto assets moments before Beijing issued its notice.
The miner withdrew 1,366 BTC prior to the announcement. It followed a previous withdrawal of 952 BTC.
As it happened…
14:00 – 23/09/21 – Miner unexpectedly withdraws 952 BTC
09:15 – 24/09/21 – Miner withdraws a further 1,366 BTC
09:55 – 24/09/21 – News breaks of Chinese crypto ban
— db (@tier10k) September 24, 2021
09:57 – 24/09/21 – Chinese State Planners decree no financial supports for crypto miners
09:58 – 24/09/21 – Chinese State Planners prohibit miner participation in energy credit markets
10:01 – 24/09/21 – Chinese State Planner announces stricter energy controls for crypto miners
10:04 – 24/09/21 – Chinese Central Bank issues notice to dispose of cryptocurrency speculation risk
10:07 – 24/09/21 – Chinese Central Bank says crypto related activities are illegal
10:08 – 24/09/21 – Chinese bans overseas crypto companies from serving Chinese investors
10:09 – 24/09/21 – Harsh new punishments and penalties to be introduced to enforce regulations
As traders and institutions around the world responded with panic to yet another death knell for cryptocurrency in China, markets plummeted again, dropping 4.5% from yesterday’s bullish price recovery.
Though the price has now bounced, markets are clearly on edge.
READ MORE: China’s great Bitcoin mining migration
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