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Bitcoin sinks to two-week low as China intensifies crypto mining crackdown

Bitcoin fell as low as $31,760 Monday morning, dropping below $32,000 for the first time since June 8. China’s crackdown on cryptocurrency mining has extended to the southwestern province of Sichuan, according to reports. The People’s Bank of China said Monday it had urged Alipay and some major banks to crack down on crypto trading.

Bitcoin sank to a two-week low Monday on reports that China has intensified its crackdown on cryptocurrency mining.

The world’s largest digital currency fell as low as $31,760 Monday morning, dropping below $32,000 for the first time since June 8, according to data from Coin Metrics. It was trading at $32,472 at 4:00 p.m. ET, down 8% on the day. Smaller rivals like ether and XRP also fell 12%.

Many bitcoin mines in Sichuan were shuttered Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, according to a report from the Communist Party-backed newspaper Global Times. More than 90% of China’s bitcoin mining capacity is estimated to be shut down, the paper said.

Bloomberg and Reuters also reported on the move from Sichuan authorities. It follows similar developments in China’s Inner Mongolia and Yunnan regions, as well as calls from Beijing to stamp out crypto mining amid worries over its massive energy consumption.

Separately, the People’s Bank of China said Monday it had urged Alipay, the payments service run by Alibaba affiliate Ant Group, and some major banks to crack down on crypto trading. China has already banned financial institutions from providing crypto-related services.

“China often does this,” Charles Hayter, CEO of crypto data firm CryptoCompare, told CNBC via email.

“When China sneezes, bitcoin catches a cold. But this flexing of regulatory muscle is often just that — in the past eight years, this story has risen its head at least three times.”

Ten Errors I Created Operating Two Stores on the Web (And How You Can Prevent Them)

Getting into eCommerce has been one of the best instructive encounters of my life. The things that I’ve learned (and you’re adapting) by really running a business are regularly things you won’t find in a MBA or any business course. So, the lessons I’ve taken in were all borne from oversights I made. Each one oversight set me up to improve later on, and I’d get a kick out of the chance to impart a percentage of the lessons I learned with you so you don’t commit the same errors I did, and you can succeed significantly quicker.

Simple Yet Effective Tips For an eCommerce Website

eCommerce websites are now replacing the trendy ways of shopping. There are effective tips for eCommerce websites, which one can follow and then make an evaluation when selecting the best eCommerce solution provider.

How to Select the Best eCommerce Service Provider?

There are a large number of eCommerce service providers in the market these days. Thus selecting the best one seems to be a more painstaking and confusing task. However following some tips can make the whole process quite comfortable and completely hassle-free.

The eBay PayPal Split-Up – Competitive Advantage or Disadvantage?

A changing competitive landscape creates enormous opportunities for eBay and PayPal; separation will create sharper strategic focus and better position each business to capitalize on those growth opportunities as independent companies. The pace of industry change and innovation in commerce and payments requires maximum flexibility to stay competitive and drive global leadership.

Steps To Obtain Success In E-Commerce Through Magento

These simple tips can greatly improve your Magento installation productivity and make your eCommerce platform stand out among stiff competition. Configuring Magento using admin panel is quite easy and thus you will be able to concentrate more on things that actually matter!

Why Is eBay Changing So Much?

A lot of the way that we use the web is driven by the big quartet – Google, Amazon, Facebook and Apple with eBay paying particular attention to these organisations in order to better gain an understanding into what users want (as well as using their own vast surplus of data). In the realm of selling Amazon provides powerful insights into how users like to make online transactions so for eBay they are able replicate certain ways of thinking that apply to the modern day buyer.

From Mobile to E-Commerce

Analytics revealed mobiles accounted for 40% of our traffic! We knew we had to build a website specifically for smart phones, tablets and other mobile devices.

Understanding eBay’s Cassini

With its huge data centres; eBay stocks some of the most comprehensive customer data of any online retailer. This has enabled them to create the truly complex search engine that is Cassini. Let’s understand what it is, what it does and what it means for sellers.

Reasons to Pick Magento to Power One’s eCommerce Website

When one embarks on an eCommerce venture, there are many things one has to take into consideration. Even cursory research on the internet can leave one overwhelmed by the number of tasks that they are required to do perform such as search engine optimization, internationalization and payment processing to name but a few. Most entrepreneurs and developers thus prefer to go with a tried-and-tested ecommerce platform such as Magneto, then customize it to their needs.

A Magento Specialist Can Take Your Online Shop to the Next Level

Magento is an open source eCommerce solution offering unparalleled flexibility and control. This eCommerce platform was designed with the idea that every eCommerce execution needed to be distinctive because no two businesses are similar. Besides having rich and advanced features, Magento offers users supreme flexibility to manage the content, appearance and functionality of their eCommerce online shop.

Why Is Magento the Best eCommerce Platform?

eCommerce is a type of business model that allows businesses to be conducted over the internet using applications that require one to have internet connection. And the fact that they are available 24/7, and are available to many people all over the world, makes them very efficient, advantageous and popular.

How To Find Your Dream Niche

A standout amongst the most widely recognized inquiries I get asked from starting advertisers is this: “What niche if I go into?” And there truly is no simple response for that. In any case, there are straightforward steps to assess which niche holds the best potential for your future online business achievement.

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