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Bitcoin Hits 4-Week Low On Crackdown Fears – Slips Nearly 14 Percent -

Jan, 16th 14:38

China’s government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. The Leading Group of Internet Financial Risks Remediation has requested that local governments make an “orderly exit” from the industry.

The plans include limiting electricity to Bitcoin miners, and government bodies have expressed concern about energy usage. Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors’ production levels.

A senior Chinese central banker says authorities should ban the centralized trading of virtual currencies as well as individuals and businesses that provide related services, according to an internal memo from a government meeting.

In the memo that outlines details of discussions at a meeting of internet regulators and other policymakers last week, PBOC Vice Governor Pan Gongsheng said the government would continue to apply pressure to the virtual currency trade and prevent the buildup of risks in that market.

Chinese regulators last year banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining – but activity in the cryptocurrency and bitcoin space has continued through alternative channels in China despite the crackdown.

On the technical charts, BTC/USD is testing the lower band of the Bollinger bands. The RSI is placed below 50 at 38.64. The MACD is below the signal line.

Trade suggestion:

Sell digital put options between 11583 and 11329, valid until 23:00 GMT January 16th