# HERE'S WHAT HAPPENED IN CRYPTO TODAY⏰
China put a blanket ban on Bitcoin mining and trading 3 years ago. According to Ki Young Ju, founder and CEO of CryptoQuant, China still controls over 55% of the Bitcoin mining. However, data suggests that Bitcoin mining dominance is slowly shifting towards US mining farms.
The above graph shows China’s surprising dominance in bitcoin mining despite the country’s blanket ban on bitcoin mining and trading. The ban prohibits offshore exchanges from providing crypto services and banning all types of mining, but with the advanced technologies and decentralised nature of cryptocurrencies, users have found a way to access the crypto market.
On September 18, the US federal reserve issued an official statement announcing the board of governors' decision to approve a 50 bp decrease. These rate cuts have impacted the cryptocurrencies positively. Total investment product volumes edged up 9% as compared to the last week. Cryptocurrency investment products experienced substantial inflows due to this decision.
This decision could fuel the bull cycle of cryptocurrencies and could act as a catalyst in initiating it.
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Posted Using InLeo Alpha
Crypto learning made fun!
Posted Using InLeo Alpha
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