China crypto news of the week (May 17 to May 24)

Highlight of the week: On May 21, The State Council of China said: Crack down on Bitcoin mining and trading, and prevent individual risks transmitted to the social field.

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This conference has two characteristics: First, it is a particularly high-level decision maker in the highest position in China's economic field; second, it is the first time to publicly mention cracking down on Bitcoin mining.

Then the cryptocurrency market fell into panic, Bitcoin and Ethereum plummeted, and altcoins fell more than 50%. Retail investors sell in panic, China's Fiat-USDT price continues to fall. However, under the buying of western institutions, the overall rebound began on the 24th by 20%-30%.

Chinese miners began to stop new domestic business, looking for overseas mines. Jiang Zhuoer, one of China's largest miners, said that joint mining services will no longer be opened to Chinese investors and he will build mines in North America. Joint mining is a mining investment service he provides to investors.

The Chinese largest exchange Huobi sent official announcement: a portion of services such as futures contracts, ETP, or other leveraged investment products are temporarily unavailable to new users from a few specified countries and regions. Amber and others have also begun to announce the suspension of services to Chinese users.

How, at present, there is no definite information about China other than the words of the State Council, "crack down Bitcoin mining and trading". Because of this uncertainty that any small news or even rumors can cause market volatility.

Within the next week, the Chinese government will have a high probability of launching specific crackdown measures, which will cause a new round of panic.