The bitcoin price falls by over $1,000 today, from a high of $56,300 to below $55,000, after the world’s number one crypto exchange, Binance, announced that it will delist the yuan. In addition, Chinese users will be delisted. This will end any ties to China.
Binance has announced that Chinese authorities have been cracking down on the crypto industry since the beginning of the year. In the middle of the year, China has already banned crypto mining. Stricter measures make crypto companies in the country start to shut down operations and move to other crypto-friendly countries.
This includes the FTX exchange, which moved its headquarters from Hong Kong to the Bahamas last month.
The Spot Market is Open
Wednesday, October 13, 2021