What happened: Huobi Mall, which is part of the Huobi cryptocurrency exchange, said it has suspended crypto mining services to customers in mainland China and will focus on foreign companies, according to the report.
Crypto mining pool BTC.TOP has also reportedly said it has suspended operations in China due to regulatory risks, while crypto miner HashCow has announced it will stop buying new Bitcoin platforms.
See also: How to buy Bitcoin (BTC)
Why is this important: The cryptocurrency market has seen a massive sell off in recent weeks – amid regulatory concerns emanating from China and Tesla Inc. (NASDAQ: TSLA) fueling environmental concerns with cryptocurrency mining – which has seen the value of large-cap cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) halved.
See also: Crypto hedge funds bought Bitcoin at ‘a reasonable level’ during bottom: report
The recent sale of digital currencies also comes after the U.S. Treasury said last week it would demand tighter cryptocurrency compliance with the Internal Revenue Service.
China is currently testing its own digital currency called the Digital Yuan in major cities across the country. The digital currency, which will be issued by the People’s Bank of China (PBOC), is intended to replace cash and coins in circulation.
Price action: Bitcoin is down 45.9% from its all-time high of $ 64,863.10 reached on April 14.
Ethereum (ETH), the world’s second largest cryptocurrency by market cap, is down 2.4% in the past 24 hours and is trading at $ 2,157.56 at time of release. It is down 50.9% from its all-time high of $ 4,362.35 reached on May 12.
Read more: Crypto Stacks (STX) Hits Major Gains, As Bitcoin Recovers Above $ 35,000, Ethereum Above 2K