Cryptocurrency Prices Mixed; China Raids Bitcoin Miners

Reports that Chinese polices confiscated computers used to mine Bitcoin gathered some focus. Cryptocurrency prices were mixed on Wednesday.Meanwhile, PayPal’s former CEO Bill Harries called Bitcoin a scam.

On the Bitfinex exchange,  Bitcoin was trading at $9,325.9 by 1:21AM ET (05:21 GMT) , up 0.50% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, shed 4.15% at $654.11 on the Bitfinex exchange.

On the Poloniex exchange, Ripple’s XRP token dropped 9.17% to $0.84851.

Meanwhile, Litecoin slipped 5.67% to $153.97.

Police in the Chinese city Tianjin reportedly confiscated 600 computers that were used to mine Bitcoin after receiving reports of abnormal electricty usage. The police put five people under investigation and detained one person.

The news came as Beijing started a hostile approach to cryptocurrencies. Before that, China was home to the majority of crytopcurrency mining operations.

Miners use high-powered machines to generate the massive computing power to produce cryptocurrencies. Police in Tianjin called the case the largest power theft in recent years.

Elsewhere, reports that founding PayPal CEO and former Intuit (NASDAQ:INTU) CEO Bill Harris called Bitcoin a scam also attracted attention.

Harris  said“It’s a colossal pump-and-dump scheme, the likes of which the world has never seen… the losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters,” .

Harris also called for regulators to step in. Despite Harris’ criticism, Bitcoin kept rising in rcent days and breaking the $9,000 mark./investing.com
Stay updated with INFOEUROPEFX to find out the latest news about crypto.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.