Bitcoin Drops, Bitmain Enhances Mining Capacity in China

The crypto market turned bearish as the week came to an end in Asia, with cryptocurrency prices generally dropping and Bitcoin retreating below the $4,000 level.

On Friday morning, Bitcoin slid 1.20% to $3,989.9 by 11:06 PM ET (03:06 AM GMT). The digital coin lost steam after reaching a one-week high the day before. It continues its struggle to break past the $4,000 level.

Other coins also traded in the red. Ethereum lost 2.79% to $135.35, XRP went down 2.89% to $0.30974 and Litecoin dropped 2.80% to $58.634.

Crypto mining giant Bitmain received some attention in the crypto space today. The company reportedly planned to set up 200,000 units of mining equipment in China, where hydroelectric power is cheap. The equipment could cost Bitmain between $80 and $100 million.

The expansion in China is contrary to its downsizing efforts around the globe. Bitmain shut down its development centre in Israel last December then downsized its operations in the Netherlands a month later. The mining giant also failed to list on the Hong Kong Stock Exchange.

Elsewhere, Canada is looking to introduce a regulatory framework for crypto-asset trading platforms.

The Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada released a consultation paper on a Proposed Framework for Crypto-Asset Trading Platforms. It aims to provide clarity for crypto asset trading platforms, greater market integrity and protection for investors.

Currently, no platforms are recognized as exchanges in Canada. Regulators there are soliciting comments until mid-May./reuters.com

 

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