The first cryptocurrency recouped some of its losses after falling as low as $31,500 at the time.
Bitcoin rose by $1,000 to $32,500 per coin on the afternoon of July 14. At 12:30 Moscow time, the first cryptocurrency is trading at $32,300, having fallen 2.7% in the past 24 hours. Bitcoin was momentarily down to $31,500, but it has already recouped some of its losses.
Bitcoin is getting cheaper after China's Anhui province announced that all mining farms in its territory have been shut down. Following the announcement, the price of the first cryptocurrency fell below $32,000 for the first time since June 27. About 90% of the mining companies in China have now ceased operations.
Bitcoin trading volume reached its lowest point since December 2020. Bitcoin volatility has also hit a local low. Analysts at Alameda Research noted that the summer of 2020 saw a similar situation, as activity on leading spot exchanges was low.