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China clamps down on Bitcoin miners and traders

GB Market Commentary 13/04/2023

by Marcus Sotiriou


Bitcoin remains strong around $30k, but on the lower time frame it is forming lower highs and lower lows. From a technical analysis perspective, this signals some short term downside as we have reached a key psychological level of resistance at $30k.


Another Bitcoin miner, Bitdeer, will be launching on the Nasdaq via a spac deal tomorrow. The Singaporean firm operates mining farms in Europe and North America. They also have strategic partnerships with mining pools including, Viabtc, Foundry USA, Antpool, F2pool, and Btc.top.


Last September, Bitdeer raised a $250 million fund to purchase assets from distressed Bitcoin miners. After the recent spike in digital asset trading, that fundraise seems perfectly timed.


Lingui Kong, Bitdeer CEO, said, “Today marks a significant milestone for Bitdeer, leaving us poised to list on the Nasdaq and equipped to seize the growth opportunities ahead of us. I am incredibly proud of what we have achieved so far and look forward to embarking on the next chapter of our journey. We are already a leading hash rate supplier, and our public listing will allow us to make even greater contributions to the crypto economy.”


Whilst the Singaporean Bitcoin miner’s future looks promising, China is clamping down on miners. Bitmain, a crypto mining hardware manufacturer, has been fined by Chinese authorities for tax-related violations, according to local media. According to digital asset trading journalist Colin Wu, Bitcoin miners and many digital asset trading participants have been targeted by China recently in relation to tax inspections.


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