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Bitcoin Price Gains as China Scraps Crypto Mining Ban

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Bitcoin made gains last week after new documents from the Chinese government revealed that the country was reversing its decision to ban blockchain mining, with President Xi Jinping expressing his support for blockchain technology. Back in April, The National Development and Reform Commission in China published a list of industries that it believes should be restricted or limited, which featured crypto mining.

President Xi Jinping’s recent comments in support of blockchain coincided with a sizeable gain in the value of Bitcoin, going from $7,500 USD to $10,500 USD in just a few hours. According to Chinese …

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