China is intensifying its crackdown on cryptocurrencies. Just hours after news that it was ordering the shutdown of miners, it is now emerging that crypto exchange searches are being blocked in the country.
According to Chinese crypto-journalist Colin Wu, Baidu and Sogou have blocked searches for major crypto exchanges. This means investors in China cannot access Huobi, OKEx, and Binance.
It is also reported that investors cannot access these exchanges through Weibo. Weibo is a Chinese social media platform that operates in a similar manner to Twitter.
Essentially this means crypto investors in China are almost cut off from access to the crypto markets.
Miners, too, have not been spared. It is emerging that miners in some of the provinces where mining is concentrated have started shutting down their operations. This is in compliance with a government directive requiring them to shut down their operations, effective today.
According to Colin Wu, not all miners have complied with this directive. Some of them have ignored it, but it is unknown how long this can hold.
The moves by China are of consequence to the crypto market. China accounts for a large proportion of the global Bitcoin mining operations. A shutdown could see the Bitcoin hash rate drop.
So far, the hash rate has started dropping. The price is relatively stable after yesterday’s sell-off, though. Bitcoin is currently trading at $34,552.64 and is up by 5%. Major Altcoins like Ethereum and Binance coin is gaining too, albeit marginally.