China Bans Crypto Completely
On May 31, 2025, China escalated its stance on digital assets by issuing a complete ban on crypto — including trading, mining, and even personal ownership of BTC, ETH, and other tokens.
This move reinforces its push for the digital yuan and tighter financial oversight.
Bitcoin dropped from around $111K to $104.5K, while ETH and other major altcoins faced steep declines. In just 24 hours, the overall market cap fell by more than 10%, with over $750M in long positions wiped out.
The ban is tied to several factors: energy concerns from mining, state control over finance, links to illicit activity, and promotion of China’s CBDC.
As panic spreads across Asian markets and Chinese miners shut down, BTC’s hashrate has already taken a hit. More regulatory waves could follow globally.
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