June 21, 2021 · Regulatory Event
China Mining Ban
China's comprehensive crackdown on Bitcoin mining and trading
Crypto Fear & Greed
23
Extreme Fear
Source: Alternative.me, June 21, 2021
Bitcoin price
$29,000
30-day change
+18%
Higher 30 days later
What happened
China's comprehensive ban on Bitcoin mining in June 2021 forced the largest migration of hash rate in Bitcoin's history. Over 50% of global hash rate went offline as miners scrambled to relocate to the US, Kazakhstan, Russia, and other countries. Bitcoin fell from $40,000 to below $30,000, and the narrative around mining centralization in China was permanently resolved. The event ultimately strengthened Bitcoin's decentralization by distributing hash rate globally and catalyzed the growth of the North American mining industry.
Key narratives
- Mining decentralization
- Hash rate migration
- Regulatory risk
About the score
The score is the daily value of the Crypto Fear & Greed Index, Alternative.me, a composite of market and attention data. Perception’s own media-based reading for the same day is in the daily sentiment archive for June 21, 2021.
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