What will happen to Ethereum in the Asian region?
Ethereum(ETH) has undergone another Chinese crackdown on cryptocurrencies today. Building its own position in the digital currency market, China blocked etherscan.io. This is the most popular service showing the growth rate of Ethereum. Next, we will explain why this event brings all ETH holders even closer to the complete collapse of the coin.
What is the importance of Etherscan locking?
Every Ethereum miner knows that China has very cheap electricity. The average price per kilowatt in the region is lower than in America or Europe. That is why many are setting up their own mining companies in the People’s Republic of China. The government understands that a large flow of entrepreneurial crypto enthusiasts needs to be regulated by taxing their activities. In this regard, the country is taking decisive measures to help control cryptocurrencies.
Most recently, a blow was hit on Bitcoin, now the turn of Ethereum has come. It is still a long way to a complete block, but small steps are already being taken. On December 4th, at about 18:44, the large etherscan.io website lost all of its Chinese IP addresses. Users from mainland China simultaneously lost access to an authoritative resource that allowed them to follow the charts of the second most capitalized coin in real time. Experts say that this is the first time such a case has been observed in modern China. According to estimates, the blocking began on October 30, but only on December 4 the firewall closed the Blockchain browser.
The incident instantly affected the ETH course. At first, the price fell by 20cents, and then by $1.5. As a result of the depreciation, many owners of large deposits of Ethereum tried to quickly realize their finances, which also hit the market. China has achieved its goal by pushing even harder on a large cryptocurrency.
What should Ethereum owners do?
You need to calm down and not make rash decisions. Obviously, China does not intend to stop oppressing cryptocurrencies. The government will continue to put pressure on digital currency in every possible way, gradually turning Blockchain into state-owned technology with full control. Experts do not recommend selling Ethereum until its price remains the same. Instead, you can try to buy coins at a lower price.
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