China Crackdown On Bitcoin Sends Retail Graphics-Card Prices Lower Despite Ongoing Scalping | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

China Crackdown On Bitcoin Sends Retail Graphics-Card Prices Lower Despite Ongoing Scalping

Bitcoin, Ether, and most other crypto tokens tumbled to their lowest levels in more than a week Monday morning amid a continued crackdown on cryptocurrency miners by China, as the PBOC, China's central bank, requested a meeting with Alipay and several local banks over providing services to crypto traders.

As of 1400 ET, BTC was trading around $32,292, a plunge of more than 9% over the past 24 hours and a halving since its all-time high of nearly $65,000 in mid-April.

The continuing crackdown on crypto and mining in China has sent shockwaves worldwide - most of them are bad for the crypto community as miners may have to relocate. But there may be a near-term silver lining, as the most critical component in mining operations, graphics cards, saw prices plunge from record highs - at least for those fortunate enough to score one from retailers at MSRP.

According to the South China Morning Post (SCMP), retail prices for various Nvidia cards used by miners have been falling. For example, Nvidia Quadro P1000 model graphics cards were going for 2,429 yuan (US$376), down from 3,000 yuan ($464) in early May, before China started cracking down on crypto mining.

A more popular card for miners, the Asus RTX3060, was down 4,699 yuan ($726) from its peak of 13,499 yuan ($2087) on JD.com.

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