Gate.io Blog Gate.io’s Daily Market Trends _May 26th_：Bitcoin Nears $40,000 Mark Again, Inner Mongolia Continues to Crackdown on Crypto Mining

Gate.io’s Daily Market Trends _May 26th_：Bitcoin Nears $40,000 Mark Again, Inner Mongolia Continues to Crackdown on Crypto Mining

26 May 15:06

As of 12:00 GMT+8 on May 26th, the Bitcoin spot price was $39,577.11 and the Ethereum spot price was $2847.93.

Although inner Mongolia's branch of the National Development and Reform Commission issued another statement on the night of the 25th to say they were cracking down on crypto mining, the Bitcoin price did not show a downward trend, but instead continued its upward trajectory its been on since the 24th. It hit $40,000 twice today at 18:00 and 21:00. Bitcoin's momentum is stronger than it was on the 25th. In the short term, bitcoin prices have been staying in and around the $36,455 level. At this stage, bitcoin prices are being pushed upwards while building support beneath. Looking at the MACD divergence level, bitcoin prices may get feeble again after lunch. Gate.io data shows that Bitcoin longs are basically equal to shorts, and the market may continue to repeat its anxious performance until the bitcoin price breaks through the $40,000 mark.

On May 25th, Inner Mongolia’s branch of National Development and Reform Commission issued a detailed draft guideline and it’s seeking public comments from May 25th to June 1st. The guideline explains how local authorities can crack down on crypto mining activities in the region. It includes eight measures to monitor and punish certain individuals and companies including data centers, telecom companies, and net cafes that are involved in mining in the region. The guideline has more details compared to the previous crackdown on mining in the region, continuing its strict policy on crypto mining.

Gov. Pete Ricketts signed the LB649, or the Nebraska Financial Innovation Act into law on Tuesday, making it the second state after Wyoming to allow for digital asset banks to receive charters. The law would establish digital asset banks as a new sort of financial institution, which allows customers to deposit cryptocurrencies like Bitcoin or Ethereum. The law also requires the banks to place their principal operating headquarters and CEOs in Nebraska.

BTC: $39577.11 (+3.31%); ETH: $2847.93 (+10.24%); DOGE: $0.3553 (+3.32%); SHIB: $0.00000972 (-2.83%); GT: $5.006 (+5.79%); XRP: $1.013 (+ 3.78%); ADA $1.6801 (+9.05%)

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Gate.io’s Daily Market Trends _May 26th_：Bitcoin Nears $40,000 Mark Again, Inner Mongolia Continues to Crackdown on Crypto Mining

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