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Seeking Alpha 2021-05-21 14:50:11

Bitcoin falls again as China renews calls to crack down on mining, trading

Bitcoin (BTC-USD) drops after Bloomberg moves headlines on China repeating its intention to crack down on bitcoin mining and trading.The dominant cryptocurrency falls ~9.4% to $37.7K.MicroStrategy's ([[MSTR]] -2.4%) Michael Saylor, speaking on CNBC, said he's not worried about China's crackdown on crypto."Bitcoin mining moves to the jurisdictions that are most welcoming" and where energy is cheapest, he said. Kentucky and Tennessee would like to get more bitcoin miners to locate there, he added.Furthermore, he's not fazed by bitcoin's volatility. "The risk of holding dollars is that you lose 1%-2% of purchasing power per month," he points out.In addition to MSTR stock dropping, others crypto-linked stocks falling are: Coinbase ([[COIN]] -3.3%), Galaxy Digital ([[BRPHF]] -3.4%), Bit Digital ([[BTBT]] -5.0%), Marathon Digital ([[MARA]] -2.9%), Riot Blockchain ([[RIOT]] -3.2%).

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