London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Bitcoin surges 8% amid Citi comments, China region mining ban

Bitcoin surges 8% amid Citi comments, China region mining ban

The price of bitcoin surged 8% on Monday after logging its worst weekly performance since March 2020 last week. The move higher follows an upbeat note from Citi and news of a ban on cryptocurrency mining in China's Inner Mongolia region.
China's Inner Mongolia will ban all cryptocurrency mining activities by April 2021 amid efforts to curb high energy-use projects.

"Bitcoin seems to have bounced back today as cryptocurrency markets start the week in a resurgent mood," said Paolo Ardoino, CTO at Bitfinex, a cryptocurrency exchange. "The backdrop of huge pent-up institutional demand and interest from long-term investors may be here to say, but time will tell."

As of 10:30 AM ET, bitcoin was trading higher by 8.57%, at $48,936.

The world's largest cryptocurrency by market capitalization rose after a bullish report from Citigroup's Global Perspectives & Solution that said bitcoin could be at the start of a "massive transformation" into the mainstream of finance. The 108-page report also floated the prospect that bitcoin could become the currency of global trade.

"There are a host of risks and obstacles that stand in the way of bitcoin progress," the report said. "But weighing these potential hurdles against the opportunities leads to the conclusion that bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream."

The price of bitcoin also jumped on news that China's Inner Mongolia will ban all cryptocurrency mining activities by April, Reuters first reported, amid efforts to curb high energy-use projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission's site on February 25.

Cryptocurrency mining, particularly, bitcoin, is known to be highly energy intensive, with some reports suggesting that it uses more electricity each year than some whole countries, including Argentina and Ukraine.

The autonomous region, now one of China's top two coal-mining regions, was the only one among 30 areas under Beijing's energy consumption and energy intensity review that did not meet its targets in 2019.

Inner Mongolia, a major energy consumer known for its low electricity prices, is working towards limiting the growth of energy consumption to around five million tons of standard coal in 2021 and plans to cut emissions per unit of gross domestic product by 3% compared to 2020.

"[Inner Mongolia] will tighten its energy control measures and bear the targets throughout all economic and social aspects," the draft rule said.

The region accounted for 8% of bitcoin mining computing power worldwide, Bloomberg reported, according to Cambridge University's Bitcoin Electricity Consumption Index. China overall, meanwhile, accounted for 65% of the total.

In 2017, China banned individuals and organizations from raising funds through initial coin offerings.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×