22 countries have announced crackdowns on Bitcoin, and domestic players are cashing out and exiting the cryptocurrency circle!

The recent price of Bitcoin has left many investors "sighing with envy". On December 17, 2017, Bitcoin broke through the $20,000 mark and then quickly fell back, and then fell into volatility. On January 15, 2018, Bitcoin's largest drop in 25 days reached 36.56%. What happened?

The maximum drop of Bitcoin in 25 days was 36.56%. Some analysts believe that this round of decline was caused by South Korea's regulatory policies.

So, why are more and more countries shutting down Bitcoin transactions? What is the real reason behind this?

Bitcoin circumvents government regulation

Since Bitcoin transactions are highly secretive, it is difficult for the government to monitor Bitcoin transactions. The anonymity of Bitcoin also makes it impossible for the government to track illegal and criminal activities through the flow of funds. This makes Bitcoin popular in many gray and bloody fields. Bitcoin has been widely used in illegal fields such as tax evasion, money laundering, smuggling, drug trafficking, human trafficking, human organ trafficking, etc. Some forces even use Bitcoin to fund terrorist organizations.

Once an interest group or even a country controls 51% of the computer computing power, it is enough to manipulate transactions at will and modify the Bitcoin balance in the user's account.

For this reason, many domestic players have withdrawn overseas, cashed out through price differences, reduced their losses, and exited the cryptocurrency circle.

KnCMiner recently said that "due to the support of RMB transactions", a large number of players from mainland China registered and cashed out. They were exhausted by this! KnCMiner will limit registrations to 500 registrations per day to ease the workload of the staff!!!