Bitcoin’s drop today is driven by renewed action from China, not organic market weakness. Authorities tightened restrictions on domestic mining, especially in Xinjiang, forcing nearly 400,000 miners offline within weeks. As a result, network hashrate has fallen around 8%. When miners shut down suddenly, revenue stops, relocation costs rise, and some BTC is sold to cover expenses. This creates real, short-term sell pressure. Historically, these China-led disruptions cause temporary volatility, not long-term damage. Bitcoin adjusts, the network stabilizes, and the broader trend continues.
