Crypto exchange Huobi stops miner hosting services in China
Cryptocurrency exchange Huobi has stopped its miner hosting services in mainland China following warnings from China that it would crackdown on cryptocurrency mining, Coindesk reported citing Huobi's statement. It has also scaled back or suspended some of its services and products in certain countries. It didn't name the specific countries and regions where it will stop the services and products.
Cryptocurrency investors lost $748 billion in the last seven days, according to data from CoinGecko. The total value of 7,459 cryptos (tracked) plummeted 33% from nearly $2.25 trillion as of May 16 to $1.50 trillion on May 23, data revealed. Bitcoin's price contracted by 27% during the period from $48,696 to the week's lowest at $34,224 before increasing to $35,487.
Cryptocurrency expert Patrick Lodder said the only way to know who owns the address behind $12 billion worth of Dogecoin is when the owner comes forward with the cryptographic proof. This would, however, be risky considering how much money is in the account, Lodder told Insider. Previously, there have been speculations that the address is held by billionaire Elon Musk.
Cryptocurrency exchange Binance's Founder and CEO Changpeng Zhao took to Twitter to say that he has not sold a single cryptocurrency in the last few days or months and has no plans to do so in the future either. "I don't 'sell' cryptocurrency. I do use cryptocurrency to buy things, from groceries to companies, except fiat," Zhao added.