E-commerce monster Alibaba will stop selling specialized mining equipment on its platforms on Oct. 8. Alibaba said Monday its decision was in response to the latest People’s Bank of China policy circular on crypto exchanging as well as 2017 circular. The notice, signed by some of China’s top financial regulators and published on Friday, banned all cryptocurrency exchanging-related activities the country.
In any case, the organization said it is also considering the instability of laws and regulations on crypto all throughout the planet.
Alibaba to Shutdown Two Categories
Alibaba will shut down two categories, Blockchain Miner Accessories and Blockchain Miners. The e-commerce monster said that notwithstanding a restriction on mining rigs and related accessories, it is also pursuing a prohibition on the sale of cryptocurrencies including bitcoin,ether, litecoin, quarkcoin, and beaocoin.
Any merchants that list such products on its platforms after October 15 will face penalties. China’s crackdown on cryptocurrency mining and exchanging started in May after a State Council statement, however it was mostly left up to provincial and city authorities, with no freely available comprehensive policy plan.
Friday’s policy guidelines leave no space for interpretation, prohibiting all crypto transactions and explaining that mining is to be eliminated.
Alibaba Runs Number of Platforms in China
Alibaba operates several platforms in China, including Taobao and the used goods marketplace Xianyu. Yet, it is also the gathering behind international online shopping platforms including Aliexpress and Southeast Asia’s Lazada.
However, for bitcoin, the 100-period moving average on the four-hour diagram continues to cover upside moves. That suggests buyers are losing strength after neglecting to sustain a breakout above $50,000 resistance earlier this month. The relative strength index (RSI) on the four-hour diagram is neutral after reaching overbought levels last week, which preceded a brief 14% price bounce.
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