The Chinese Central Bank PBC has announced more crackdowns on cryptocurrency today. This is a bit broader than just Chia, but it seems to fully affect Chia as well as Bitcoin, Ethereum and Tether as specifically mentioned.
This is obviously still a developing story but seems to be causing a major drop in the price of all cryptocurrencies, including XCH with the coin down almost 10% already today. I don’t know what the overall effect will be. I feel terrible for our Chinese Chia community, who are a critical part of the Chia ecosystem.
This news comes right in the middle of news all over about increased crackdowns on cryptocurrency around the world. I generally don’t cover this news as Chia is still too new to live or die on the price of its coin, but my feeling is that there are even more radical swings coming to the price of all cryptocurrencies in 2021, and I am not positive which direction that will be.