Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Bitcoin sank 7 percent to $32,801 Monday on reports that China has intensified its crackdown on cryptocurrency mining.
It was the first time for the world’s largest digital currency to drop below $33,000 time since June 8.
Ether and XRP also tumbled by 8 percent and 7 percent, respectively.
Authorities in Sichuan had ordered a halt to many bitcoin mining activities resulting in an estimated 90 percent of China’s bitcoin mining capacity to have shut down.
There were similar developments against crypto mining in Inner Mongolia and Yunnan regions.
The national government has stamped out crypto mining amid worries over its massive energy consumption.
Bitcoin processing has fallen sharply in the last month as about 65 percent of global mining of the cryptocurrency is done in China, which relies heavily on coal power. Last month, when a coal mine in the Xinjiang region flooded and shut down, it took close to a quarter of bitcoin’s hash rate offline.
However, Chinese bitcoin miners often move to places like Sichuan, which is rich in hydropower during the rainy season.
Bitcoin’s network doesn’t have any central party to approve transactions or generate new coins but is maintained by miners who solve complex math puzzles using specialized computers to validate transactions. Whoever is first to solve is rewarded with bitcoin.
The power-intensive process of mining bitcoins has led to growing environmental concerns from everyone like Tesla CEO Elon Musk to US Treasury Secretary Janet Yellen raising the alarm.
