Bitcoin falls further as China cracks down on cryptocurrencies

Sun Online Desk

19th May, 2021 09:22:52 PM printer

Bitcoin falls further as China cracks down on cryptocurrencies

 

The price of Bitcoin has fallen below $34,000 (£24,030) for the first time in three months, after China imposed fresh curbs on crypto-currencies.

Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions.

It also warned investors against speculative crypto trading.

It follows falls in Bitcoin of over 10% last week after carmaker Tesla said it would no longer accept the currency.

On Monday the crypto-currency was down 22%, a fall of about $6,000 in the last 24 hours.

Meanwhile, other digital coins such as Ethereum and Dogecoin lost as much as 25% and 29% respectively.

The firm, owned by Elon Musk, still holds around $1.5bn worth of the crypto-currency.

Beijing cracks down

Crypto-currency trading has been illegal in China since 2019 in order to curb money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned Beijing.

(BBC)

 

 


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