Bitcoin has taken a significant hit today as a result of a new development. We’ll tell you why in a moment.
It is often difficult to predict why Bitcoin is decreasing. However, in some instances, the answer is self-evident. That has something to do with a global occurrence. We are now dealing with such a situation. A major incident in the globe has caused a huge reduction in the value of bitcoin.
That event took occurred in the country of China. The Chinese officials search for bitcoin but come up empty-handed. As a result, the Chinese central bank has taken another step forward in the fight against cryptocurrency. The bank has ruled that transactions involving cryptocurrencies are not permitted to take place at this time. According to the bank, it serves as a food source for crooks, resulting in a large number of fraudulent transactions. That bitcoin trading goes happening behind the backs of the Chinese government is something they don’t state, but it is something that plays out in the media. Less control is exactly what the Chinese are looking for, and they are not waiting.
As a result, Bitcoin’s price has responded negatively to the huge news, and the value of the currency has plunged as a result. At the time of writing, the stock is trading around $41,200 per share. As a result, the value of the currency has plummeted by almost 3,000 dollars. Bitcoin, like the rest of the cryptocurrency market, experienced a correction earlier this week. There will be no talk of a recovery for the time being, therefore. (via Bloomberg )