Bitcoin Drops Below $40,000 After China's Ban
Bitcoin has fallen by 13% in the past 24 hours and briefly plunged below $39,000 after China banned financial and payment companies from providing services related to cryptocurrency transactions
MOSCOW (Pakistan Point News / Sputnik - 19th May, 2021) Bitcoin has fallen by 13% in the past 24 hours and briefly plunged below $39,000 after China banned financial and payment companies from providing services related to cryptocurrency transactions.
According to the Binance trade platform, at 7:13 GMT Bitcoin dropped by 13% to $39,050. Before that, its price plunged to $38,600.
At the same time, the CoinMarketCap showed that Bitcoin fell to $39,100.
The Financial Times reported on Wednesday that China forbade financial and payment institutions from accepting cryptocurrencies as payment or offering services and products related to them.
On April 14, Bitcoin spiraled up to a historic high of $64,854. The cryptocurrency has since lost almost 38% of its value.