Crypto News - Top Cryptocurrencies Fall After China Ban - Bitcoin News
Crypto News - Top Cryptocurrencies Fall After China Ban - Bitcoin News
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After China's cryptocurrency ban, leading cryptos decline
As Reuters reports, a Chinese ban on the use of cryptocurrencies struck bitcoin hard Wednesday early morning.
A weeklong decrease that began in the wake of Elon Musk's tweets about Tesla's bitcoin holdings continued as bitcoin fell as much as 5.3% on Binanco in New York.
China has announced numerous limitations, citing speculation and volatility. The restriction doesn't affect customers who currently own or trade cryptocurrencies.
Recently, officials stated cryptocurrencies have increased in price, and speculation has actually increased too, threatening people's residential or commercial properties and hindering the economy.
The price of Dogecoin, Litecoin, and Ethereum is likewise down considerably. Bitcoin is down to its floor since February.
China stopped 90% of bitcoin trading in 2017 after the country shut down local exchanges.
"This becomes part of the China tightening up on crypto," Antoni Trenchev, managing partner and co-founder of Nexo, stated.
The past year, cryptocurrencies increased as companies like Square and Tesla invested greatly. Because Tesla CEO Elon Musk said bitcoin won't be used as a payment choice, rates have declined.
As Reuters reports, a Chinese ban on the use of cryptocurrencies struck bitcoin hard Wednesday early morning.
A weeklong decrease that began in the wake of Elon Musk's tweets about Tesla's bitcoin holdings continued as bitcoin fell as much as 5.3% on Binanco in New York.
China has announced numerous limitations, citing speculation and volatility. The restriction doesn't affect customers who currently own or trade cryptocurrencies.
Recently, officials stated cryptocurrencies have increased in price, and speculation has actually increased too, threatening people's residential or commercial properties and hindering the economy.
The price of Dogecoin, Litecoin, and Ethereum is likewise down considerably. Bitcoin is down to its floor since February.
China stopped 90% of bitcoin trading in 2017 after the country shut down local exchanges.
"This becomes part of the China tightening up on crypto," Antoni Trenchev, managing partner and co-founder of Nexo, stated.
The past year, cryptocurrencies increased as companies like Square and Tesla invested greatly. Because Tesla CEO Elon Musk said bitcoin won't be used as a payment choice, rates have declined.
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