Bitcoin Market tumbled after Chinese Banks takes action against Virtual currencies

June 23, 2021
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China never favored Cryptocurrencies hence the steps taken by the world’s one of the largest and richest countries the market price of Bitcoin has fallen down to the lowest of last 5 Months.

The world’s largest and popular cryptocurrency, bitcoin saw a sharp fall in price after reaching USD 64,600 (Rs 48.5 lakhs) in April. 

China never favored Cryptocurrencies hence the steps taken by the world’s one of the largest and richest countries the market price of Bitcoin has fallen down to the lowest of last 5 Months.
The last time Bitcoin fell below $30K was in January 2021. 

At present, Bitcoin is trading at $33,850.82.
Converting it into Indian Rupees it would be approx. 35 Lakhs. It is known that the all-time high price of bitcoin cryptocurrency is $ 64,829.14. 
If we talk about the market capitalization of leading cryptocurrency, today it is more than $1.34trillion 2.5% more than the previous week and we can see the rise in total volume too i.e $148.92B, this is more than 9% higher than past week numbers.

We can also see the changes in other cryptocurrencies price
Ethereum – $2000.41
Dogecoin – $0.211
Binance Coin – $284.86
Tether – $1.00

Hence the fall Indeed, China’s Central Bank on Monday ordered some banks and payment firms to tighten restrictions on cryptocurrency trading.
It is only after this that the cryptocurrency has declined. Immediately after the statement of the Central Bank of China, the People’s Bank of China, the price of bitcoin had slipped to a two-week low. After that, there is a steady decline in it. The People’s Bank of China has called on all banks and payment firms to check their customers’ accounts and find out who is carrying out transactions involving cryptocurrency.
The central bank has asked them to shut down their payment channel immediately. Virtual currency banned in China from 2017 China Construction Bank, Industrial and Commercial Bank of China (ICBC), Agriculture Bank of China, and Postal Savings Bank of China also attended the meeting.
To let our readers know, China has banned virtual currency since 2017.

Article Categories:
Analysis · Bitcoin(BTC) · Blockchain · Investment

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