Bitcoin falls 10% as China activates cryptocurrency | Business և economics news

Bitcoin fell to a two-week low after China announced it had called on bank executives to reiterate a ban on cryptocurrency services.

From Bloomberg

Bitcoin fell to a two-week low amid cryptocurrency activation in China.

The largest virtual currency in New York at 8 in the morning. As of the 50th, it fell 10% to $ 32,350. Ether declined 13% to $ 1,950.

On Monday, China announced it was convening a meeting of officials from its largest banks to reiterate its ban on cryptocurrency services. This is the last sign that China intends to do whatever it takes to close any remaining gap in the cryptocurrency industry.

Representatives of Alipay, a payment services company of China Industrial Industrial Bank and Agricultural Bank of China Ltd., were reminded of rules prohibiting Chinese banks from conducting cryptocurrencies, the central bank said in a statement on Monday.

“The pressure on the PBOC is over sooner than expected,” said Tonathan Chizman, head of institutional prescription sales at the FTX cryptocurrency exchange. “Mining was the first stage, speculation was the second stage.”

The Chinese city, which has separate, abundant hydropower plants, has stepped up operations to curb mining. A Ya’an government spokesman told at least one Bitcoin miner that the city had promised to eradicate all Bitcoin և Ether mining operations within a year, according to a source familiar with the situation.

In the background, the appetite for risky assets has waned since last week on the back of a prudent Federal Reserve policy. Although the stock market turned green on Monday, analysts pointed to the prolonged shaking of the frothy corners of the market.

“If, as I expect, global trading continues to unravel this week, Bitcoin will feel that cold wind,” said André Hull, senior market analyst at Oanda Asia Pacific Pte.

– With the help of Li Liu.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button