itcoin fell below $ 30,000 for the first time in nearly five months as China’s latest crackdown on cryptocurrencies loomed large. The world’s largest cryptocurrency fell to $ 29,614, its lowest since January 27.

According to data from Coindesk, the world’s largest cryptocurrency plunged more than 8% to trade at $ 29,719. Ether, the second largest crypto currency, also fell 10% to trade below the $ 2,000 level at $ 1,768. Dogecoin prices collapsed the most as the digital token fell to $ 0.17, down around 25% in the past 24 hours. Other cryptocurrencies like XRP, Litecoin have also fallen by more than 10%.

Bitcoin last traded below $ 30,000 at the end of January. That level of support was held steady during a sell off last month that saw it drop around 35% for the month of May.

The sale was sparked by an announcement from the People’s Bank of China saying it had summoned China’s biggest banks and payment companies to urge them to crack down on cryptocurrency trading.

Crypto exchanges were effectively driven out of China by a rule change in 2017, but overseas-based over-the-counter (OTC) platforms have sprung up to act as middlemen, receiving payments from people based in China and buying cryptocurrencies on their behalf.

Beijing has stepped up its campaign against cryptocurrencies sharply in recent weeks, since the Chinese State Council, or cabinet, said last month it would tighten restrictions on bitcoin trading and mining. .

(With contributions from agencies)

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