All major cryptocurrencies, including bitcoin, have fallen heavily on Friday. The reason for this is a warning given by the central bank of China.
There has been a huge fall in all the major crypto currencies including Bitcoin on Friday. The reason for this is a warning given by the central bank of China.
The People’s Bank of China, China’s central bank, has said that all digital currency activities are illegal and it will take action against them. The bank has said that services such as trading, order matching, token issuance and derivatives for virtual currency are completely banned. Not only this, the bank has said that even foreign cryptocurrencies providing such services in China will not be considered legal.
how much fall
According to CNBC, because of this, the price of bitcoin fell by more than 4 percent and reached $ 42,378. Similarly, the price of Ether, the world’s second largest cryptocurrency, fell by 8 per cent and XRP by 7 per cent.
China’s persistent tough attitude
China has taken a strict stance against cryptocurrencies several times before this. Before this, China has also taken strict action on crypto mining. It is believed that a lot of electricity is spent in crypto mining.
In fact, the People’s Bank of China has said that it will ban financial institutions, payment companies and Internet companies that promote cryptocurrency trading.
China’s central bank has also said that foreign exchanges serving domestic investors will be banned. Significantly, after a week of continuous decline in the price of bitcoin, there was a rise on Thursday, but once again it is on the decline. In mid-April, its price had crossed $ 65,000.