The price of the world’s most expensive cryptocurrency, the bitcoin, continues to decline, and its value continues to fall sharply following the crackdown in China.
According to the British News Agency, the value of the bitcoin has dropped below 40 40,000 after the new sanctions imposed by China on the corrupt currency.
China has banned financial companies from providing cryptocurrency transaction services, while three state institutions, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association, have previously Rose had issued a warning on social media, calling the buying and selling of corrupt currency a bet and warning investors.
After the Chinese government’s move, the price of bitcoin has dropped by 13%, while the value of other digital coins, Ethereum and Dodge Coin, has dropped by 18%. Last week, Tesla’s announcement not to accept bitcoins reduced its value by more than 10 percent.
Also read: Tesla refuses to accept bitcoins over environmental concerns
It should be noted that China has outlawed bitcoin trading since 2019 to curb money laundering, but the trade in bitcoins and other cryptocurrencies by the people has added to Beijing’s woes.