The price of the popular cryptocurrency bitcoin hits a low in 24 hours. The reason for the fall in its prices is believed to be the non-acceptance of crypto from China.
cryptocurrency bitcoin fall
Bitcoin, one of the world’s most popular cryptocurrencies, exploded again on Tuesday, 22 June. The increase in pressure on the cryptocurrency from China and its non-acceptance of trading has affected the price of bitcoin. According to trading website coindesk.com, bitcoin was trading down 3.16 per cent at $31,804.55 at 4 pm (IST). The market capitalization of the cryptocurrency also fell and stood at $596.02 billion during 24-hour trading.
Earlier the day bitcoin opened at $ 32,413.79, while a 24-hour low was recorded on Tuesday at 31,161.00. However, the highest price of the cryptocurrency was reported to be 33,247.79 in 24 hours of trading. The decline in cryptocurrencies is being seen since the end of the week. According to trade experts, there are signs of further downside in this.
Criticism on cryptocurrencies
China has banned mining activity and asked major payment platforms and lenders to intensify their crackdown on bitcoin. China took a tough stand and said that crypto trading will not be tolerated. The information given to CNN said that a more aggressive approach will be taken to reduce the use of cryptocurrencies. On Monday, the People’s Bank of China asked cryptocurrency exchanges and dealers to “extensively investigate and identify” the massively popular online payments platform run by Jack Ma’s Ant Group – Alipay and five big lenders.
risk of money laundering
The Chinese central bank was quoted as saying, “Cryptocurrency promotes trading and speculative activities. This creates the risk of illegal cross-border transfers of assets and money laundering.” Chinese state media Global Times reported that more than 90 percent of China’s bitcoin mining capacity was ordered to be shut down on Monday. However, China is not banning crypto completely.
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