Bitcoin plunged below RM165,020, the lowest in three months, following after China s financial associations warning investors against speculative trading in cryptocurrency. AFP
Bitcoin plunged below US$40,000 (RM165,020) for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them.
The comments sent the unit diving more than 10% and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90% of the global trade in the sector.
Bitcoin tanks below $40,000; here s why
This is the cryptocurrency s lowest level since February 2021 and comes after knocking a peak of $64,895 last month
BusinessToday.In | May 19, 2021 | Updated 13:15 IST
As per the latest data on Coinbase (at around 11.30 am), Bitcoin was trading at $38,570.90 on May 19
Bitcoin continued its week-long slide triggered by Elon Musk s back-and-forth remarks on Tesla s holdings of the digital currency. Extending its losses, the cryptocurrency fell below $40,000 on Wednesday, May 19.
As per the latest data on Coinbase (at around 11.30 am), Bitcoin was trading at $38,570.90 (on May 19). This is the cryptocurrency s lowest level since February 2021 and comes after knocking a peak of $64,895 last month.
Bitcoin Tumbles Below $39,000 After China Issues Warning
05/19/21 AT 3:26 AM
Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them.
The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins. Many of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.
WHAT ARE THE NEW MEASURES? Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement. The directives were made in a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, and posted by the People s Bank of China (PBOC).