Crypto has no value, can be manipulated – China s statement crashes bitcoins (Full text) - Nigerian News Latest Nigeria News Your online Nigerian Newspaper nigerianeye.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nigerianeye.com Daily Mail and Mail on Sunday newspapers.
A warning by the Chinese government to financial institutions against offering cryptocurrency services allegedly crashed bitcoins.
A joint statement by the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China announced the ban.
The regulators declared that crypto had no real value, adding that its price can be manipulated.
Bitcon investors in many counties are losing money as the fall of the virtual currency hits 30 percent.
Bitcoin and ethereum posted their largest one-day drop since March 2020, with losses close to $1 trillion, according to Reuters.
The global cryptocurrency market capitalization is now about $2 trillion.