Investors are certainly reacting to news of China shutting down all crypto activity.
The "CNBC Television" Channel on Youtube shows that Jon Najarian joins the Halftime Report to discuss China's new crackdown on digital currencies. Bitcoin stock plunged after this morning's (Sep 24, 2021) announcement.
Bitcoin and Ether tumbled Friday, with traders concerned with tough talk out of China.
The price of bitcoin fell about 5% to $42,496.12 (Sep. 24, 2021), according to Coin Metrics data. Ether, the second-largest digital currency, dropped 7% to $2,921.53 (Sep. 24, 2021).
This price change comes after the People’s Bank of China said in a Q&A that all crypto-related activities are illegal. Services offering trading, order matching or derivatives for virtual currencies are strictly prohibited, the PBOC said, while overseas exchanges are also illegal.
Bitcoin Price at Sep. 25, 2021: 42,694 USD
Bitcoin Price at July 1, 2021 was: 33,204 USD
Major falls of the price have happened in the past as China imposed various restrictions on transactions involving cryptocurrencies.
The Bitcoin cryptocurrency fell from a "record high" of $64,895 USD hit on April 14.
Falls in Bitcoin price will certainly be a problem for people that are getting "Salaries in Bitcoin."
Some may think that Bitcoin could drop to 20K USD. Investors should be careful.
No comments:
Post a Comment