Sunday, 24 October 2021

Bitcoin falls by 30%

File Photo / Twitter

Bitcoin plunged below 39,000 USD for the first time in more than three months on May 19, 2021 after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world’s mining.

Beijing’s ruling that financial institutions must no longer accept cryptocurrency as payment sent the world’s biggest digital currency crashing 22% to hit a three-month low of $32,129 and wiped $500 billion from its peak market value.

It was the most severe one day fall since the crash of December 2017, which saw 45% lopped off its value – from $20,000 to $12,000 – and from which it took almost three years to recover.

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