BEIJING: Bitcoin plunged below US$40,000 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 price fluctuations “seriously violate people’s asset safety and disrupt normal economic and financial order”, said the statement, which was posted to social media by the People’s Bank of China. Bitcoin tumbled Wednesday from US$45,600 to US$39,240, its lowest since early February, and well off the record high of US$64,870 seen as recently as last month. Analysts have warned it could go down as far as US$30,000.
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