A Bitcoin coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris June 23, 2017. — Reuters picBEIJING, May 19 — Bitcoin plunged below US$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, despite the country powering most of the world’s mining.
And in a statement, three state-backed industry associations said, “cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded”. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.
Bitcoin tumbled today from US$45,600 to US$38,570, its lowest since early February, and well off the record high of US$64,870 seen last month. It later edged back above US$40,000 but analysts have warned it could test as low as US$30,000. “Elon Musk started the ball rolling,” Germany-based crypto analyst Timo Emden told AFP. “It will take some time for them to recover from this shock.”
“If bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total,” Deutsche Bank analysts said in a note.“This has happened before and it happens every year... Crypto is here to stay,” said trader and ex-tech industry worker Zeng Jiajun.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: fmtoday - 🏆 5. / 72 Read more »
Source: malaymail - 🏆 1. / 86 Read more »