Bitcoin Price Plummets After Beijing Warns of Crypto Crackdown
After increasing in value for months, cryptocurrencies, led by Bitcoin, have recently depreciated across the board. Chinese state media admitted that it’s directly related to two recent moves by Beijing financial authorities.
The first major action was on May 18, when National Internet Finance Association of China, China Banking Association, and Payment & Clearing Association jointly issued a statement on preventing the risks of speculation in virtual currency transactions, saying that speculation in virtual currency transactions “disrupts the normal economic and financial order.” It asked its members to “resolutely not carry out or participate in any business activities related to virtual currency.”
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EXCLUSIVE: WazirX CEO Nischal Shetty on crypto crash, issues with banks, Shiba Inu listing and more Manas Tiwari Bitcoin
It has been an interesting month for the crypto market. There was a lot of positive sentiment in the first week of May, ahead of Elon Musk s Saturday Night Live appearance, which helped Bitcoin, Ethereum, Dogecoin and other cryptocurrencies touch a new high. There was a dip in the second week after Tesla s decision to not accept Bitcoin as payment, following some correction before the slide that came on May 19. All the major cryptocurrencies went down on the mentioned date, wiping off close to $1 trillion from the crypto market.