#TradingTypes101 #NewsAboutCrypto #news_update China bans cryptocurrency trading, causes Bitcoin value to plummet



,Image sourceNurPhoto

May 19, 2021

The value of Bitcoin, the world's most popular cryptocurrency, has reached its lowest level in the last three months. The value of Bitcoin, which reached sixty thousand dollars a month ago, has now fallen below forty thousand dollars.

The recent decline in Bitcoin's value comes after China banned all of its financial institutions from providing services related to the buying and selling of cryptocurrency.

China has warned investors to avoid betting on cryptocurrency.

Read more about this.

Bitcoin's value exceeds $60,000 for the first time

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Bitcoin's value fell by 10 percent last week after Elon Musk, the owner of American car company Tesla, announced that his company would no longer accept cryptocurrency for buying and selling vehicles.

Bitcoin fell 13 percent in value on Monday, while other cryptocurrencies, including Ethereum and Digicoin, fell by 18 percent.

China banned cryptocurrency transactions in 2019 to prevent money laundering. Despite the ban, people in China somehow managed to trade cryptocurrency, which caused trouble for China.

On Tuesday, three Chinese financial institutions, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, issued a warning on social media.