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Why Bitcoin has plummeted again

Bitcoin has plummeted today following a new development. And we’ll tell you why.

Sometimes it is guessing why Bitcoin is falling. But in some cases it is obvious. That has to do with a worldwide event. Today we are dealing with such a case. Bitcoin has undergone a significant drop due to an event in the world.

That event took place in China. The Chinese authorities find cryptocurrency but nothing. The Chinese central bank there has therefore taken a new step in the fight against crypto. The bank has determined that transactions with cryptocurrency are not allowed to take place. According to the bank, it is food for criminals and many fraudulent transactions take place. What they don’t say, but what does of course play, is that cryptocurrency trading takes place behind the back of the Chinese authorities. Less control and that is exactly what the Chinese are not waiting for.

Ergo, Bitcoin has reacted as a price to the big news and the coin has plummeted in price as a result. At the time of writing, the share price is around $41,200. As a result, the currency has fallen in value by a good 3,000 dollars. Bitcoin also underwent a correction earlier this week. So there is no talk of a recovery for the time being. (via Bloomberg)

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