Bitcoin price on descent

Published on: 25-Nov-2019
Category: Trading
Last updated: 13-Jan-2020

Bitcoin price on descent

The value of bitcoin has fallen dramatically in recent days in response to statements by the Chinese government. The cryptocurrency is currently trading at $ 6,776 down more than 20 percent in the last ten days. Since July, even by 50 percent. The very volatile price has recently suffered as a result of statements by the Chinese central bank regarding trading in cryptocurrencies. The People's Bank of China says it wants to crack down on illegal activities with digital currencies. Also, do not confuse the blockchain technology with cryptocurrencies. Recently, Chinese President Xi Jinping has announced that it will strengthen and promote the development of blockchain technologies, driving the Bitcoin price higher. In addition to the statements from China, there are also technical reasons for the price loss of the cryptocurrency. Bitcoin has fallen below the 200-day mark, which is a sign of strong sales among technical analysts.

China also has its own ambitions in developing cryptocurrencies. When China's head of state Xi Jinping spoke out in favor of the development of blockchain technology, this was seen as easing the attitude towards digital currencies. On the one hand, China does not want to give its citizens the freedoms that come with cryptocurrencies and, on the other hand, wants the country to retain control over its citizens and not be economically de-linked. So China is now developing its own cryptocurrency. For the last two years, trading in such currencies has been banned and mining has also been severely curtailed. Non-state cryptocurrencies will probably have a hard time in China in the future.



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