Receiving a series of bad news from China, investors sold off when Bitcoin plunged to $ 29,000

According to CNN, the value of Bitcoin has dropped by more than 9% in the past 24 hours. Other cryptocurrencies also saw a series of sell-offs from investors: Ethereum fell about 10%, while Dogecoin fell up to 25%, completely ‘evaporated’ the profit of this coin since. April. At the present time (June 22 at 9:00 p.m.), Bitcoin is currently trading at $29754, according to Binance exchange data. The total market capitalization of the entire cryptocurrency market is now only 1185 billion USD, evaporating about 154 billion USD compared to 24 hours ago.

According to CNN, Bitcoin’s plunge comes as China continues to tighten its grip on crypto-related activities.

The People’s Bank of China on Monday convened a meeting with Alipay, a popular online payment platform in the country of billions of people, along with five major banks in the country, including Industrial and Commercial Bank (IDCBY). , Agricultural Bank of China, China Construction Bank (CICHF), China Postal Savings Bank and Industrial Bank.

At the meeting, the Chinese government ordered the aforementioned banks and Alipay to “comprehensively investigate and identify” crypto exchanges and dealers to block all crypto transactions.

“Cryptocurrency trading and speculative activities … pose risks of cross-border asset transfers and illegal money laundering,” the People’s Bank of China stated.

At the end of last week, the Sichuan provincial government ordered a halt to all cryptocurrency mining and cut off the power supply to many mining facilities in the area. For many years, Sichuan province has been considered the ‘capital’ of cryptocurrency miners in China, hosting the largest number of Bitcoin mining pools in the world. However, the decision of the Sichuan government has caused more than 90% of Bitcoin mining in China to stop working, as many provinces in North and Southwest China also gradually tighten management measures. The ban on cryptocurrency mining is nationwide in order to secure the government’s emission reduction target.

Although China has not completely banned cryptocurrencies, the country’s authorities in 2013 declared Bitcoin not a real currency, and banned financial institutions and payments from conducting transactions with the currency. this cryptocurrency.

Refer to CNN