The price of bitcoin and other cryptocurrencies is falling sharply further. Now it is the Chinese government that is giving the coins a push. Bitcoin’s price has plunged nearly 50 percent since its all-time high five weeks ago. But in the year so far there is still a profit of about 20 percent.
You can now buy a bitcoin for around 34,000 dollars (28,000 euros), according to an overview by CoinMarketCap. A bitcoin is now about 20 percent cheaper than yesterday. On April 14, a bitcoin cost nearly $ 65,000. Vechain crypto is well known in crypto.
1000 billion in smoke on
The price of other cryptocurrencies is also falling. All told, a total of nearly $1 trillion (1000 billion) worth of cryptocurrencies went up in smoke last week. There are many investors who have bought crypto coins with borrowed money. If the price then drops 10 or 20 percent, their coins are sold and that causes a drop, according to cryptocurrency entrepreneur Robert-Reinder Nederhoed, of Bitmymoney. Crypto owners were angry with crypto exchange Coinbase this afternoon, because the site was temporarily down, preventing them from trading.
The prices of bitcoin and other cryptocurrencies are suffering from the news that China is making it more difficult to trade cryptos. The authorities there have banned financial institutions from providing services related to transactions in cryptocurrencies. Enjin coin is well known in crypto.
Investors have also been warned about what the Beijing government sees as the dangers of trading cryptocurrencies. They have no underlying asset, prices can be easily manipulated and contracts are not protected by Chinese law, the Chinese government said.