Bitcoin Falls Further as China Announces Ban On Institutions Offering Cryptocurrency Services

Wednesday morning saw Bitcoin fall to a three month low as the cryptocurrency fell below the $31,000 mark. This came as China announced a ban on financial and payment institutions providing cryptocurrency services.

China likewise sternly warned investors against the risks of crypto trading.

The cryptocurrency is headed for its first monthly decline since November 2018, after tumbling down over 50% from its major high of $64,895 recorded back in April 14, 2021.

In the last 24 hours, other crypto assets like Ethereum, lost over 30% on Wednesday bringing it down to $1,850, and Musk’s much-favored dogecoin lost over 50% at one point reaching a low of 21.5c.

Other Factors Effecting Bitcoin

Last week, Musk reversed his decision on bitcoin as a mode of payment for Tesla cars. Further confusion ensued as speculation spread that the electric car mogul has already let go of all his bitcoin holdings.

In addition, Nvidia (NASDAQ: NVDA) reduced hash rates on the new GeForce RTX 3080, 3070, and 3060 Ti graphics cards that begin shipping later this month. This move will make more supplies available for the core gaming audience and potentially discourage miners with the reduced hash rates.


Information for this briefing was found via Bloomberg and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

DigiMax Global Opens Applications For Crypto Trading App

DigiMax Global Solutions (CSE: DIGI) this morning announced that it is now accepting user applications...

Monday, November 23, 2020, 09:23:41 AM

Hut 8 Mines 326 Bitcoin In August 2021

Hut 8 Mining Corp. (TSX: HUT) provided this morning production updates for the month of...

Thursday, September 2, 2021, 08:31:54 AM

What Pushes The SEC For A Possible Bitcoin ETF? – The Daily Dive

On this Daily Dive episode, Cassandra chats with one of our regular guests Mike McGlone,...

Monday, October 18, 2021, 01:30:00 PM

Bitcoin Plummets Below $50K as Markets React to Biden’s Capital Gains Tax

Bitcoin and other major cryptocurrencies plummeted on Friday, after details surrounding the Biden administration’s proposed...

Friday, April 23, 2021, 04:05:00 PM

FTX Creditors Unhappy With Receiving $16,781 Per Bitcoin Under Proposed Repayments

It turns out that some FTX creditors are unhappy with claims that they are being...

Saturday, February 3, 2024, 11:40:00 AM