Bitcoin is half of the maximum value in a few weeks
Bitcoin is half of the maximum value in a few weeks
There is unrest going on with Bitcoin. Several major cryptocurrency mining companies have shut down operations in China in the wake of China's tough stance on cryptocurrency.
Bitcoin prices have fallen due to the closure of transactions. On Sunday, the price of Bitcoin halved to half of this year's high.
Bitcoin fell 13 percent on Sunday. At 6pm Greenwich Mean Time, the price of Bitcoin dropped to 32,601. In a single day, the price of Bitcoin fell to about ০০ 4900.
As a result, the price of Bitcoin halved from a record price of 74,795.22 on April 14 this year, according to a Reuters report.
The ether, which is linked to the Ethereum blockchain network, fell 18 percent to 1,905 on Sunday. It had lost 391.31 since the previous day's close.
The Bitcoin exchange runs 24 hours a day, seven days a week. As a result, the value of the currency fluctuates at an unexpected time.
Amy W. Silverman of RBC Capital Markets wrote in a research note released on Saturday, "Many people point out that Bitcoin's volatility is not justifiable. Indeed, Bitcoin (when it comes to prices) suddenly makes all the great swings."
Bitcoin has come under pressure over the past week, especially after several tweets from Tesla CEO and billionaire Elon Musk.
Tesla moved out of that position in May after it was announced in February that the price of the Tesla car could be paid in Bitcoin.
Meanwhile, China on Friday suspended cryptocurrency mining and trading, citing "speculation and financial risk." China is the world's leading cryptocurrency mining country.
China's Financial Stability and Development Committee has identified Bitcoin for further control. The committee is headed by Liu Hee, the country's vice premier and economist.
The statement came just days after the Chinese government imposed sanctions on three Chinese industry regulatory authorities on banks and payment institutions providing crypto-related services.
The U.S. Treasury Department on Thursday called for new rules in the wake of China's latest campaign against crypto.
The proposal states that the country's revenue department must be notified of large-scale cryptocurrency transactions.
In addition, the US Treasury Department has stated the risk of cryptocurrency on the economic stability of the country.
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