Bitcoin plunged below $39,000 for the first time in more than three months after China ban financial and payment institutions from dealing in cryptocurrencies. The communist country further warned investors against speculative trading in them, despite the country powering most of the world’s mining.

The announcement sent the bitcoin sliding more than 10 percent and dealt it another blow soon after being battered by tweets from tycoon Elon Musk and his Tesla car company.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector...


https://www.techawkng.com/2021/05/19/bitcoin-price-tumbles-after-china-bans-financial-payment-institutions-from-dealing-in-cryptos/