Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
The global Bitcoin market suffers a stark decline with a fall to below $30000 after the news that the PBOC ban on crypto went viral.
The cryptocurrency market suffered a major dip as the prices of Bitcoin fell with an approximate price of $30000. The fall in the BTC prices has been registered shortly after the news of China banning crypto made headlines. Earlier, China had issued fresh instructions to the People’s Bank of China to impose a complete restriction on BTC transactions in the country.
China has been persistent with its efforts to completely neutralize the growing crypto operations in the nation and also is practicing strict restrictions to ban Bitcoin and other cryptocurrency variants.
Bitcoin Registers a Serious Dip in Global Finance Market
The BTC prices have fallen yet again in a recent fall where the approximate amount that has fallen is credited at US$ 30000. The fall has been documented as a severe one and has affected the global finance forums. The prices of Bitcoin were on rising as several Latin American nations including El Salvador and Panama embraced the crypto transactions with legal tender, however, the recent crackdown of China’s Crypto move has yet again made the BTC prices suffer a massive blow.
The prices of Bitcoin had a steady rise in February 2021 with an average rate of US$ 64000 till mid-April. The prices have received frequent fluctuations after the first news of China imposing restrictions on crypto transactions in Sichuan went viral. In addition to the recent PBOC guidelines, the vrypto market underwent a significant fall amounting to approximately 35% of the total BTC rate.
Newest BTC Fall Affects the Hash Rate of Cryptocurrency
The Bitcoin prices managed to stay afloat with Latin American nations openly supporting the crypto transactions. The hash rate during March and April remained consistently rising and boosted the overall pricing of cryptocurrency variants.
With People’s Bank of China putting a lid on crypto for reasons such as growing environmental concerns had catapulted the hash rate of the BTC and the fall registered today decimated the hash rate by 5.5%.