The world's largest and popular cryptocurrency, bitcoin saw a sharp fall in price after reaching USD 64,600 (Rs 48.5 lakh) in April. Due to the steps taken by China regarding cryptocurrencies, the price of bitcoin has reached a low of five months. Bitcoin fell below $30,000 for the first time since January.
Bitcoin is currently trading at $33,850.82. That is, according to Indian rupees, the cost of one bitcoin is about 35 lakh rupees. It is known that the all-time high price of the bitcoin cryptocurrency is $ 64,829.14. Talking about market capitalization, it is $ 1.34 trillion today, which is 2.53 percent more than the previous day. Apart from this, the total crypto market volume has been $ 148.92 billion in the last 24 hours, which is 9.37 percent higher.
Other cryptocurrencies price
Ethereum - $2000.41
Dogecoin - $0.211
Binance Coin - $284.86
Tether - $1.00
hence the fall
Indeed, China's Central Bank on Monday ordered some banks and payment firms to tighten restrictions on cryptocurrency trading. It is only after this that the cryptocurrency has declined. Immediately after the statement of the Central Bank of China, the People's Bank of China, the price of bitcoin slipped to a two-week low. After that, there is a steady decline in it. The People's Bank of China has called on all banks and payment firms to check their customers' accounts and find out who is carrying out transactions involving cryptocurrency. The central bank has asked them to shut down their payment channel immediately.
Virtual currency banned in China from 2017
China Construction Bank, Industrial and Commercial Bank of China (ICBC), Agriculture Bank of China, and Postal Savings Bank of China also attended the meeting. China has banned virtual currency since 2017.