Bitcoin price has decreased its two-thirds of its high, it reaches $6000 on 6th February. This is the first time for BTC since last November. The peer-to-peer electronic cash system was launched with the help of blockchain technology in 2008. Because of China's new set of regulations in the Cryptocurrency to ban. The government has already done this in last year, but it started continuing through the foreign exchanges.
In the new regulation, the government plans to block the foreign exchanges to stop the crypto-coin transactions. At present when writing this, the bitcoin was trading with the USD price value of $6106, from the yesterday, it fell around 25 percent. All other cryptocurrencies also down except XPlay. Ethereum was dipped 29 percent, Ripple declined 22 percent, bitcoin cash reaches down to 30 percent. Cardano and Litecoin also down to 24 percent in last 24 hours.
The China government made a rule against Bitcoin in December 2013 to avoid the unverified cross-border transactions, which have more possibility of fraudulent and laundering activities.
After the announcement of Crypto in India and Korea last few weeks, China added their important news to make a huge crackdown on the first week of February. The market capitalization of all cryptocurrencies around 1300 was fell down from its peak $800 billion USD to $300 billion USD, as of 60 percent according to the report of Coin market cap.
Note: Countries like Korea, India, and China are like to regulate the Cryptocurrencies, not like to ban. They all didn't use any words which related to banning Cryptocurrencies so far.
Hope, many other countries will join to regulate the Cryptocurrencies in their country in nearing future. All the world's leading companies are started focusing their involvement into the blockchain technology to develop their platform. So, the crypto market will get up and reaches its high as soon and it will be huge than others in the world. Even the Chinese government have also had a plan to enhance the developments in new technologies like blockchain and artificial intelligence.
Last Updated on 5 years by Bala
