Bitcoin Price Rises To $ 34,000 After China’s Cryptocurrency Fear – .

Bitcoin Price Rises To $ 34,000 After China’s Cryptocurrency Fear – .

Digital currency has jumped 5.4% in the past 24 hours, reaching 34 368 $ per coin, according to CoinDesk.

The cryptocurrency has lost almost half of its value since reaching an all-time high in April.

Other currencies have experienced similar price fluctuations. Ethereum and dogecoin each rebounded around 4.8% and 8.9% respectively on Wednesday, after being caught in the liquidation earlier this week.

The value of crypto has changed dramatically this year for a variety of reasons, including concerns about the environmental impact of mining coins and growing government oversight.

China, in particular, has been pushing aggressively for months to reduce the use of virtual currencies and has stepped up its crackdown on both mining and trade in recent days.

On Monday, the People’s Bank of China announced that it had summoned Alipay, the hugely popular online payment platform operated by Jack Ma’s Ant Group, and five major lenders and told them to “investigate and identify thoroughly »Cryptocurrency exchanges and dealers so that they can cut out of any crypto trade.

The lenders understood the Industrial and commercial bank (IDCBF), the Agricultural Bank of China, Construction Bank of China (CICHF), the Postal Savings Bank of China and the Industrial Bank. The development triggered a sharp 12% drop in bitcoin over a 24-hour period.

Bitcoin Dips Below $ 30,000 As China Steps Up Pressure On Cryptos

Over the weekend, Chinese state media reported that Sichuan, a province in southwest China, had ordered all crypto mining operations to be halted and power to be cut. many mining facilities. Sichuan is a major hub for bitcoin mining.

Edward Moya, senior market analyst at Oanda, noted the increased pressure in China in a report to clients this week.

“Bitcoin must accelerate the transition of mining out of China,” he wrote.

“Bitcoin remains trapped in the $ 30,000 to $ 41,000 range, but downside risks are catching everyone’s attention. ”

– Laura He contributed to this report.


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