Possible Reason Why Bitcoin Price Crashed Drastically (See This)

Posted by E.L.E.X on May 19 2021 under News









Bitcoin fell below $37,000 for the first time in over three months on Wednesday.

The digital currency was down 20% in the last 24 hours, according to Coinbase.

The Possible Reason Behind The Sudden Price Crash?

The Chinese government has banned financial institutions from conducting any business involving cryptocurrency, and warned against trading.

According to Reuters, the announcement was made jointly by three financial industry bodies. The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, said the decision was made because of the risks in cryptocurrency trading.

“Recently, crypto currency prices have skyrocketed and plummeted,” said the three in a statement seen by Reuters, “and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”

The ban means banks and online payment companies cannot offer any services that involve cryptocurrencies. That includes registration, trading, clearing, and settlement. Crypto exchanges and initial coin offerings are also banned.

Chinese Population:

The current population of China is 1,444,191,159 as of Tuesday, May 18, 2021, based on Worldometer elaboration of the latest United Nations data. China 2020 population is estimated at 1,439,323,776 people at mid year according to UN data. China population is equivalent to 18.47% of the total world population.

This simply mean, whatever affect China, affect the rest of the world.

So the question is, could this be the reason behind the drastic Bitcoin price crash?




YOU MAY ALSO LIKE

Related Posts Pictures

A lawyer has called for Prince Harry to be arrested after "breaking his promise" to marry her (SEE DETAILS)

Related Posts Pictures

THIS IS SERIOUS!! Pastor Chris Explains How Bible Prophecy On Endtime Is Coming Through With COVID-19 And 5G (WATCH VIDEO)

Related Posts Pictures

See The Prophecy For 2020 By Prophet TB Joshua

Related Posts Pictures

Ekweremadu Attack: Why I could not go to Spain when I was invited by Igbo group - Orji Kalu explains

Related Posts Pictures

2019 WAEC Timetable Is Out (Read, Save And Share)

Comments


Add Comment

All fields are required!








Contact Us Picture

Are you interested in Advert placement | Promoting your Music or Video | Other Enquiries? We are always available to get that done for you without breaking a sweat. Send us a mail @ elextechnologies4@gmail.com | Call us @ 08132021949 | Message us via whatsapp @ 08132021949