RATE Group | Bitcoin price drops as China promises crackdown on cryptocurrency
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Bitcoin price drops as China promises crackdown on cryptocurrency

01 Dec Bitcoin price drops as China promises crackdown on cryptocurrency

Posted at 05:35h in Cryptocurrency News by

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A photo illustration providing a visual representation of the digital Cryptocurrency - Bitcoin
Bitcoin has fallen heavily over the last 24 hours (Photo by Chesnot/Getty Images)

The price of bitcoin has spiralled downwards over the last 24 hours leaving some concerned over the performance of the digital currency.

It has fallen 10% to beneath the ‘psychological’ $7,000 level. At the time of writing, it was currently sitting at $6,816 (£5,292) which is a sharp decline from the $10,000 it hit earlier in the month.

Part of the reason for the fall is reported to be tough talk from the Chinese about cracking down on bitcoin.

‘Once [bitcoin or cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early,’ reads a recent statement from the People’s Bank of China, translated through Google.

Chinese President Xi Jinping said last month that the world’s second-biggest economy should accelerate the development of its own blockchain technology.

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