The price of bitcoin fell to a five-month low on Tuesday evening. This is being linked to the massive crackdown on cryptocurrency mining in China. The largest cryptocurrency had fallen to $29,511 at the time of filing the report. Its price has come down below $ 29,773 for the first time since January 22. This data is obtained from CoinMarketCap. Unocoin co-founder and CEO Satwik Vishwanath told Financial Express Online that China has been a big market for trading and mining of cryptocurrencies. He said that due to the new strict rules in China, it has suffered a setback, so it is affecting the worldwide market. China’s rules were always different and confusing in the past.
Bitcoin is a virtual currency, which can be used in many countries like dollar, rupee or pound. Apart from online payment, it can also be exchanged in dollars and other currencies. Bitcoin was first introduced in the year 2009. Today it is being used for global payments. There are also exchanges for buying and selling bitcoin. Bitcoin has become the world’s most expensive currency due to large-scale transactions. But questions have always been raised about its stability and true value. Many experts have been warning that the wildly inflated price of bitcoin is a bubble or balloon, which can burst at any time.
